Hill Announces Timing of Name Change and Share Consolidation
Toronto, ON — TheNewswire - May 26, 2023 — Hill Street Beverage Company Inc. (TSXV:HILL) (OTC:HSEEF) ("Hill”, or the “Company”) is pleased to make the following announcements.
Name Change to Hill Incorporated
The Company announces that further to its May 4, 2023 press release, effective on or about Tuesday, May 30, 2023, the Company will change its name from Hill Street Beverage Company Inc. to Hill Incorporated. The Name Change serves to better reflect the Corporation's evolution from an alcohol-free beverage company solely to a company holding a portfolio of bioscience-driven, technology-powered consumer solutions in the alcohol-free beverage and cannabis industries.
Further, the Company announces the consolidation of its common shares on the basis of 75 pre-consolidation shares for 1 post-consolidation share (the “Share Consolidation”). The shares are expected to begin trading on a consolidated basis on the TSX Venture Exchange (“TSXV”) on Tuesday, May 30, 2023. Following the completion of the Share Consolidation, there are expected to be 3,244,378 post-consolidation shares outstanding. Shareholder approval of the Share Consolidation was approved by shareholders on May 2, 2023. The Share Consolidation is subject to final approval of the TSXV.
Company shareholders will receive 1 post-consolidation share for every 75 pre-consolidation shares held by them. No fractional shares will be issued as a result of the Share Consolidation. Fractional interests will be rounded to the nearest whole number of shares without any consideration payable therefor.
A new CUSIP number of 43147B109 replaces the old CUSIP number of CA43147B1094. The Company’s stock trading symbol will remain unchanged.
The Share Consolidation is being conducted on a “push-out” basis. Shareholders of the Company, with or without a physical share certificate, do not need to take any action with respect to the Share Consolidation. DRS statements for the post-consolidation shares will be mailed on or about June 2, 2023 and existing share certificates will be cancelled.
With respect to the Company’s warrants issued in April 2021 with an expiration date of April 9, 2024, the new CUSIP number is 43147B117 and the new ISIN is CA43147B1177. No action is required by existing warrantholders as a new warrant confirmation will be sent out.
The Board of Directors of the Company has concluded that the Share Consolidation is in the best interests of Shareholders as it could lead to increased interest in the Company’s shares by a wider audience of potential investors, and may result in an increase in the trading volume and liquidity of its shares.
About Hill (TSXV: HILL) / (OTCQB: HSEEF)
Hill is a progressive innovation company that utilizes new technologies to provide innovative cannabis solutions and non-alcoholic beverage products globally. We are pioneering the space where craft consumer products meet bioscience by leveraging our deep CPG expertise to commercialize leading-edge technologies to craft superior consumer products. We are currently developing the platform for North American distribution around our rights to use Lexaria Bioscience Corp.’s ground-breaking DehydraTECH patent portfolio for product development, licensing and B2B sales of cannabis ingredients.
For more information on our business activities visit www.hillincorporated.com, to learn more about our DehydraTECH cannabis biodelivery technology, go to www.dehydratech-thc.com, or to check out Hill Street Beverage’s award-winning alcohol-free wine line-up and order product to be delivered straight to your home, go to www.hillstreetbeverages.com.
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For more information:
Matthew Jewell, Chief Financial Officer
Statements in this press release may contain forward-looking information. Any statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “would”, “anticipate”, “expects”, and similar expressions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances, such as future availability of capital on favourable terms, may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.