Wayland Announces Potential Transaction with Ring International

Wayland Group Corp. (CSE:WAYL) announces that Wayland, Maricann Inc. and Nanoleaf Technologies Inc. (collectively, the “Wayland Group”) have scheduled a motion to be heard on April 17, 2020 before the Ontario Superior Court of Justice in the Companies’ Creditors Arrangement Act proceedings of the Wayland Group. Pursuant to the Motion, the Wayland Group will seek an order approving a potential sale transaction whereby all issued and outstanding shares of Maricann and certain other property of

Wayland is a vertically integrated cultivator and processor of cannabis. Wayland was founded in 2013 and is based in Burlington, Ontario, Canada and Munich, Germany.

Wayland Group would be acquired by Ring International Holding AG or an affiliate to be determined by Ring for a purchase price of up to CAD $12,400,000, that would be payable as follows:

the Purchaser will pay the sum of CAD $8,400,000 in cash on closing of the Potential Transaction; and in addition to the Cash Payment, the following conditional payments may become payable by the purchaser following closing: up to CAD $1,300,000 may be paid, subject to continuity of Maricann’s Health Canada and EU-GMP licenses on acceptable terms; and up to CAD $2,700,000 may be paid based on future earnings of Maricann based on key performance indicators. No definitive agreement has been entered into with respect to the Potential Transaction.

Pursuant to the Motion, the Wayland Group will also seek an order authorizing PricewaterhouseCoopers Inc., in its capacity as monitor (in the CCAA Proceedings to initiate a liquidation of the Wayland Group’s property.