VANCOUVER, BC / ACCESSWIRE / December 16, 2019 / Alchemist Mining Inc. (CSE:AMS) ("AMS" or the "Company") is pleased to provide an update on the progress of its corporate initiatives and financing.
Dear shareholders, 2019 has been a challenging year for the entire cannabis sector. Company valuations have plummeted, and many in our industry have shut their doors and turned out their lights. In a market where financing has dried up, and stock prices have crashed, the team at AMS is still working hard to ensure that we succeed in executing our business plan. Despite the dire market conditions, our internal challenges, and the current industry outlook, we have continued our forward (albeit at a snail's pace) motion. Many of our shareholders have reached out to us in recent months with questions related to the company's current position, its short-term and long-term plan, and of course, the constant question, when will the company resume trading.
We are working diligently to secure the financing needed to start trading again, but market conditions have seen many investment brokers, bankers, and independent investors step to one side, adopting a very cautionary approach to their Cannabis portfolios. In recent months we have presented to more than 25 investment groups, almost all of whom have taken the approach that it's better to wait it out on the sidelines than to invest now. Therefore, we have started to focus on securing private equity, convertible debentures, and even straight debt. However, we have yet to secure a minimum of $3.5 million dollars needed to start trading again. Our management and staff have committed themselves to the success of the company, so much so, that none of us have taken any salaries since July of this year, preserving what little funds we have for critical expenditures only.
In the short term, while we continue to look for the right investment partners, we are concentrating on generating enough revenue to support the company's operations. To this end, we have launched a "light" version of Oddysee and are working closely with Green Rush Consulting to roll it out throughout the United States. We are also focused on developing sales and distribution channels for our CBD products, specifically transdermal patches and pain creams. This strategy is proving successful with sales already secured in Canada and the USA and pricing proposals submitted to the EU and regions of Asia and the Middle East.
As we near the end of the year I want personally thank all those who have reached out to us and offered their support and well wishes, I also want to assure you all that the staff, management, and board of directors at Alchemist are working diligently to ensure the success of our company and the ultimate increase in its shareholder value.
Sincerely,
Paul Mann
President & CEO
Alchemist Mining Inc.
For further information on this release, please contact:
Sukh Sandhu Investor Relations
[email protected]
1-844-420-2254 ext 401
About Alchemist Mining Inc.
Upon effecting the Company's fundamental change, as announced on September 25, 2018, Alchemist's goal is to be a global provider of technology solutions to the cannabis sector. It will be primarily focused on investing and building a sustainable portfolio of business entities, by actively identifying opportunities in the developing global cannabis market, through a combination of acquisitions, incubations and investments, with a goal to create shareholder value.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "intends", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties, including: that the Company will not be able to execute its proposed business plan in the time required or at all due to regulatory, financial or other issues; that the Company's competitors may develop competing technologies; changes in regulatory requirements; and other factors beyond the Company's control. Additional risk factors are included in the Company's Management's Discussion and Analysis, available under the Company's profile on www.sedar.com. The forward-looking statements are made as at the date hereof and the Company disclaims any intent or obligation to publicly update any forward-looking statements, where because of new information, future events or results, or otherwise, except as required by applicable securities laws.
SOURCE: Alchemist Mining Inc.