Harrys Secures Exclusive Manufacturing Relationship in Quebec, Canada
Vancouver, British Columbia – TheNewswire - November 19, 2020 – Harrys Manufacturing Inc. (“Harrys” or the “Company”) (CSE:HARY), (CNSX:HARY.CN), (OTC:WSRRF) is pleased to announce that it and its wholly-owned subsidiary, Harrys International Manufacturing Inc. (“HIMI”) have entered into an exclusive manufacturing agreement, dated November 19, 2020 (the “Manufacturing Agreement”) with Abenaki Enterprise (“Abenaki”), its existing private cigarette manufacturer operating out of Odanak, Québec.
Pursuant to the Manufacturing Agreement, Abenaki has agreed to exclusively manufacture and supply HIMI with tobacco cigarette products for sale and distribution in Canada. The Manufacturing Agreement shall continue for an initial term of five years and will automatically renew on a yearly basis thereafter, subject to earlier termination. Under the Manufacturing Agreement, the Company will issue an aggregate of 500,000 common share purchase warrants (“Warrants”) which will allow Abenaki to acquire one common share of the Company (a “Warrant Share”) at a price of $0.15 per Warrant Share for a period of 5 years. The Warrants issued in connection with the Manufacturing Agreement are non-transferable and any Warrant Shares issued upon the exercise thereof will be subject to a statutory hold period of four months plus a day in accordance with applicable securities legislation ending on March 20, 2021.
Kevin Kohanik CEO stated; “This agreement is another important step that ensures we will have enough product manufacturing capability and growth capacity in place for entry into the Canadian tobacco market once all the required provincial and federal license and stamp registration approvals have been obtained.”
Abenaki is a privately owned, federally and provincially licensed tobacco manufacturer located in Québec, Canada, with over 25 years in business. Abenaki is focused on tobacco cigarette, cigarillo and cigar manufacturing and currently has production capacity for over 10,000 tobacco cigarettes per minute.
Harrys is a wholesale distributor of affordable, high quality, 100% natural tobacco cigarettes. Harrys utilizes various types of tobacco blends 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
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