The Board believes that, given its projected cash flows and current cash position, the Company will be financially solvent for the next twelve months. The Board made these decisions primarily as a result of significant doubts regarding future ginseng prices, which have continued to decline over the past few months, due to the ongoing political situation between Canada and China and the uncertainty created by the COVID-19 situation. The Company will continue with its plan to harvest all the mature 4-year-old and 5-year-old crops in this fiscal year. In addition, the Board has decided, in the best interest of the Company and its stakeholders, to abandon all the immature 1-year-old and 2-year-old crops, of approximately 203 acres or 40% of all the crops currently under cultivation. (TSXV: IGP) (the “Company”) will not be planting new crops in the summer of 2020, the Board has made a further decision that the Company will cease new plantings completely. 22, 2020 (GLOBE NEWSWIRE) - Further to the news release on announcing that Imperial Ginseng Products Ltd.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |