Cassowary Capital Corporation Limited Announces Termination of Proposed Qualifying Transaction

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CALGARY, May 29, 2019 /CNW/ - Cassowary Capital Corporation Limited ("Cassowary" or the "Corporation") (TSX VENTURE: BIRD.P) announces that, further to the Corporation's news release dated November 22, 2018, it has terminated the non-binding letter of intent with Lobo Genetics Inc. ("Lobo") and will no longer be proceeding with the proposed reverse takeover of Cassowary by Lobo. The transaction was intended to constitute Cassowary's Qualifying Transaction (as such term is defined by the TSX Venture Exchange (the "TSXV")). No deposit or cash advance was made by Cassowary to Lobo in connection with the proposed Qualifying Transaction.

The Corporation is now evaluating other acquisition opportunities with a view to completing a Qualifying Transaction.

About the Corporation

Cassowary is a capital pool company within the meaning of the policies of the TSXV that has not commenced commercial operations and has no assets other than cash. Cassowary's business is to identify and evaluate businesses and assets with a view to completing a Qualifying Transaction under the policies of the TSXV.

Forward Looking Information

This news release contains "forward‐looking information" and "forward‐looking statements" (collectively, "forward‐looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward‐looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward‐looking statements. In this news release, forward‐looking statements relate, among other things, to any proposed future Qualifying Transaction of Cassowary. Forward‐looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward‐looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this news release. Except as required by law, Cassowary assumes no obligation to update the forward‐looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE Cassowary Capital Corporation Limited

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