HempNova Terminates Asset Acquisition Agreements and Changes its Fiscal Year End

VANCOUVER, April 27, 2020 /CNW/ - HempNova Lifetech Corporation (the "Company" or "HempNova"), announces that after completion of extensive due diligence, the Company has terminated various agreements (the "Purchase Agreements") signed with Creekside Hemp Inc. and NV Farms LLC (the "Sellers") to acquire 90% interest in all the assets related to an integrated hemp operation located at 442 Hanley Road, Central Point, Oregon, USA, as described in the Company's news release dated March 12, 2020. Based on the results of its due diligence, the Company has concluded that it is the best interest of the Company not to proceed with the proposed acquisition. Pursuant to the Purchase Agreements, the Company made a US$300,000 refundable deposit, repayment of which is secured by various assets and guaranteed by the Sellers and their shareholders personally. The deposit shall be refunded by the Sellers in the due course.

The Company also announces that it has changed its fiscal year end from December 31 to June 30 effective immediately, to better reflect the seasonality of its operations.  For details regarding the length and ending dates of the financial periods, including the comparative periods, of the interim and annual financial statements to be filed for the Company's transition year and its new financial year, reference is made to the Notice of Change of Fiscal Year End filed by the Company on SEDAR pursuant to National Instrument 51-102.

ON BEHALF OF THE BOARD
"Maria Tang", President

Information set forth in this news release e includes forward-looking statement under applicable securities laws.  Forward-looking statements are statements that relate to future, not past, events.  In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", "budget", "scheduled" and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions.  By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements express or implied by such forward-looking statements. Such factors include, among others, the risks identified in the Company's reports and filings with the applicable Canadian securities regulators. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws.  Investors are cautioned against attributing undue certainty to forward-looking statements.  The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by applicable law.

SOURCE HempNova Lifetech Corporation