1933 Industries Provides Update on Status of Filing Delay for 4th Quarterly Report

Rhea-AI Summary

1933 Industries (CSE:TGIF)(OTC PINK:TGIFF) provides an update regarding its management cease trade order (MCTO) for delayed filing of audited financial statements for the year ended July 31, 2024. The British Columbia Securities Commission granted the MCTO on November 29, 2024, restricting trading by key executives until the filings are completed. The company expects to finalize the Audited Filings by January 27, 2025.

The Q1 2025 financial report will be delayed until after the Audited Filings are submitted. Additionally, the company's Alternative Medicine Association (AMA) brand has received a LeafLink List 2024 award for Top Selling in Nevada, based on performance data from January to September.

Positive

• AMA brand won LeafLink List 2024 award for Top Selling in Nevada

Negative

• Delayed filing of FY2024 audited financial statements
• Management cease trade order (MCTO) imposed on key executives
• Q1 2025 financial report will also be delayed
• Insider trading blackout implemented

VANCOUVER, BC / ACCESSWIRE / December 13, 2024 / 1933 Industries Inc. (the "Company" or "1933 Industries") (CSE:TGIF)(OTC PINK:TGIFF), a Nevada-focused cannabis cultivator and producer, is pleased to provide an update to its news release dated November 29, 2024 (the "Announcement") announcing its request for a management cease trade order (the "MCTO") relating to the late filing of the Company's audited financial statements, management discussion & analysis and applicable CEO and CFO certifications for the year ended July 31, 2024 (the "Audited Filings").

The Company's principal regulator, the British Columbia Securities Commission (the "Commission"), granted the MCTO on November 29, 2024, under National Policy 12-203 - Management Cease Trader Orders ("NP 12-203"). Pursuant to the MCTO, Paul Rosen, Chairman and Chief Executive Officer, Brian Farrell, Chief Financial Officer, and Curtis Floyd, Director, may not trade in the securities of the Company until such time as the Company files the Audited Filings and the Commission revokes the MCTO. The MCTO does not affect the ability of shareholders to trade their securities. The Company's Board of Directors and management are continuing to work with its accounting team and other stakeholders to prepare the Audited Filings as soon as practicable and it is the Company's reasonable expectation that the Audited Filings will be finalized on or before January 27, 2025.

Until the Audited Filings are filed, the Company intends to comply with the provisions of the alternative information guidelines as set out in NP 12-203 for as long as it remains in default, including the issuance of bi-weekly default status reports in the form of a news release. The Company has imposed an insider trading blackout pending the filing of the Audited Filings.

The Company confirms that, since the date of the Announcement: (i) there has been no material change to the information set out in the Announcement that has not been generally disclosed; (ii) there has not been any other specified default by the Company under NP 12-203; (iii) the Company is not subject to any insolvency proceedings as of the date of this news release and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.

In addition, the Company's Q1 2025 financial report, including financial statements, management discussion & analysis and applicable CEO and CFO certifications for the year ended Oct. 31, 2024, will not be filed until the Audited Filings are filed.

The Company also announces that Alternative Medicine Association (AMA), the Company's flagship brand, has won a LeafLink List 2024 award for Top Selling in Nevada. AMA's recognition as a recipient of this year's LeafLink List Awards stands as a testament for innovation, growth, and leadership in the cannabis industry. After a comprehensive analysis of performance data, LeafLink selected its winners, utilizing data from January to September to find winners from 13 states representing excellence in brands, retailers, products, and LeafLink innovators. In recognition for AMA's achievement, LeafLink has made a $5,000 donation to Defy Ventures on behalf of all winners, supporting impactful programs that change lives.

About 1933 Industries Inc.
1933 Industries is a Nevada-based licensed producer, focused on the cultivation and extraction of a large portfolio of cannabis consumer products in a variety of formats under its flagship brands, Alternative Medicine Association (AMA) and Level X. Its product offerings are cultivated at the Company's 68,000 sq. ft. indoor facility and marketed directly to retail dispensaries. AMA branded flower, infused pre-rolls, and in-house boutique concentrates consistently rank as the top products sold in Nevada. For more information, please visit www.1933industries.com

For further information please contact:
Alexia Helgason, VP, Investor Relations
604-728-4407
alexia@1933industries.com

Paul Rosen, CEO
paul@1933industries.com

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Notice regarding Forward-Looking Statements: This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com. 1933 Industries undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE: 1933 Industries Inc.

View the original press release on accesswire.com

FAQ

When will 1933 Industries (TGIFF) file its delayed FY2024 audited financial statements?

The company expects to file its FY2024 audited financial statements by January 27, 2025.

What restrictions does the MCTO impose on 1933 Industries (TGIFF) executives?

The MCTO prevents CEO Paul Rosen, CFO Brian Farrell, and Director Curtis Floyd from trading company securities until the audited filings are completed and the order is revoked.

Does the MCTO affect TGIFF shareholders' ability to trade their shares?

No, the MCTO does not affect shareholders' ability to trade their securities.

What award did 1933 Industries' AMA brand win in Nevada for 2024?

AMA won the LeafLink List 2024 award for Top Selling in Nevada, based on performance data from January to September.

When will 1933 Industries (TGIFF) release its Q1 2025 financial report?

The Q1 2025 financial report will not be filed until after the delayed FY2024 Audited Filings are completed.