Eat Well Investment Group Inc. Provides Update on Timing of Audit & Year End 2021 Financials

Rhea-AI Summary

Eat Well Investment Group Inc. (CSE: EWG, US: EWGFF) announced a delay in filing its audited annual financial statements for the fiscal year ending November 30, 2021, previously set for March 31, 2022, citing complex IFRS accounting issues. The company expects to file the Required Documents by May 30, 2022. The management cease trade order (MCTO) restricts trading by its CEO and CFO but does not impact other shareholders. The company continues to issue bi-weekly default status reports as per NP 12-203 guidelines, confirming no material changes since the last announcement on March 31, 2021.

Positive

• Anticipated filing of Required Documents by May 30, 2022, indicating proactivity in compliance.
• No material changes have been indicated since the last default announcement on March 31, 2021.

Negative

• Delays in filing audited annual financial statements due to complex IFRS accounting matters.
• Management cease trade order (MCTO) remains in effect, limiting trading ability of key executives.

VANCOUVER, British Columbia--(BUSINESS WIRE)-- Eat Well Investment Group Inc. (CSE: EWG) (US:EWGFF) (FSE: 6BC0) (“Eat Well” or the “Company”) is providing an update with respect to the expected timeline for filing its audited annual financial statements for the year ended November 30, 2021, the related management’s discussion and analysis and certificates of its CEO and CFO (collectively, the “Required Documents”) and its previously announced management cease trade order (“MCTO”) issued by the Company’s principal regulator, the British Columbia Securities Commission (the “BCSC”), on March 31, 2022.

While the Company and its auditors continue to work diligently to file the Required Documents as soon as they are available, certain additional delays have occurred as a result of dealing with some complex IFRS accounting matters. The Company presently anticipates being able to complete and file the Required Documents no later than May 30, 2022.

As previously announced, pursuant to the MCTO, the Chief Executive Officer and Chief Financial Officer of the Company may not trade in securities of the Company until such time as the Company files the Required Documents and the BCSC revokes the MCTO. The MCTO does not affect the ability of other shareholders of the Company to trade in securities of the Company.

The Company is providing bi-weekly default status reports in accordance with National Policy 12-203 Management Cease Trade Orders (“NP 12-203”). Until such time as the Company files the Required Documents and the MCTO has been revoked, 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.

Pursuant to the provisions of the alternative information guidelines specified in NP 12-203, the Company confirms that, as of the date of this news release: (a) there have been no material changes to the information contained in the default announcement issued on March 31, 2021 (the “Default Announcement”) that would reasonably be expected to be material to an investor; (b) there have been no failures by the Company to fulfill its stated intentions with respect to satisfying the provisions of the alternative reporting guidelines under NP 12-203; (c) there has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the Default Announcement; and (d) there is no other material information concerning the affairs of the Company that has not been generally disclosed.

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About Eat Well

Eat Well is a publicly-traded investment company primarily focused on high-growth companies in the agribusiness, food tech, plant-based and ESG (environmental, social and governance) sectors. Eat Well’s management team has an extensive record of sourcing, financing and building successful companies across a broad range of industries and maintains a current investment mandate on the health/wellness industry. The team has financed and invested in early-stage venture companies for greater than 25 years, resulting in unparalleled access to deal flow and the ability to construct a portfolio of opportunistic investments intended to generate superior risk-adjusted returns.

Disclaimer for Forward-Looking Statements

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable Canadian and United States securities legislation (collectively “forward-looking statements”). Forward-looking information are often, but not always, identified by the use of words such as “seek,” “anticipate,” “believe,” “plan,” “estimate,” “expect,” “likely” and “intend” and statements that an event or result “may,” “will,” “should,” “could” or “might” occur or be achieved and other similar expressions. These forward-looking statements include, but are not limited to, the expectations of management with respect to the anticipated filing of the Required Documents and the duration of the MCTO. Such forward-looking statements should not be unduly relied upon. Forward-looking information is based on assumptions that may prove to be incorrect. The Company considers these assumptions to be reasonable in the circumstances. However, forward-looking information is subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those expressed or implied in the forward-looking information. For more information on the Company, its investee companies and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

The Canadian Securities Exchange has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this news release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220509006156/en/

Eat Well Investment Group Inc.

Marc Aneed, CEO

ir@eatwellgroup.com

www.eatwellgroup.com

Source: Eat Well Investment Group Inc.

FAQ

When will Eat Well Investment Group Inc. file its audited financial statements?

Eat Well Investment Group Inc. plans to file its audited financial statements by May 30, 2022.

What is the status of the management cease trade order (MCTO) for EWGFF?

The MCTO remains in effect, restricting trading for the CEO and CFO until the Required Documents are filed.

Has there been any material change in the status of EWGFF since the last announcement?

No material changes have been reported since the last announcement on March 31, 2021.