BC – Sunniva Inc.(CSE: SNN, OTC Pink Sheets: SNNVF) reports that on September 1, 2020, a Unified Trustee’s Sale was held in Corona, California whereby Bobs LLC, successfully foreclosed on the Cathedral City Glasshouse in Cathedral City, California which was owned by the Ramon Road Production Campus, LLC (“RRPC”). Bobs LLC now becomes the sole owner of the Cathedral City Glasshouse and land and in turn, the landlord at the Ramon Road property.
Notwithstanding the foreclosure, CP Logistics LLC (“CPL”), a wholly owned subsidiary of Sunniva, remains the tenant in the Cathedral City Glasshouse under the existing Build to Suit Lease subject to the terms of the Lease and a Subordination, Nondisturbance and Attornment Agreement previously entered into between RRPC, Bobs LLC and CPL. The CPL lease rights are subject to arbitration currently underway through JAMS in California. JAMS is the world’s largest private alternative dispute resolution provider.
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This press release contains forward-looking information or statements. All statements or information that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, statements regarding Sunniva’s operations and uncertainty regarding the future outcome of the arbitration process, are “forward-looking information or statements”. Forward-looking information or statements can be identified by the use of words such as “plans”, “planned”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. With respect to forward-looking information and statements contained herein, Sunniva has made numerous assumptions including, among other things, assumptions about general business and economic conditions. Such forward-looking statements are based on assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking information or statements. Such risks and uncertainties include, among others, the risk factors included in Sunniva’s continuous disclosure documents available on www.sedar.com and risks and uncertainties arising from the adverse impact of the COVID-19 (novel coronavirus) pandemic on the business, operations, personnel and results of Sunniva. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking information or statements. Although Sunniva has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking information or statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking information or statements. Sunniva assumes no obligation to update any forward-looking information or statements, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.
SOURCE: PR Newswire