CDB Global Announces Delayed Annual Filing and Management Cease Trade Order
CBD Global Sciences Inc. announces that the Alberta Securities Commission has granted a management cease trade order (MCTO) due to a delay in filing its audited annual financial statements for the year ended December 31, 2020. While the MCTO is in effect, the general public can still trade shares, but the CEO and CFO are restricted from trading. The company aims to complete the necessary filings by June 15, 2021, and commits to issuing bi-weekly status reports during this compliance period. There are currently no insolvency proceedings against the company.
- Company working diligently to meet obligations for filing annual financial statements by June 15, 2021.
- No insolvency proceedings against the company.
- Delay in filing audited annual financial statements creates uncertainty for investors.
- Management cease trade order restricts CEO and CFO from trading shares, indicating potential governance issues.
DENVER, CO, May 07, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- CBD Global Sciences Inc. (CSE: CBDN) (the "Company") is pleased to announce that further to its press release dated April 14, 2021, 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, 2020 (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 listed common shares. However, the Company's CEO and CFO will not be able to trade the Company's common shares 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 June 15, 2021.
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.
ABOUT CBD GLOBAL SCIENCES INC.
CBD Global Sciences Inc., is a vertically integrated hemp-based CBD producer, extractor, and branding investment vehicle which currently owns two product categories, branded under the name AETHICS (www.aethics.com) and CANNAOIL (www.cannaoilshop.com), which include CBD Oil tinctures (liquid products), CBD capsules, CBD topicals and CBD hydration products. CBD Global’s hemp-derived CBD extracts are sold through select distributors, brick and mortar retailers, and online.
CBD Global Sciences, through its wholly owned subsidiary, Strasburg Pharms, grows, and operates irrigated land in Colorado that grows hemp with only all-natural Colorado water, soil, sun, and nutrients that is NEVER sprayed with pesticides or chemicals. Our genetics are hand selected and maintained to present the best cannabinoid profile with extremely high CBD.
For further information, please contact, Investor Relations, info@cbdglobalsciences.com.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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.
Bruce Nurse
303.919.2913
brucenurse@comcast.net
FAQ
What is the management cease trade order (MCTO) for CBD Global Sciences (CBDNF)?
When does CBD Global Sciences plan to file its annual financial statements?
Are there any insolvency proceedings against CBD Global Sciences?
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