Leo Acquisitions Announces Meeting Results

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States.

TORONTO, ON / ACCESSWIRE / October 31, 2019 / Leo Acquisitions Corp. (NEX:LEQ.H) (“Leo” or the “Company“) is pleased to announce at the Company’s Annual General and Special Meeting (the “Meeting“) held on October 30, 2019, shareholders approved all of the resolutions put forward at the Meeting, namely:

  1. the appointment of RSM Canada, LLP, Chartered Professional Accountants, as the Company’s auditor for the ensuing year and authorizing the board of directors to fix its remuneration;
  2. the election of Gerald Goldberg, Warren Goldberg, Michael Newman, Richard Brown, Phil Droznika and Catherine Lu to serve as directors of the Company and to hold office until the next annual meeting of the shareholders or until his or her office is earlier vacated;
  3. the adoption of the Company’s new stock option plan; and
  4. a special resolution authorizing the Company to amend its articles of incorporation to change the name of the Company as the board of directors may determine in its discretion in connection with the Company’s proposed reverse takeover transaction (the “Transaction“) with CBx Brands Inc. (the “Name Change Resolution“).

The Name Change Resolution does not take immediate effect and will implemented at such time that the board deems appropriate in connection with the Transaction.

The Company also presented the audited consolidated financial statements of the Company for the fiscal years ended June 30, 2019, 2018 and 2017, together with the auditor’s report thereon.

About Leo Acquisitions Corp.

Leo Acquisitions Corp. is a capital pool company as defined in the policies of the TSX Venture Exchange. The Company was incorporated on October 28, 2009 and has not commenced commercial operations and has no significant assets other than cash. Leo’s common shares are currently halted from trading and are expected to remain halted pending the completion of the Transaction and until after the TSX Venture Exchange has reviewed the materials in support of the Transaction.

Forward-looking Statements

The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the implementation of the Name Change Resolution and the completion of the Transaction. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct, or that the Transaction will be completed as proposed or at all. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. As of the date of this release, the Company has not entered into a definitive agreement with CBx Brands Inc. with respect to the Transaction and there can be no assurances that such an agreement will be executed or that the Transaction will be completed.

For further information please contact:

Leo Acquisitions Corp.
Gerald Goldberg

Chief Executive Officer
(416) 460-3000

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

SOURCE: Leo Acquisitions Corp.

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