Empower Clinics Announces Cease Trade Order To Be Issued By BC Securities Commission

Rhea-AI Summary

Empower Clinics has announced a cease trade order (CTO) from the British Columbia Securities Commission due to incomplete annual financial filings, specifically the audited financial statements, management discussion, and required CEO certifications. The delay is attributed to recent management changes and extended auditing processes. Despite this setback, the company continues to operate normally and is working to complete these filings. Once fulfilled, trading is expected to be reinstated within days.

Positive

• Company continues normal operations despite the CTO.
• Management is actively working to resolve filing delays.

Negative

• Cease trade order issued due to incomplete annual filings.
• Delay attributed to management changes, impacting financial reporting.

VANCOUVER, BC / ACCESSWIRE / AUGUST 2, 2022 / EMPOWER CLINICS INC (CSE:CBDT)(Frankfurt:8EC)(OTCQB:EPWCF) ("Empower" or the "Company") an integrated healthcare company - serving patients through medical centers, telemedicine platforms, a medical device company, and a high complexity medical diagnostics laboratory - announces that it will be issued a cease trade order ("CTO") by the British Columbia Securities Commission ("BCSC") by virtue of not filing the following periodic disclosure documents ("Annual Filings") by the filing deadline of July 29, 2022.

• the audited annual financial statements of the Company for the year ended December 31, 2021;
• the management's discussion and analysis of the Company for the year ended December 31, 2021; and
• certificates of each of the Chief Executive Officer and the interim Chief Financial Officer relating to the audited annual financial statements.

The cause of the delay was due primarily to recent changes in Company's management and additional time required by the auditor to complete the remaining audit procedures. Although the audit continues to progress, it has taken longer to complete than anticipated. Notwithstanding the delay, the Company continues to operate normally without disruption and is working diligently and expeditiously with its auditors to complete the Annual Filings as soon as possible.

Once issued, the CTO prohibits all trading of the Company's shares until all filing requirements are completed. A copy of the CTO will be posted on the BCSC website once issued. Revocation of the CTO is expected to occur within a few days after the Annual Filings are completed.

This press release is available on the Empower Clinics Verified Forum on AGORACOM for shareholder discussion, questions and engagement with management https://agoracom.com/ir/EmpowerClinics

ABOUT EMPOWER:

Empower is an integrated healthcare company that provides body and mind wellness for patients through its clinics, with digital and telemedicine care, a medical device company and world-class medical diagnostics laboratories. Supported by an experienced leadership team, Empower is aggressively growing its clinical and digital presence across North America. Our Health & Wellness and Diagnostics & Technology business units are positioned to positively impact the integrated health of our patients, while simultaneously providing long term value for our shareholders.

ON BEHALF OF THE BOARD OF DIRECTORS:

Steven McAuley
Chief Executive Officer

CONTACTS:

Media:

Steven McAuley CEO
s.mcauley@empowerclinics.com
604-227-0865

Investors:

Tamara Mason

Business Development & Communications
t.mason@empowerclinics.com
604-359-9107

DISCLAIMER FOR FORWARD-LOOKING STATEMENTS

This news release contains certain "forward-looking statements" or "forward-looking information" (collectively "forward looking statements") within the meaning of applicable Canadian securities laws. 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. Forward-looking statements can frequently be identified by words such as "plans", "continues", "expects", "projects", "intends", "believes", "anticipates", "estimates", "may", "will", "potential", "proposed" and other similar words, or information that certain events or conditions "may" or "will" occur. Such forward-looking statements are based on assumptions known to management at this time, and are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the forward-looking statements, including: that the Company may be unable to enter into definitive agreements, or close transactions with respect to, proposed future clinic openings; that due diligence with respect to anticipated clinic openings and acquisitions may not be satisfactory to the Company; risks related to delays in permitting or construction; risks related to supply chains and access to labour; that legislative changes may have an adverse effect on the Company's business and product development; that the Company may not be able to obtain adequate financing to pursue its business plan; that the Company will be able to commence and/or complete build-outs and tenants improvements for new clinics; general business, economic, competitive, political and social uncertainties; and other factors beyond the Company's control. No assurance can be given that any of the events anticipated by the forward-looking statements will occur on the terms or in the time expected, or at all, or, if they do occur, what benefits the Company will obtain from them. Readers are cautioned not to place undue reliance on the forward-looking statements in this release, which are qualified in their entirety by these cautionary statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements in this release, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws.

SOURCE: Empower Clinics Inc.

View source version on accesswire.com:
https://www.accesswire.com/710528/Empower-Clinics-Announces-Cease-Trade-Order-To-Be-Issued-By-BC-Securities-Commission

FAQ

What caused the cease trade order for Empower Clinics (EPWCF)?

The cease trade order was issued due to Empower Clinics not filing its audited annual financial statements and related documents by the July 29, 2022 deadline.

When can trading of Empower Clinics (EPWCF) shares resume?

Trading is expected to resume within days of completing the required annual filings.

What financial documents did Empower Clinics (EPWCF) fail to file?

The company failed to file its audited annual financial statements, management discussion, and CEO certifications for the year ended December 31, 2021.

How is Empower Clinics (EPWCF) handling the filing delays?

The company is actively working with its auditors to complete the annual filings as quickly as possible despite management changes.