Nass Valley Gateway Ltd Announces It Will Not File Its 2022 EOY Audited Financials by the July 14th, 2023 Extension Granted by the BCSC and Will be Subject to a FFCTO Until the Filing Requirement is Met

Rhea-AI Summary

Nass Valley Gateway Ltd (CSE:NVG) announces a delay in filing its 2022 EOY financials, resulting in a default of the filing requirement and a FFCTO. The delay is due to the finalization of the acquisition of Super Scientific Laboratories by its subsidiary, Nass Valley Gardens Inc. The company has a 30-day remediation plan in place to gather the necessary documents and will provide bi-weekly updates until the filing is completed. CEO Michael Semler emphasizes the importance of stability in the share price and looks forward to satisfying the filing requirement.

VANCOUVER, British Columbia, July 14, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire - Nass Valley Gateway Ltd (CSE:NVG) (OTC:NSVGF)(FSE:3NVN)(the “Company”) and its management announce due to delays in finalizing its 2022 EOY financials, it will not be able to file by the July 14th, 2023 extension granted by the BCSC. As Nass Valley Gateway’s subsidiary, Nass Valley Gardens Inc., is finalizing the financing and closing of its acquisition of Super Scientific Laboratories, it requires a filing of consolidated financials, which are not complete. The Company will be in default of the specific filing requirement and will be subject to a FFCTO until it remedies the requirement by filing EOY 2022 through July 2023 audited and consolidated financials, plus MD&A report and all attending certifications through July 2023. To accomplish this, the Issuer has a 30-day remediation plan in place to gather the final documents, share them with the auditors and provide any supporting or sample documentation. The auditor will then review the final documents and provide its opinion.

Management will satisfy the alternative information guidelines by publishing bi-weekly updates until the filing is completed.

Nass Valley Gateway Ltd. CEO Michael Semler stated, ”To ensure the stability of the share price as we are closing on a material event, this is the correct step to take. We look forward to filing the consolidated financials and satisfying the requirement.”

Management will comply with the FFCTO until the filings have been submitted to the BCSC and published on SEDAR with an unqualified opinion from its auditor. This FFCTO restricts management and the general public from all trading of Nass Valley Gateway Ltd. shares until the FFCTO is lifted by the BCSC.

There are no other material changes or other items to report at this time.

ABOUT NASS VALLEY GATEWAY LTD. 
Nass Valley Gateway Ltd. (CSE: NVG.CN) (OTC: NSVGF) (FSE: 3NVN)
Nass Valley Gateway LTD (NVG) is a publicly traded company on the CSE focused on the sales and distribution of organic, non-GMO hemp-based, zero THC, CBD products. NVG CBD products are sold under the "Nass Valley Gardens" brand via digital sales channels. NVG’s products target the general wellness, pain remediation, dermatology, anti-aging, and beauty markets.

We seek Safe Harbor.

Neither the CSE nor its Regulation Services Provider has reviewed or accepts responsibility for the adequacy or accuracy of the contents of this news release.

Company: Nass Valley Gateway Ltd.
422 Richards Street, Suite 170
V6B 2Z4 Vancouver
Canada

Contact:
Michael Semler
Phone: 609-651-0032
E-mail: michael.s@nassvalleygateway.com
Internet: www.nassvalleygateway.com

FAQ

What is the ticker symbol of Nass Valley Gateway Ltd?

The ticker symbol of Nass Valley Gateway Ltd is NVG on the CSE.

What is the reason for the delay in filing the financials?

The delay is due to the finalization of the acquisition of Super Scientific Laboratories by Nass Valley Gardens Inc, a subsidiary of Nass Valley Gateway Ltd.

What is the consequence of the default in the filing requirement?

The company will be subject to a FFCTO (Failure-to-File Cease Trade Order) until it remedies the requirement by filing the audited and consolidated financials, MD&A report, and certifications.

What is the remediation plan?

The company has a 30-day remediation plan in place to gather the final documents, share them with the auditors, and provide any supporting or sample documentation.

What restrictions does the FFCTO impose?

The FFCTO restricts management and the general public from all trading of Nass Valley Gateway Ltd. shares until it is lifted by the BCSC (British Columbia Securities Commission).