Eureka reaches dispute resolution amidst stock plummet - No update available for Litchfield site

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Added: Wed, 08/14/2019 - 10:27pm
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Allyson Beauregard

LITCHFIELD – July was a busy month for Eureka 93 with the settlement of a
dispute with one of itsformer partners and the revival of its stocks on the Canadian Stock Exchange after an eight month freeze.  The company, formerly known as LiveWell, is planning to establish a cannabidiol (CBD) extraction facility in the Pontiac Industrial Park.
In December 2018, LiveWell began a merger with Acenzia Inc., located near Windsor, Ontario, and Vitality CBD Natural Health Products Inc., an American company, and was later renamed Eureka 93. The merger prompted a dispute in early April with Canopy Growth Corporation and its investment section, Canopy Rivers Corporation, with which LiveWell partnered in November 2017.
Canopy alleged they had breached a number of covenants favorable to the Canopy companies, including failing to notify them of the proposed merger of the
three companies, among other things. They proposed terminating their agreements.
In a press release issued July 22, Eureka said they reached a “final and definitive confidential settlement” with Canopy and that the amount of the settlement to be paid “is not material to Eureka93”.
Stock market plummets
While completing the mergers, Eureka froze their stocks, halted trading for about an eight month period and consolidated their stocks at a 15:1 ratio (every 15 stocks was grouped into one) in order to meet the $4 minimum stock value required to be
listed on the NASDAQ stock market.
The company reopened its stocks to trading on the Canadian Stock Exchange, listed at ERKA, on July 17, which didn’t prove to be a success. Within two weeks, stocks fell from about $11 to less than $1.50 by August 3.
Eureka representatives did not comment on the stock market situation and said there is no update available on its activity at the Litchfield site.
The business was a hot news item in the last few months of 2018 with rumors that it had gone belly-up due to a lack of activity in the Industrial Park, word of
unpaid contractors, and the application of a $1,679,119 legal mortgage on the part of Montréal-based Deslan - A.I.M Environmental. At the time, LiveWell officials claimed all was well and progressing, despite a possible change in direction because of new growing regulations.