Eviana Receives Notice of Default
VANCOUVER, BC and TORONTO, ON / ACCESSWIRE / June 30, 2020 / Eviana Health Corporation (CSE:EHC) (the “Company“) announces that it has received a notice (the “Notice“) of events of default with respect to the Company’s senior unsecured convertible debentures in the principal amount of $10,000,000 due October 2, 2020 (the “Convertible Debentures“).
Pursuant to the terms of the Convertible Debentures, the Company agreed to pay interest to its strategic investors at a rate of 10% per annum payable semi-annually in arrears on June 30 and December 31 of each year, with the first payment commencing on December 31, 2018. The Company failed to make its December 31, 2019 interest payment to its strategic investors, which constituted an event of default under the Convertible Debentures, and is unable to make the interest payment due June 30, 2020. In accordance with the Notice, the strategic investors demanded the Company to make payment in full on June 29, 2020 of all outstanding indebtedness under the Convertible Debentures, including the outstanding principal amount and accrued interest. The strategic investors have advised that they may take action against the Company if the Company fails to make payment in full.
The Company is currently consulting its legal counsel to find a solution with its strategic investors and the Company’s on-going liquidity issues.
About Eviana Health Corporation
The Company was established with the aim of delivering customized consumer health care products using natural hemp strains of cannabis sativa for cannabinoid-based topical creams, products and cosmeceutical and nutraceutical merchandise. The Company’s wholly owned subsidiary, Eviana Inc., an Ontario corporation, holds certain assets in Serbia relating to the cultivation of industrial hemp plant oil for the pharmaceutical, nutraceutical and cosmeceutical industry, and has access to a significant grower/supplier of cannabinoids including two subsidiaries, Intiva Plus, d.o.o. and Eviana d.o.o.
FOR FURTHER INFORMATION PLEASE CONTACT:
Eviana Health Corporation
Avram Adizes, CEO
Tel: (416) 301-9654 info@eviana.com
Forward-looking Information
Certain statements in this news release contain “forward-looking information” within the meaning of applicable Canadian securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “may”, “will”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information. In particular, but without limiting the foregoing, this news release contains forward-looking information pertaining to the Company’s continuing default under the Convertible Debentures; the strategic investors potential action against the Company under the Convertible Debentures, and timing thereof; and the statements concerning the potential for a solution, if any.
Although the Company believes that the forward-looking information is reasonable, they are not guarantees of future results, performance or achievements. A number of factors or assumptions have been used to develop the forward-looking information, including the ability of the Company to continue its current operations.
The forward-looking information speaks only as of the date hereof, unless otherwise specifically noted, and the Company does not assume any obligation to publicly update any of the forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable Canadian securities laws.
SOURCE: Eviana Health Corporation
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