Isracann Biosciences Provides Bi-Weekly Default Status Report
Isracann Biosciences Inc. (CSE: IPOT, OTC: ISCNF) announced that the British Columbia Securities Commission issued a management cease trade order (MCTO) on September 29, 2022. This order restricts the CEO and CFO from trading the company's securities until the filing of the annual audited financial statements due by November 28, 2022. The company stated there have been no material changes since the prior default announcement, and it will continue to issue bi-weekly status reports regarding this situation.
- The MCTO does not restrict shareholders from trading their securities.
- The company is proactively managing compliance with alternative reporting guidelines.
- The company is under a management cease trade order, indicating potential financial reporting issues.
- The delay in filing annual financial statements could indicate operational or financial difficulties.
VANCOUVER, British Columbia, Oct. 13, 2022 (GLOBE NEWSWIRE) -- Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF) (the “Company”) announces that further to its news release dated September 29, 2022 (the “Default Announcement”), the Company’s principal regulator, the British Columbia Securities Commission (the “BCSC”) granted a management cease trade order (the “MCTO”) on September 29, 2022, under National Policy 12-203 Management Cease Trade Orders (“NP 12-203”).
Pursuant to the MCTO, the Chief Executive Officer and the Chief Financial Officer may not trade in securities of the Company until such time as the Company files its annual audited financial statements for the year ended May 31, 2022, including the related management’s discussion and analysis, and related certifications on or before November 28, 2022 (collectively the “Required Documents”) and the Executive Director of the BCSC revokes the MCTO. The MCTO does not affect the ability of shareholders to trade their securities.
The Company’s Board of Directors and management confirm that they are working expeditiously to file the Required Documents and confirm that since the Company’s press release dated September 29, 2022:
- There have been no material changes to the information contained in the Default Announcement that would reasonably be expected to be material to an investor;
- There have been no failures by the Company to fulfill its stated intentions with respect to satisfying the provisions of the alternative information reporting guidelines under NP 12-203;
- 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
- There have been no material changes in respect of the Company’s affairs that have not been generally disclosed.
Until the Required Documents have been filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines specified in NP 12-203 by issuing bi-weekly default status reports in the form of further press releases for so long as the Company remains in default of the financial statement filing requirement.
ON BEHALF OF THE BOARD OF DIRECTORS
“Phil Floucault”
Phil Floucault
Chief Executive Officer and President
About Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF)
Isracann is a multidisciplinary cannabis focused producer and product developer with Israeli-based cannabis production farm assets and a Canadian natural health medicine development and production arm. Concurrently focused on initial retail sales in Canada and in becoming a premier cannabis producer offering low-cost domestic Israeli production, the Company aims to commercialize natural health medicines in Canada and to leverage agreements within Israel for import/export opportunities and medicinal marijuana
cultivation. For more information visit: www.isracann.com.
Contact
Empire Communications Group
+1 (604) 343-2724
info@isracann.com
www.isracann.com
Forward-Looking Information
This release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements may include, without limitation, statements relating to the Company’s plans or goals, the Offering and the proceeds of the Offering. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. All forward-looking statements in this press release are made as of the date of this press release. The forward-looking statements contained herein are also subject generally to assumptions and risks and uncertainties that are described from time to time in the Company's documents filed from time to time with the Canadian Securities Exchange, the British Columbia Securities Commission, the Alberta Securities Commission, and the Ontario Securities Commission. Although Isracann believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Isracann expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
FAQ
What is the management cease trade order (MCTO) issued to Isracann Biosciences?
What financial statements must Isracann Biosciences file by November 28, 2022?
How will Isracann Biosciences communicate its financial status during the MCTO?
Are shareholders of Isracann Biosciences affected by the MCTO?
