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VANCOUVER, Oct. 9, 2018 /CNW/ – Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is aware of several misleading and false “research reports” published by Citron Research Inc. (“Citron”) and press releases and advertisements distributed by several US-based law firms seeking plaintiffs for potential securities litigation against the Company.
The Company wishes to respond to these claims and inform shareholders that its NASDAQ application is progressing but has not yet been accepted or approved, that the Company’s sale of its US assets was not to a “related party” and was not a “related party transaction” as defined under applicable Canadian securities laws and that other assertions made by Citron are equally inaccurate and misleading.
To the Company’s knowledge, only one US federal securities action has been commenced, although the Company has not yet been served. Moreover, the Company understands that US law would require consolidation of any further federal court litigation, and the flurry of press releases and advertisements does not mean there will be myriad lawsuits. The Company intends on vigorously defending these claims.
Citron is engaged in the practice of short-selling securities for its own financial gain. Citron has previously published false and misleading information in respect to the Company as a means to manipulate the Company’s share price. Citron has also targeted other Canadian companies in the cannabis sector. The Company is prepared to pursue any legal remedies it deems necessary to protect its rights and its reputation and shall continue to respond strongly to false and defamatory statements such as those mentioned in these publications.
Sean Dollinger, President and CEO of Namaste comments: “We would like to thank our shareholders for their support. It is important for shareholders to understand the nature of these “research reports”, press releases and advertisements and that we take these allegations seriously. We are committed to our shareholders and every decision made by management is what we believe to be in the best long-term interest for the Company.”