Orchid Ventures Announces Delay in Filing Annual Financial Statements
Orchid Ventures, Inc. (CSE:ORCD, OTC PINK:ORVRF) has announced a delay in filing its annual financial statements for the year ended June 30, 2021, missing the October 28, 2021 deadline. The delay, attributed to the nature of the company's business and the impact of the COVID-19 pandemic, has led to a management cease trade order (MCTO) against its CEO and CFO. The company aims to file by December 27, 2021, with expectations to complete the filing by November 5, 2021. They will provide bi-weekly updates during this period.
- Company expects to file annual financial statements by November 5, 2021.
- Management is proactive in updating stakeholders on filing status.
- Missed the October 28, 2021 filing deadline raises concerns about operational efficiency.
- Management cease trade order restricts CEO and CFO from trading securities.
VANCOUVER, BC / ACCESSWIRE / October 29, 2021 / Orchid Ventures, Inc. (the "Company" or "Orchid") (CSE:ORCD)(OTC PINK:ORVRF) announces that its annual financial statements for the year ended June 30, 2021, including the related management discussion and analysis, and CEO and CFO certifications (collectively, the "Annual Financial Filings") were not filed by the required filing deadline of October 28, 2021 (the "Filing Deadline").
The Annual Financial Filings were not filed on or before the Filing Deadline due to the nature of business of the Company, location of the Company's subsidiaries and the COVID-19 pandemic. The Company has been advised by its auditors, DMCL LLP, that they need more time to complete the audit.
The Company is working on the steps required to complete the Annual Financial Filings and is required to file the Annual Financial Filings by December 27, 2021. The Company currently expects that it will be in position to file on or prior to November 5, 2021. The Company will provide updates as further information relating to the Annual Financial Filings becomes available.
The Company has applied to the applicable securities regulatory authorities and received a management cease trade order ("MCTO") imposed against the Chief Executive Officer and Chief Financial Officer of the Company precluding them from trading securities of the Company. The MCTO will be in effect until the Annual Financial Filings are filed, and requires that the Annual Financial Filings be filed on or before December 27, 2021.
Until the Annual Financial Filings are filed, the Company intends to issue bi-weekly default status reports in accordance with National Policy 12-203 - Management Cease Trade Orders. The Company intends to satisfy the provisions of the Alternative Information Guidelines during the period it remains in default of the filing requirements. The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed.
About Orchid Ventures, Inc.
Orchid Essentials is a California-based cannabis innovation company that has developed a mass-market brand and loyal consumer following with its premium cannabis products and unique vape hardware delivery systems. Orchid also owns
ON BEHALF OF THE BOARD OF DIRECTORS - ORCHID VENTURES, INC.
Corey Mangold
CEO and Director
investors@orchidventures.com
Investor Relations
Corey Mangold
949-357-5818
corey@orchidventures.com
CAUTIONARY STATEMENT REGARDING "FORWARD‐LOOKING" INFORMATION: This news release contains forward‐looking statements. The Company has provided the forward‐looking statements in reliance on assumptions that it believes are reasonable at this time. The reader is cautioned that the assumptions used in the preparation of the forward‐looking statements may prove to be incorrect. All such forward‐looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, delays resulting from or inability to obtain required regulatory approval. The actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward‐looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward‐looking statements will transpire or occur, or if any of them do, what benefits, including the amount of proceeds, the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
SOURCE: Orchid Ventures, Inc.
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FAQ
What caused Orchid Ventures to delay its annual financial filings for 2021?
When does Orchid Ventures plan to file its annual financial statements?
What is the management cease trade order (MCTO) imposed on Orchid Ventures?
How will Orchid Ventures keep stakeholders informed during the filing delay?
What are the implications of Orchid Ventures missing the filing deadline?
