Harrys Receives Approval for Province of Quebec Tobacco License and Prepares for Entry into The Canadian Market
VANCOUVER, BRITISH COLUMBIA – TheNewswire – December 2, 2020 – Harrys Manufacturing Inc. (CSE:HARY) (CNSX:HARY.CN) (OTC:WSRRF) (the “Company” or “Harrys”), wishes to announce that its wholly owned subsidiary Harrys International Manufacturing Inc. has received approval for its Tobacco License from Revenu Quebec (the “License”) for wholesale distribution and sales of tobacco cigarettes in the province of Quebec.
With the Quebec License approval, the Company is commencing with preparations to launch its Harrys Canadian brand tobacco cigarettes in the Province of Quebec. Harrys exclusive manufacturer anticipates it will be able to start manufacturing orders for the Company by mid January 2021, once all Harrys brand packaging and raw materials have arrived.
Kevin Kohanik, CEO stated; “We are very excited to get our Harrys Canadian brand cigarettes on the shelves in the province of Quebec first, where there has historically been higher than average smoking rates compared to other provinces.”
Harrys continues to work with its exclusive manufacturer to receive stamping regime registration approvals in addition to Quebec, from the Canada Revenue Agency Excise Duties and Taxes Division for ordering the required Tobacco Stamps on products destined for provinces where the Company has received license approvals to operate. The Excise Stamps are placed on Harrys tobacco cigarette products and indicate the federal excise duty has been paid and that the product was manufactured in accordance with applicable law. The Company will continue to provide corporate updates as further tobacco license and stamp registration approvals are obtained.
Grant of Stock Options
The Company has issued an aggregate of 500,000 stock options (the “Options”) in accordance with the Company’s stock option plan at an exercise price of $0.16 per share for a five-year term expiring December 2, 2025. The Options were granted to the two independent directors of the Company. The Options vest as of the date of the grant. The Options and any Common Shares issued upon exercise will be subject to a four month and a day resale restriction from the date of grant, in addition to such other applicable securities law hold periods.
Harrys is a wholesale distributor of affordable, high quality, 100% natural tobacco cigarettes. Harrys utilizes various types of tobacco blends to satisfy customer demands and preferences for products that meet Health Canada standards. Harrys’ management team brings over 50 years of combined experience in the domestic and international tobacco industry.
For more information, please visit: www.harrysmfg.com
ON BEHALF OF THE BOARD
Director and CEO
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Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this news release. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary include, without limitation: uncertainties affecting the Company’s ability to enter the Canadian tobacco market and the Company’s ability to obtain any required provincial and federal licenses and registrations to operate in the tobacco industry. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.