IONIC Brands Announces Making Revocation Application to Remove Its FFCTO

Rhea-AI Summary

IONIC Brands Corp. has applied to the Ontario Securities Commission (OSC) for a full revocation of the failure-to-file cease trade order (FFCTO) issued on June 22, 2020. This order stemmed from the Company's failure to file annual financial statements for the year ending December 31, 2019, leading to a suspension of trading by the Canadian Securities Exchange (CSE). The Company has since completed audits and filed the necessary financial statements. There are no guarantees that the OSC will grant the revocation, but IONIC Brands expresses appreciation for shareholder patience during this process.

Positive

• The Company has completed the audit of its Annual Financial Statements and filed necessary financial documents for Q1 and Q2 2020.
• IONIC Brands expresses its commitment to work with legal counsel and accountants to resolve the FFCTO.

Negative

• The FFCTO remains in effect until revoked, creating uncertainty for investors.
• There are no assurances that the OSC will grant the revocation of the FFCTO.

TACOMA, WA / ACCESSWIRE / November 12, 2020 / IONIC Brands Corp. (CSE:IONC)(FRA:IB3)(OTC PINK: IONKF) ("IONIC BRANDS" or the "Company") announces that on October 19, 2020 it applied to the Ontario Securities Commission (the "OSC") for a full revocation of the failure-to-file cease trade order (the "FFCTO") against the Company issued on June 22, 2020 by the OSC.

The FFCTO was due to the Company's failure to file by the prescribed filing deadlines its annual financial statements for the year ending December 31, 2019 (the "Annual Financial Statements"), and the accompanying management's discussion and analysis and certifications. As a result, the Canadian Securities Exchange (the "CSE") also suspended trading of the Company's common shares. The Company's auditor, DMCL, has completed the audit of the Annual Financial Statements, and the Company has filed the Annual Financial Statements, the financial statements for the three month period ended March 31, 2020, the financial statements for the six month period ended June 30, 2020 and the accompanying management's discussion and analysis and certifications for all three periods, all of which are available on the Company's profile on SEDAR. As a result, the Company applied to the OSC on October 19, 2020, to have the FFCTO fully revoked. The FFCTO remains in effect until revoked by the OSC. There can be no assurances the FFCTO will be revoked. It is customary to announce such applications after the grant of the removal order, however, due to the level of shareholder inquiry on the status of the Company's FFCTO the Company is making this press release. The Company is working diligently with its legal counsel and accountants to have the FFCTO fully revoked, and appreciates and thanks its shareholders and interested parties for their patience until the process is completed, after which the Company will make an announcement of the status of the FFCTO, and the resumption of trading of the Company's securities.

About IONIC BRANDS CORP.

The Company is dedicated to building a regionally based multi-state consumer-focused cannabis concentrate brand portfolio with strong roots in the premium and luxury segments of vape concentrates and edibles. The cornerstone brand of the portfolio, IONIC, is the #3 vaporizer brand in Washington State and has aggressively expanded throughout the Pacific Northwest of the United States. The brand is currently operating in Washington and Oregon. IONIC BRANDS' strategy is to be the leader of the highest-value segments of the cannabis market.

John Gorst
Chief Executive Officer & Chairman

For more information visit www.ionicbrands.com or contact:

To stay better informed with the current events of the company you can join our investor community at https://www.ionicbrands.com/investor-community

John Gorst
investor.relations@ionicbrands.com
+1.253.248.7927

The CSE does not accept responsibility for the adequacy or accuracy of this release.

All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The risks are without limitations the price for cannabis and related products will remain consistent and the consumer demand remains strong; availability of financing to the Company to develop the retail locations; retention of key employees and management; changes in State and/or municipal regulations of retail operations and changes in government regulations generally. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the Canadian Securities Exchange, the British Columbia Securities Commission, the Ontario Securities Commission and the Alberta Securities Commission.

SOURCE: IONIC Brands Corp.

View source version on accesswire.com:
https://www.accesswire.com/616511/IONIC-Brands-Announces-Making-Revocation-Application-to-Remove-Its-FFCTO

FAQ

What is the status of IONKF's cease trade order?

IONKF has applied to the Ontario Securities Commission for revocation of its cease trade order as of October 19, 2020.

Why was IONKF's trading suspended?

Trading was suspended due to the failure to file financial statements by the prescribed deadlines.

What financial documents has IONKF filed recently?

IONKF has filed its Annual Financial Statements and quarterly financial statements for Q1 and Q2 2020.

Is there a chance the FFCTO will be revoked?

There are no guarantees that the Ontario Securities Commission will revoke the FFCTO.

What does IONKF do in the cannabis market?

IONKF focuses on building a multi-state consumer cannabis concentrate brand portfolio, notably in vape concentrates.