VANCOUVER, British Columbia, July 06, 2018 (GLOBE NEWSWIRE) -- BullRun Capital Inc. and Kulwant (Kal) Malhi (the “ Requisitioning Shareholders ”) have today requisitioned a meeting of the shareholders of GrowMax Resources Corp. (“GrowMax” or the “Company”) (GRO.V) pursuant to Section 142 of the Business Corporations Act (Alberta) (the “ Requisition ”) to elect new directors to the board of GrowMax in order to protect and preserve shareholder’s interests.
The incumbent Board of Directors (the “ Board ”) have been unable to preserve shareholder value and instead, have enjoyed excessive salaries over the past several years while doing little to advance the company forward. The current management team remains focused on remaining in the fertilizer markets, at a time when the investment markets have clearly spoken that there is no appetite for investment in this sector. The Requisitioning Shareholders will deliver shareholder value by eliminating current excessive remunerations, divesting mining assets, and making acquisitions in high growth sectors where retail and institutional investors are investing. At present, the common shares of Growmax trade at a significant discount to net cash value held by the company. Management has been unable to take any action to utilize the company’s approximately $38M in working capital to deploy into investor-friendly ventures, yet continues to take millions of dollars in annual salaries.
The Requisition was made by the Requisitioning Shareholders on their own behalf. The requisition requests that the requisitioned meeting be held as soon as practical and no later than August 31, 2018, which provides sufficient time for the Company to convene the meeting. The Requisitioning Shareholders have beneficial ownership or control over approximately 18,093,500 common shares of GrowMax, representing more than 8% of the common shares of the Company.
Further information with respect to the requisitioned meeting and the proposed board nominees will be contained in an information circular to be mailed to GrowMax shareholders in advance of the meeting.
About BullRun Capital
BullRun Capital Inc. is a venture capital group specializing in identifying and incubating world changing technologies and commercial projects. Past and current projects include: Patriot One Technologies (PAT.V), Cannabix Technologies (C.BLO), and Micron Waste Technologies (C.MWM). Additionally, BullRun is privately developing First Responder Technologies Inc, to develop a quick acting pepper spray and antidote for law enforcement, Nash Pharmaceuticals Inc to develop anti-fibrosis medications, and Kushtown Kultivations Inc to build a cannabis cultivation facility in California. BullRun’s team is led by its Founder and Chairman Kulwant (Kal) Malhi, and Alfred Wong its President. Information on BullRun Capital is found at http://www.bullruncapital.ca/
For further information contact:
BullRun Capital Inc. #915 – 700 West Pender Street, Vancouver, British Columbia V6C 1G8 Attention: Alfred Wong alfred@bullruncapital.ca kal@bulllruncapital.ca
