Yooma Wellness Inc. Announces Filing of Annual Financial Statements for Globalive Technology Inc.

TORONTO, April 14, 2021 (GLOBE NEWSWIRE) -- Yooma Wellness Inc. (“Yooma”) (CSE: YOOM), an emerging marketer and distributor of cannabinoid and hemp-derived wellness products, today announced that it has filed the annual financial statements (the “Financial Statements”) for one of its predecessor companies, Globalive Technology Inc. (“GTI”), for the financial year ended December 31, 2020 (the “Reporting Period”).

Yooma was formed by the amalgamation of GTI and Yooma Corp. (“YC”) on February 10, 2021 when YC completed a reverse takeover of GTI (the “RTO”). The Financial Statements filed today are the annual financial statements of GTI for a financial year that ended prior to the RTO. Yooma intends to file the annual financial statements for its other predecessor company, YC, whose business and management team became the go-forward business and management team of Yooma after the RTO, later this month.

For a summary of GTI’s financial results, see the Selected Annual Financial Highlights set out below as well as the more detailed information contained in the Financial Statements and related management discussion and analysis which are available on Yooma’s SEDAR page at www.sedar.com.

SELECTED ANNUAL OPERATIONAL HIGHLIGHTS

Key milestones and operational developments for GTI during the Reporting Period included:

• Reverse Takeover Transaction (Yooma Corp.): On June 3, 2020, GTI entered into a binding letter of intent with Socati Corp. (“Socati”) to complete a reverse take-over transaction with that company. On July 13, 2020, GTI entered into a second binding letter of intent with YC to complete a reverse take-over transaction with YC. On September 22, 2020, following discussions between the three parties, the letter of intent between GTI and Socati was terminated and the letter of intent between the GTI and YC was amended so that they could focus on completing a two-party reverse takeover transaction, the RTO, as soon as possible. GTI and YC worked diligently throughout the balance of the Reporting Period to negotiate and implement the RTO, which was completed after the end of the Reporting Period on February 10, 2021. The material features of the RTO are described in the management discussion & analysis accompanying the Financial Statements.
• Interest in the Flexiti Group:   GTI held certain debt and equity interests in Flexiti Financial Inc., a Canadian point-of-sale retail lender, its parent company, FLX Holding Corp. (collectively with their affiliates, the “Flexiti Group”) and their controlling shareholder, 2629331 Ontario Inc. During the Reporting Period, GTI continued to support the efforts of the Flexiti Group to raise financing to grow their business. These debt and equity interests were transferred to a spin-out company on closing of the RTO and do not form part of Yooma’s go-forward business.
• Investments:   GTI made strategic investments in existing and potential future collaborators and other technology companies. During the Reporting Period, GTI allocated additional capital into one such entity, Civic Resources Group International. These strategic investments were transferred to a spin-out company on closing of the RTO and do not form part of Yooma’s go-forward business.