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PharmaCielo Issues Statement Regarding Misleading Short Seller Report
PharmaCielo Issues Statement Regarding Misleading Short Seller Report Canada NewsW...
About this update from Pharmacielo Ltd.
[{"type":"text","content":"\n\n\n\nPharmaCielo Issues Statement Regarding Misleading Short Seller Report\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 3, 2020\n\n\n\nTORONTO, March 3, 2020 /CNW/ - PharmaCielo Ltd. (\"PharmaCielo\" or the \"Company\") (TSXV: PCLO, OTCQX: PCLOF), the Canadian parent of Colombia's premier cultivator and producer of medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S., announced that it is aware that a short seller report targeting PharmaCielo has been promoted this week. The Company believes that this report represents a malicious attempt to manipulate PharmaCielo's common shares by spreading false, distorted and misleading statements about the Company. \n\n \n \n \n \n \n \n\n \nDavid Attard, CEO, commented, \"I would encourage all of our shareholders to exercise caution in relying on the blatant misrepresentations contained within the short seller report in question. This report was written with the express intention of manipulating market opinion, to reward a select group of short sellers at the expense of all honest market participants. As a Company, we are right on track to achieve our objectives this year. We expect 2020 to be an important year for PharmaCielo, as we transition from building one of the most scalable cultivation, processing and extraction footprints in the global cannabis sector today to selling at commercial scale. We have made significant progress on the sales side since Q3-2019 and are in the process of ramping up production to fulfill the requirements of sales agreements signed in late-2019 and early-2020.\"\nMr. Attard continued, \"Our processing and extraction centre is running at a rate of 500 kg of isolate per month, aligned with the guidelines provided to the market when we reported Q3-2019, and we are on track to reach 2,000 kg per month later this year. We fully expect to deliver sequential revenue growth through 2020 as we focus both on delivering against current sales agreements and on signing additional deals, to drive cash flow breakeven by the end of the year.\"\nSi...