Vancouver, British Columbia--(Newsfile Corp. - June 27, 2018) - BLVD Centers Corporation (CSE: BLVD) is the latest new listing on the Canadian Securities Exchange, having previously traded on the TSX Venture Exchange. The company currently operates in the US inpatient (detox and residential) and outpatient rehabilitation market and serves clients with addictive and co-occurring disorders and offers a line of marijuana lifestyle management supplements.
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The company is looking at opportunities to potentially enter the marijuana industry, and is reviewing several options, from acquiring assets to being acquired.
Nitin Kaushal, non-executive Director, stated: "As a business with significant revenue and tremendous potential, with a presence in key states including California and Oregon, we are organized to be a great platform to enter the US marijuana market. I am personally looking into how we can leverage our platform to create a great return for our shareholders through being acquired by a listed Canadian company already operating in the marijuana market. I believe there is interest in the acquisition of this business, and we will keep our shareholders updated if progress is made."
As part of pivoting toward the marijuana market, the company has focused on maximizing cash flow and improving its balance sheet. Over the last several months, it has reduced its capital investments into growth measures in the traditional addiction industry and worked to eliminate services and product lines that were not generating sufficient returns.
Chris Heath, CEO, stated: "First, I want to acknowledge that many of our shareholders entered into this stock at prices well higher than the currently traded price. We believe that the current market price is not reflective of the fair value of our shares and if we agree to a transaction we would expect it to value our company at materially more than its current market price. We have made that clear as we work to identify any potential interested parties. Secondly, I have focused my energies on organizing our business such that we can be an acquirer of assets if that better suits returns for our shareholders. We have made some key operational decisions that will reduce revenue but improve cash flow and our balance sheet over the coming quarters. We continue to interact with deal targets, both acquirers and potential acquisition targets in the marijuana industry with existing revenue and operations as an entry point into the marijuana industry. We will keep the market up to date on the progress of any potential transactions. Until then we are focused on operating our businesses and keeping an eye on our cash balance."
For more information, please visit the company's website at www.BLVDcenters.com, contact Chris Heath, CEO, at 424-372-1123 or by email at [email protected].
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