Emerald Health Therapeuticsa?? Joint Venture Partner Withdraws Purported $5.94 Million Investment in Pure Sunfarms

VANCOUVER, British Columbia, Jan. 17, 2020 (GLOBE NEWSWIRE) -- Emerald Health Therapeutics, Inc. (a??Emeralda??) (TSXV: EMH; OTCQX: EMHTF) today announced that Village Farms International, Inc. ("Village Farms") has withdrawn its attempt to make an unsupported A additional equity contribution in their joint venture, Pure Sun Farms Corp. (a??PSFa??). Village Farms has rescinded the attempt and has requested and received a refund of the $5.94 million it advanced to PSF in November 2019.
The previously announced arbitration proceedings between the parties remain in process with respect to Emeralda??s right to set-off a $5.94 million payment owed by Emerald to PSF against a portion of the more than $13 million currently owed by PSF to Emerald under its shareholder loan. A final decision on the arbitration is expected in summer 2020. Emerald continues to own 50% of the outstanding shares of PSF.a??We are pleased that this issue has been resolved in Emeralda??s favour and we will rely on the ongoing arbitration process to resolve the remaining issues,a??a?? said Riaz Bandali, President and CEO of Emerald.Payments to Pure SunfarmsOn December 13, 2019, Emerald advanced $940,000 to PSF as part of its agreement to pay an aggregate of $25.0 million in connection with the exercise of the joint venture's acquisition of the Delta 2 greenhouse. It also advanced its required final payment of $710,000 on January 15, 2020. No further amounts are payable by Emerald under the D2 option agreement.
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