CBD Global Announces Management Cease Trade Order
CBD Global Sciences Inc. (OTC: CBDNF) has received a management cease trade order from the Alberta Securities Commission due to a delay in filing its audited annual financial statements for 2021. The company is working with its auditors to complete the necessary filings, expected by July 1, 2022. During this period, while the general public can still trade the company's securities, the CEO and CFO are restricted from trading until compliance is achieved. The company affirms that it is not facing insolvency and will issue bi-weekly reports during the MCTO period.
- Company is actively working to complete its annual financial filings by July 1, 2022.
- No insolvency proceedings are currently against the company.
- Delay in filing of audited annual financial statements may raise concerns among investors.
- CEO and CFO are restricted from trading, which could indicate deeper issues.
DENVER, CO, May 10, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – CBD Global Sciences Inc., dba Global Sciences Inc. (OTC: CBDNF) (CSE: CBDN) (Frankfurt: GS3.F) (Munich: GS3.MU) (the "Company") is pleased to announce that further to its press release dated April 19, 2022, the Company’s principal regulator, the Alberta Securities Commission, has accepted the Company's application for, and granted, a management cease trade order (the "MCTO"). The application for the MCTO was made by the Company due to a delay in the filing of its audited annual financial statements, accompanying management discussion and analysis and related CEO and CFO certifications for the year ended December 31, 2021 (the “Annual Filings”). The Company is actively working with its auditors to file the Annual Filings, which the Company expects to be completed in due course.
During the period in which the MCTO is effective, the general investing public, who are not insiders of the Company, will continue to be able to trade in the Company's securities. However, the Company's CEO and CFO will not be able to trade the Company's securities until such time as the Annual Filings and all continuous disclosure requirements have been filed by the Company, and the MCTO has been lifted.
The Company’s board of directors and its management confirm that they are working expeditiously to meet the Company's obligations relating to the filing of the Annual Filings. At this time, the Company anticipates being able to complete the Annual Filings on or before July 1, 2022.
During the MCTO, the Company confirms that it will comply with the provisions of the alternative information guidelines set out in National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults for as long as it remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a news release.
The Company confirms as of the date of this news release that there is no insolvency proceeding against it and there is no other material information concerning the affairs of the Company that has not been generally disclosed.
For further information on the Company please contact:
Investor Relations: 720-881-2541 or by email at info@globalsciences.com
Website: www.globalsciences.ca
ABOUT GLOBAL SCIENCES INC.
CBD Global Sciences, Inc., dba Global Sciences Inc. has become a multifaceted company focused on utilizing the Industrial Hemp plant to create a Healthier Way of Living. Its website can be found at www.globalsciences.ca. Global Sciences, Inc. is a hemp-based CBD producer and branding investment vehicle which currently owns multiple brands like the name Aethics™ www.aethics.com and CANNAOIL™ www.cannaoilshop.com, offering CBD Oil tinctures (liquid products), CBD capsules, CBD topicals, Hydration products, and confectionery products. Global Sciences hemp-derived CBD extracts are sold online through select distributors and brick-and- mortar retailers.
Through its wholly-owned subsidiaries, Global Sciences Holdings, Resinosa LLC, www.resinosa.com, and Legacy Distribution Group, www.legacydistributiongroup.com, Global Sciences is delivering quality CBD products in retail and e-commerce formats nationwide. The Direct Store Delivery (DSD) provides distribution services for multiple vendors of CBD-infused products and non-CBD products throughout the Colorado and Wyoming territories servicing over 750 C-store and large box retailers with expansion plans to exceed 5,000 stores in the next 12-24 months. In addition to Legacy Distribution, it has a manufacturing division, Resinosa LLC www.Resinosa.com, with its capabilities to provide cGMP manufacturing to the CBD industry with both private label and white label CBD and non-CBD product lines.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to future developments and the business and operations of the Corporation. 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 delay or failure to receive board, shareholder or regulatory approvals. Readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FAQ
What does the management cease trade order (MCTO) for CBD Global Sciences mean?
When are CBD Global Sciences' annual financial filings expected?
Is CBD Global Sciences facing any insolvency issues?
How will CBD Global Sciences communicate during the MCTO?
What does the MCTO mean for investors in CBD Global Sciences?
