With transition from OTC Pink Sheets, FNHI can become Canadian reporting issuer
Will also look to further requirements for uplisting to OTC:QX
Toronto, Ontario, Canada , Aug. 27, 2018 (GLOBE NEWSWIRE) -- Franchise Holdings International, Inc. (OTCQB: FNHI), the parent company of Worksport LTD Inc., announced today that its stock has commenced trading on the OTC:QB Market. It has successfully uplisted from the OTC Pink Sheets. FNHI’s move from the OTC Pink Sheets to the OTC:QB is a significant milestone. The Ontario Securities Commission requires this status before FNHI can again become a Canadian reporting issuer. It can now submit a non-offering prospectus with the OSC, as the last step to achieve a dual-listing. Worksport is an innovative manufacturer of high quality, functional, and aggressively priced tonneau/truck bed covers for the light truck market.
“Our transition from the OTC Pink Sheets to the OTC:QB listing provides better access to institutional investors. It also offers a broader shareholder base through the listing’s credibility and transparency,” said FNHI CEO Steven Rossi. “In the short-to-medium term, as the company progresses, we will look at further uplisting requirements. We hope to soon be on the OTC:QX.”
Uplisting from OTC Pink Sheets is second FNHI August milestone – 10Q filed last week
The uplisting from the OTC Pink Sheets is FNHI’s second milestone in August. It comes directly after filing a 10Q form to the United States Securities and Exchange Commission (SEC). The SEC recognizes the OTC:QB as a leading market for companies like FNHI in the entrepreneurial and development stage. To be eligible, companies must be current in their financial reporting. They must also pass a minimum bid price test, and undergo an annual verification and certification process. FNHI and its Worksport subsidiary have met these requirements, Rossi said.
Leaving OTC Pink Sheets and applying for OTC listing fulfills FNHI growth mandate
Rossi said FNHI is now a “current in its filings” and a “newer, better” more disciplined organization. “Worksport’s innovative tonneau cover brand is poised for major growth and increases in revenue and earnings. Leaving the OTC Pink Sheets and applying to the OSC for a revived listing will also facilitate our ambitious growth mandate,“ Rossi added. The listing will occur with the assistance of Gunpowder Capital (CSE: GPC). It will unlock an estimated $450,000 in Gunpowder funding as announced in the last press release: Stock Market Today . As a result, FNHI expects to be a $10 million company expecting profit at $1.5 million in sales, Rossi said.
Forward-Looking Statements This document may contain forward-looking statements, relating to Franchise Holdings International Inc. operations or to the environment in which it operates, which are based on Franchise Holdings International Inc. operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond Franchise Holdings Internationals Inc.’s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. Franchise Holdings International Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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