World Class Extractions Announces AGM Results

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VANCOUVER, May 9, 2022 – World-Class Extractions Inc. (CSE: PUMP) (FRA:WCF)  (OTCQB:WCEXF) (the “Company” or “World-Class”) is pleased to announce the results from its  Annual General and Special Meeting of its shareholders held on Friday, April 29, 2022 (the “AGM”) at  the Company’s offices in Burnaby, British Columbia.  

Shareholders approved all of the resolutions detailed in the information circular of the Company dated March 21, 2022 (the “Circular”), namely:  

  1. Setting the size of the Board to four directors; 
  2. Electing all of the management nominees to the Board of Directors of the Company until the next annual shareholder meeting of the Company; 
  3. Appointing Carr-Hilton Labonte LLP, Chartered Professional Accountants, as the Company’s auditor for the ensuing year; and 
  4. Approving the special resolution to change the business of the Company from that of a cannabis-focused company to that of an investment issuer (the “Change of Business”). 

Shareholders holding a total of 84,484,464 common shares were represented in person or by proxy at  the AGM, representing 13.51% of the votes attached to all outstanding common shares of the Company  as at the record date, with the following results: 

RESOLUTION VOTES FOR     VOTES AGAINST      VOTES WITHHELD

To set the number of directors at four 99.60% 0.40% 0.00% To elect: 

  • Anthony Durkacz as a director; 99.24% 0.00% 0.76% Michael Galloro as a director; 99.85% 0.00% 0.15% Chand Jagpal as a director; and 99.60% 0.00% 0.40% Rosy Mondin as a director 99.20% 0.00% 0.80% 

Appointment of Auditor 99.79% 0.00% 0.21% Approval of Change of Business 99.69% 0.31% 0.00% 

Subsequent to the AGM, the Board appointed Anthony Durkacz as Chair of the Board and Chand Jagpal,  Michael Galloro and Rosy Mondin as members of the Audit Committee.  

The Company is also pleased to announce the closing of the sale of its wholly-owned subsidiary, Soma  Labs Scientific Inc. (“Soma Labs”) to CannaWorld Ventures Inc. (“CannaWorld”) effective April 29,  2022, pursuant to a share purchase agreement (the “Agreement”) dated effective as at the same date.  Pursuant to the Agreement, the Company sold 100% of the issued and outstanding common shares of  Soma Labs in exchange for 15,000,000 common shares in the capital of CannaWorld.

Soma Labs was the extraction and processing arm of World-Class and was divested in exchange for a  24.48% interest in CannaWorld – which is an early-stage company engaged in the development of  cannabis growing facilities dedicated to providing self-contained Cultivation MicroPods to independent  micro-cultivators. CannaWorld is currently building a “CannaPark” in Pitt Meadows in the lower Fraser  Valley in British Columbia. The CannaPark is expected to have a central licensed nursery operated by  the park and a community of micro-growers, each in their own, self-contained, stand alone, MicroPod.  The nursery will house specialist staff to help micro-cultivators, design, successfully grow and harvest  unique cultivar, and ensure it remains healthy to harvest. The Pitt Meadows CannaPark is located on 22  acres of prime agricultural land and will feature 60 state of the art MicroPods, and an on-site full-service  cannabis nursery. 

Contact 

World-Class Extractions Inc.
1 (604) 473-9569 | ir@worldclassextractions.com
www.worldclassextractions.com 

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined  in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release, which  has been prepared by management. 

Cautionary Note Regarding Forward-Looking Statements 

This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws  (“forward-looking statements”). All statements other than statements of present or historical fact are forward-looking  statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”,  “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”,  “project” and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions  “may” or “will” occur. These statements are only predictions. Forward-looking statements in this press release include,  but are not limited to, statements in respect of the Company’s ability to obtain approval from the Canadian Securities  Exchange for the Change of Business of the Company or to complete such change of business.. 

Forward-looking statements are based on the opinions and estimates of management of the Company at the date the  statements are made based on information then available to the Company. Various factors and assumptions are applied  in drawing conclusions or making the forecasts or projections set out in forward-looking statements, including with respect  to business and operational plans of CannaWorld. Forward-looking statements are subject to and involve a number of  known and unknown variables, risks and uncertainties, many of which are beyond the control of the Company. Such  factors, among other things, include regulatory and other approvals or consents; fluctuations in general macroeconomic  conditions; fluctuations in securities markets; impact of the COVID-19 pandemic and political and social uncertainties. 

No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although  the forward-looking statements contained in this news release are based upon what management of the Company  believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual  results will be consistent with such forward-looking statements, as there may be other factors that cause results not to  be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and  information contained in this news release. Additional information regarding risks and uncertainties relating to the  Company’s business are contained in the Company’s management discussion and analysis filed on its issuer profile on  SEDAR at www.sedar.com. The forward-looking statements contained in this press release are made as of the date of  this press release, and the Company does not undertake to update any forward-looking statements that are contained or  referenced herein, except in accordance with applicable securities laws.

World-Class Extractions

World-Class Extractions is a Vancouver based publicly traded company that operates through two vertically integrated subsidiaries: Soma Labs Scientific, and Greenmantle Products. From proprietary industrial grade equipment, custom build processing facilities, ancillary products and scientific services. World-Class Extractions provides turn-key extraction and processing solutions for the cannabis industry from green to gold.

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Suite 308 – 9080 University Crescent, Burnaby, British Columbia, Canada, V5A 0B7

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Phone

1 (604) 473-9569
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