Radient Technologies Inc. Provides Update on Filing of First Quarter Financial Statements and Executive Compensation Disclosure

Rhea-AI Summary

Radient Technologies Inc. (RDDTF) announced a 45-day extension for filing its financial statements and management’s discussion and analysis for the quarter ended June 30, 2020, due to challenges from COVID-19. Originally due by August 29, 2020, the new deadline is set for October 13, 2020, under ASC Blanket Order 51-519. The executive compensation disclosure is also delayed, with a filing due by October 16, 2020. The company remains under an insider trading black-out policy until the quarterly filings are disclosed.

Positive

• None.

Negative

• Delay in financial statements filing may raise concerns among investors.
• Potential uncertainty regarding executive compensation disclosure may affect investor confidence.

EDMONTON, Alberta, Sept. 28, 2020 (GLOBE NEWSWIRE) -- Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI; OTCQX: RDDTF), announces that the Company will be relying on the temporary 45 day extension to the filing deadline of its financial statements and management’s discussion and analysis (“MD&A”) for the quarter ended June 30, 2020 granted by the Alberta Securities Commission (“ASC”) in response to unprecedented challenges resulting from COVID-19.

As per National Instrument 51-102 Continuous Disclosure Obligations, the Company was to file its quarterly financial statements and MD&A by August 29, 2020. Relying on ASC Blanket Order 51-519, which provides the Company with an additional 45 days from the deadline to file, the Company expects to file its quarterly financial statements and MD&A on or before October 13, 2020.  

Radient expects that the Company’s executive compensation disclosure will also be delayed. The Company will be relying on the exemption provided by s.10(1) of ASC Blanket Order 51-518 exemption to file our executive compensation disclosure on SEDAR by October 16, 2020.

The Company acknowledges that management and other insiders are subject to an insider trading black-out policy, that reflects the principles in section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions, until the second trading day after the Quarterly Filings have been disclosed.

All material business developments since the date of the Company’s filing of its annual financial statements and MD&A for the period ended March 31, 2020 have been disclosed.

About Radient 

Radient Technologies is a commercial manufacturer of high quality cannabinoid based formulations, ingredients and products. Utilizing a proprietary extraction and downstream processing platform that recovers up to 99% of cannabinoids from the cannabis plant, Radient develops specialty products and ingredients that contain a broad range of cannabinoid and terpene profiles while meeting the highest standards of quality and safety. Please visit www.radientinc.com for more information.

SOURCE: Radient Technologies Inc.

For further information please contact:

Radient - Investor Relations, ir@radientinc.com

Forward Looking Information:
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the growth of the Company’s business operations; the Company’s ability to grow its business in the cannabis sector and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “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 is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Radient, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although Radient has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Radient does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

FAQ

What is the new filing deadline for Radient Technologies' financial statements?

Radient Technologies' new filing deadline for its financial statements is October 13, 2020.

Why is Radient Technologies delaying its financial filings?

The delay is due to unprecedented challenges related to COVID-19.

When will Radient Technologies file its executive compensation disclosure?

The executive compensation disclosure is expected to be filed by October 16, 2020.

What insider trading policies apply to Radient Technologies during the filing delay?

Management and insiders are subject to an insider trading black-out policy until the quarterly filings are disclosed.