Harrys Provides Corporate Update
VANCOUVER, BRITISH COLUMBIA - TheNewswire - August 7, 2020 - Harrys Manufacturing Inc. (CSE:HARY), (CNSX:HARY.CN), (OTC:WSRRF) (the "Company" or "Harrys"), wishes to announce that its wholly owned subsidiary Harrys International Manufacturing Inc. has recently submitted applications to the Canada Revenue Agency and the Ministry of Finance in both British Columbia ("BC") and Alberta for wholesale distribution and sales of tobacco cigarettes, including application for approval of its new tobacco cigarette distribution facility located in Abbotsford, BC (the "Facility").
The new Facility is approximately 5,000 square feet and was designed to store tobacco cigarette products that are destined for sale by Harrys national wholesale distributors to retail customers across Canada. All Harrys tobacco cigarette packs sold in Canada will contain the required federal excise tobacco stamp ("Excise Stamp"), which also identifies the Province designated for sale.
The Excise Stamp indicates that federal excise duty has been paid and that the product was manufactured legally. It has state-of-the-art visible and hidden identifiers and security features similar to those found on Canadian banknotes, such as unique colour-shift ink that changes from red to green when the stamp is tilted. The Excise Stamp also has hidden security features that only federal and provincial law enforcement agencies can detect.
While the Company cannot guarantee if or when it will ultimately receive approval to transact business in BC or Alberta, management is optimistic that approval will be obtained in the foreseeable future.
Kevin Kohanik CEO stated; "this is great timing for Harrys to enter the Canadian tobacco cigarette market. Now that new regulations from Health Canada requires all manufacturers to use plain packaging for tobacco products sold in Canada, it creates an opportunity for Harrys to enter the market as a quality, value priced cigarette alternative to the large tobacco companies who have been dominating the market for years."
Harrys is a distributor and manufacturer of affordable, high quality, organically grown tobacco cigarettes for domestic and international customers. Harrys cigarettes are manufactured in Canada and utilize various types of tobacco and blend components from Canadian growers to satisfy customer demands and preferences for products that meet Health Canada standards. Harrys management team brings over 50 years of combined experience in the domestic and international tobacco industry.
For more information, please visit: www.harrysmfg.com
ON BEHALF OF THE BOARD
Director and CEO
For further information, please contact:
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING INFORMATION
Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, including the Company's expectations that the applications will be approved and the Company's plans to commence business in the Canadian tobacco cigarette market, are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this news release. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary include, without limitation, the Company may not receive approval for the applications; the Company may not be successful in establishing a market for its cigarettes within Canada; future legislative and regulatory developments involving tobacco in Canada and/or the impact on the Company arising from the COVID-19 pandemic could have a material adverse effect on the Company's business, results of operations and financial condition. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.