Koios Provides Most Current Update on Status of MCTO
Koios Beverage Corp. has provided an update on a management cease trade order issued by the British Columbia Securities Commission due to delays in financial filings. The audit is ongoing, and the company aims to update its Annual Filings status by November 28, 2022. Trading of common shares remains open to the public, but the CEO and CFO are restricted from trading. Koios will continue to issue bi-weekly reports until compliance with Annual Filing requirements is achieved.
- Audit is in progress with expected updates by November 28, 2022.
- Company maintains a strong distribution network of over 4,400 retail locations in the U.S.
- Delay in Annual Filings could affect investor confidence.
- Management Cease Trade Order restricts trading by the CEO and CFO.
DENVER, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Koios Beverage Corp. (CSE: FIT; OTC: FITSF) (the "Company" or "Koios") is providing this update on the status of a management cease trade order granted on September 29, 2022 (the "MCTO") by the British Columbia Securities Commission under National Policy 12-203 - Management Cease Trade Order ("NP 12-203"). On September 29, 2022, the Company announced that, for reasons disclosed in the news release, there would be a delay in the filing of its financial statements and accompanying management's discussion and analysis for the fiscal year ended May 31, 2022 (the "Annual Filings") beyond the period prescribed under applicable Canadian securities laws (the "Default Announcement").
The Company reports that the audit is progressing and will provide a further update on the timing of its Annual Filings on or before November 28, 2022. The Company is also progressing on the completion of its interim financial statements and accompanying management's discussion and analysis for the first quarter ended August 31, 2022, and will provide a further update on or before November 28, 2022. Further updates on timing will be provided by the Company as necessary.
During the MCTO, the general investing public will continue to be able to trade in the Company's listed common shares. However, the Company's Chief Executive Office and Chief Financial Officer will not be able to trade in the Company's common shares.
Other than as disclosed in this news release, there are no material changes to the information contained in the Default Announcement. The Company confirms that it intends to satisfy the provisions of NP 12- 203 and will continue to issue bi-weekly default status reports for so long as it remains in default of the Annual Filings requirement.
On behalf of the Board of Directors of the Company,
KOIOS BEVERAGE CORP.
"Chris Miller"
Chris Miller, CEO, Interim CFO, and Director
For further information, please contact:
Gina Burrus
844-255-6467
THE CANADIAN SECURITIES EXCHANGE (CSE) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
About Koios Beverage Corp.
The Company is an emerging functional beverage company which has an available distribution network of more than 4,400 retail locations across the United States in which to sell its products. Koios has relationships with some of the largest and most reputable distributors in the United States, including Europa Sports, Muscle Foods USA, KeHE, and Wishing-U-Well. Koios uses a proprietary blend of nootropics and natural organic compounds to enhance human productivity without using harmful chemicals or stimulants. Koios products have been shown to enhance focus, concentration, mental capacity, memory retention, cognitive function, alertness, brain capacity and create all day mental clarity. Its ingredients are specifically designed to target brain function by increasing blood flow, oxygen levels, and neural connections in the brain.
Koios produces one of the only drinks in the world infused with MCT oil. MCT oil is derived from coconuts and has been shown to help the body burn fat more effectively, create lasting energy from a natural food source, produce ketones in the brain, allowing for greater brain function and clarity, support healthy hormone production, and improve immunity. For more information, please visit our website: https://www.koiosbeveragecorp.com.
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking information and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information in this news release includes statements regarding the intention of the Company to issue the Bonus Warrants and the expiry of hold periods applicable to securities issued in connection with the Private Placement. The forward-looking information reflects management's current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking information. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. Factors that could cause actual results or events to differ materially from current expectations include: (i) adverse market conditions; (ii) changes to the growth and size of the functional beverage markets; and (iii) other factors beyond the control of the Company. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time, and it is impossible for the Company's management to predict all risk factors, nor can the Company assess the impact of all factors on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking information. The forward-looking information included in this news release are made as of the date of this news release and the Company expressly disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law.
The statements in this news release have not been evaluated by Health Canada or the U.S. Food and Drug Administration. As each individual is different, the benefits, if any, of taking the Company's products will vary from person to person. No claims or guarantees can be made as to the effects of the Company's products on an individual's health and well-being. The Company's products are not intended to diagnose, treat, cure, or prevent any disease.
This news release may contain trademarked names of third-party entities (or their respective offerings with trademarked names) typically in reference to (i) relationships had by Koios with such third-party entities as referred to in this release and/or (ii) client/vendor/service provider parties whose relationship with Koios is/are referred to in this release. All rights to such trademarks are reserved by their respective owners or licensees.
Contact Information:
Gina Burrus
VP
gina@fitsodas.com
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FAQ
What is the status of Koios Beverage Corp.'s management cease trade order?
When will Koios Beverage Corp. update its financial statements?
Can the public trade Koios Beverage Corp. shares during the MCTO?
What is the cause of the delay in Koios Beverage Corp.'s financial filings?
How is Koios Beverage Corp. addressing the delay in filings?
