Empower Clinics Provides Bi-Weekly MCTO Update

Rhea-AI Summary

Empower Clinics has provided an update regarding its management cease trade order (MCTO) issued by the British Columbia Securities Commission due to delays in filing annual financial statements for the fiscal year ending December 31, 2021. The Required Filings were due on May 2, 2022, and the Interim Filings for March 31, 2022, will also miss the May 30, 2022 deadline. The company expects to complete these filings by June 30, 2022. No material changes have occurred since the initial announcement, and the company commits to continuous updates following Alternative Information Guidelines.

Positive

• The company is actively working with its auditors to resolve the filing delays.
• Empower anticipates completing the Required Filings by June 30, 2022.

Negative

• Delays in filing annual financial statements and interim financial documents.
• The company is under a management cease trade order, which could limit trading activity.

VANCOUVER, BC / ACCESSWIRE / May 30, 2022 / Empower Clinics Inc. (CSE:CBDT)(Frankfurt:8EC)(OTCQB:EPWCF) (the "Company" or "Empower") is providing an update with respect to its previously announced management cease trade order (the "MCTO") issued by the British Columbia Securities Commission on May 3, 2022.

The MCTO was issued in connection with the delay by the Company in filing its annual financial statements, management's discussion and analysis and related officer certifications for the financial year ended December 31, 2021 (collectively, the "Required Filings") before the prescribed deadline of May 2, 2022.

As a consequence of the delay in the audit, the Company also announces that its interim financial statements, management's discussion and analysis and related officer certifications for the period ended March 31, 2022 (collectively, the "Interim Filings"), will not be filed by the required filing deadline of May 30, 2022.

The Company's staff and accounting firm is working diligently with its auditors. The Company expects to have the audit of the Required Filings completed, and the Required Filings and Interim Financial Documents filed, no later than June 30, 2022. The Corporation anticipates filing the Interim Filings forthwith upon filing the Required Filings.

The Company is providing this status update in accordance with National Policy 12-203 Management Cease Trade Orders ("NP 12-203"). The Company intends to follow the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases. The Company confirms as of the date of this news release that there has been no material change in the information contained in the default announcement issued on May 3, 2022 and there is no other material information concerning the affairs of the Company that has not been generally disclosed.

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/703225/Empower-Clinics-Provides-Bi-Weekly-MCTO-Update

FAQ

What is the management cease trade order (MCTO) for Empower Clinics (EPWCF)?

The MCTO was issued due to delays in filing annual financial statements and related documents for the fiscal year ending December 31, 2021.

When does Empower Clinics expect to resolve its filing issues?

Empower Clinics expects to complete and file its Required Filings and Interim Filings by June 30, 2022.

What led to the MCTO issued to Empower Clinics?

The MCTO was due to the company's failure to file its annual financial statements by the deadline of May 2, 2022.

What are the consequences of the MCTO for Empower Clinics (EPWCF)?

The MCTO may limit trading activity of Empower Clinics' shares until the required filings are completed.

Will Empower Clinics provide updates regarding the MCTO?

Yes, the company will issue bi-weekly reports according to the Alternative Information Guidelines during the MCTO period.