Vancouver, B.C (FSCwire) - Friday Night Inc. (Friday Night) (CSE: TGIF) (FWB: 1QF) (OTCQB: TGIFF) has acquired as a wholly owned subsidiary Spire Secure Logistics Inc. (“Spire”), a Canadian private company specializing in security, intelligence, and compliance with international clients and expertise in both the regulated cannabis industry and other sectors.
Friday Night agreed to acquire 100% of Spire by the issuance of 7,142,857 common shares at a deemed price of $0.70 per share. Closing is scheduled for March 1, 2018. Friday Night will allocate working capital of CAD $1,000,000 to expand Spire’s client base in Canada and globally. The shares issued will be subject to an escrow arrangement that will see 12.5% released from escrow on closing and the remaining 87.5% being released to the vendors in 7 equal tranches of 12.5%, each to be issued on the first day of each quarter of Friday Night’s fiscal year, beginning with May 1, 2018.
Spire provides strategic security consulting in Canada, the United States and Latin and South America. They act for or have acted for licensed producers and ancillary businesses in the cannabis sector. Formed almost 3 years ago by Andy Richards and Jeff Meyers, two career law enforcement professionals well acquainted with organized crime and both the illicit and legal cannabis industry, Spire has quickly become a leading firm for companies looking to ensure their operations adhere to government regulations around security and are best equipped to deter the infiltration of organized crime and black market diversion. Spire is led by experts with international backgrounds in covert and undercover operations to infiltrate and disrupt organized crime, including outlaw motorcycle gangs, cartels, and other violent gangs. Members of the Spire team have been involved with policy, compliance, and law enforcement in the regulated cannabis industry since its earliest days.
By adding this business to the Company’s portfolio, Friday Night is diversifying its income stream and achieving exposure to international markets.
“The Spire team brings decades of experience in the trenches of law enforcement, security, and high-stakes risk management.” said Brayden Sutton, CEO of Fright Night Inc. “Spire is uniquely equipped to keep companies safe, secure, and compliant – which in turn creates more shareholder value and peace of mind. I am extremely honored to call the Spire team a part of our family and look forward to the increased level of intelligence and awareness it brings us as a company, whether that be in current operations or when evaluating other opportunities in the sector.”
“Spire works with companies who want to make an honest dollar in a secure, compliant, law-abiding cannabis industry,” said Spire’s CEO Andy Richards, a 34-year law enforcement veteran who has led numerous high-profile investigations of organized drug crime. “Whether it’s regulatory applications, security procedures, or working hand-in-hand with government and law enforcement, our team has the right skills, connections, and experience to deliver.”
Coincident with closing, Andy Richards will join the Friday Night Inc. Board of Directors.
About Andy Richards, CEO
Andy Richards spent 34 years in law enforcement and retired as a Deputy Police Chief in the Greater Vancouver area in 2015. For over half his career, Andy specialized in complex organized crime investigations and led many successful major projects, most with an international component. He has a master’s degree in Criminal Justice, remains an associate member of the Canadian Association of Chiefs of Police, and, as a court-recognized expert witness, continues to testify in organized crime cases.
Andy helped build Spire into an industry leader in the high-risk international mining and legal cannabis sectors.
About Jeff Meyers, COO
In addition to recent corporate experience protecting Canadian mining assets in high risk areas of the world, Jeff Meyers brings 24 years of Canadian law enforcement experience specializing in covert operations, organized crime, and cross border regulation, enforcement, and interdiction. Jeff’s experience and expertise has facilitated the creation of strategic relationships with law enforcement and government officials around the world, including Europe, the United States, and Central and South America.
About Friday Night Inc.
Friday Night Inc. is a Canadian public company, which owns and controls cannabis and hemp based assets in Las Vegas Nevada. The company owns 91% of Alternative Medicine Association, LC (AMA), a licensed medical and adult-use cannabis cultivation and production facility that produces its own line of unique cannabis-based products and manufactures other third-party brands. Infused MFG, also a 91% owned subsidiary, produces hemp-based, CBD products, thoughtfully crafted of high quality organic botanical ingredients. Friday Night Inc. is focused on strengthening and expanding these operations within and outside of the state.
For further information please contact:
Joe Bleackley, Corporate Communications
Andy Richards, CEO, Spire Secure Logistics
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice regarding Forward Looking Statements: This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com. Friday Night undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
To view the associated document to this release, please click on the following link:
Source: Friday Night Inc (CSE:TGIF, OTCQB:TGIFF, FWB:1QF)
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