Eureka93 “lacks capital”, lays off employees and considers selling out

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Added: Wed, 09/11/2019 - 2:21pm
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Élizabeth Séguin
and François Carrier
(tr. AB)

LITCHFIELD – Eureka93, formerly known as LiveWell, the company looking to establish a Cannabis Research Centre in the Pontiac Industrial Park, announced on September 6 that they are currently reviewing various options because of a “lack of capital”, which includes, among other things, possibly selling the company. Other options include selling assets, merging, or joint ventures.
Without specifying the sectors or projects affected, Eureka93 said that, in order to limit expenditures, “non-critical” work has been suspended and employees have been laid off in all establishments. The company added that due to a “lack of resources and complex accounting and reporting” procedures, they were unable to prepare and file unaudited condensed interim consolidated financial statements and MD&A (management discussion and analysis) for the quarter ending June 30.
This situation has significant legal consequences for Eureka93 given that
the Ontario Securities Commission issued a cease trade order on all of the company's common stocks on September 5. This order could be lifted if Eureka files the required legal documents for the second quarter of 2019.
Eureka93 said they do not intend to disclose ongoing developments in the process, that no timetable has been set for the evaluation and that no definitive decision has been made yet.
 
Written using files from CHIP FM.