1933 Industries Provides Update on Status of Filing Delay for 4th Quarterly Report and Announces Management Changes
1933 Industries (CSE:TGIF)(PINK:TGIFF) provided an update regarding its delayed filing of audited financial statements for the year ended July 31, 2024. The British Columbia Securities Commission granted a management cease trade order (MCTO) on November 29, 2024, restricting trading by key executives until the filings are complete, expected by January 27, 2025.
The company also announced that CEO Paul Rosen will step down effective February 1st, 2025, though remaining on the Board of Directors. Current CFO Brian Farrell, who has served on the Board since 2018, will assume the role of Interim CEO. Under Rosen's leadership since 2020, the company achieved profitability for the first time by restructuring debt, reducing workforce, and enhancing management. The company's 'AMA' brand is now among Nevada's top-selling cannabis brands.
The Q1 2025 financial report will be delayed until after the completion of the Audited Filings.
1933 Industries (CSE:TGIF)(PINK:TGIFF) ha fornito un aggiornamento riguardo al ritardo nella presentazione dei bilanci finanziari auditati per l'anno conclusosi il 31 luglio 2024. La British Columbia Securities Commission ha emesso un ordine di cessazione del commercio da parte della direzione (MCTO) il 29 novembre 2024, limitando le operazioni da parte dei dirigenti chiave fino al completamento delle presentazioni, previsto entro il 27 gennaio 2025.
La società ha anche annunciato che il CEO Paul Rosen si dimetterà con effetto dal 1 febbraio 2025, pur rimanendo nel Consiglio di Amministrazione. L'attuale CFO Brian Farrell, che fa parte del Consiglio dal 2018, assumerà il ruolo di CEO ad interim. Sotto la guida di Rosen dal 2020, la società ha raggiunto la redditività per la prima volta attraverso la ristrutturazione del debito, la riduzione della forza lavoro e il potenziamento della gestione. Il marchio 'AMA' è ora tra i marchi di cannabis più venduti del Nevada.
Il rapporto finanziario Q1 2025 sarà posticipato fino a dopo il completamento delle presentazioni audit.
1933 Industries (CSE:TGIF)(PINK:TGIFF) proporcionó una actualización sobre el retraso en la presentación de los estados financieros auditados para el año que finalizó el 31 de julio de 2024. La Comisión de Valores de Columbia Británica emitió una orden de cese de operaciones por parte de la gerencia (MCTO) el 29 de noviembre de 2024, restringiendo el comercio por parte de ejecutivos clave hasta que se completen las presentaciones, que se espera que sean antes del 27 de enero de 2025.
La empresa también anunció que el CEO Paul Rosen renunciará con efecto a partir del 1 de febrero de 2025, aunque permanecerá en la Junta de Directores. El actual CFO Brian Farrell, quien ha sido parte de la Junta desde 2018, asumirá el cargo de CEO interino. Bajo el liderazgo de Rosen desde 2020, la empresa logró la rentabilidad por primera vez reestructurando la deuda, reduciendo la fuerza laboral y mejorando la gestión. La marca 'AMA' ahora se encuentra entre las marcas de cannabis más vendidas de Nevada.
El informe financiero del Q1 2025 se retrasará hasta después de la finalización de las Presentaciones Auditadas.
1933 Industries (CSE:TGIF)(PINK:TGIFF)는 2024년 7월 31일에 종료된 회계연도의 감사 재무제표 제출 지연에 대한 업데이트를 제공했습니다. 브리티시컬럼비아증권위원회는 2024년 11월 29일에 경영 중단 명령(MCTO)을 발효하여, 제출이 완료될 때까지 주요 임원들의 거래를 제한했습니다. 이는 2025년 1월 27일까지 완료될 것으로 예상됩니다.
회사는 또한 CEO인 Paul Rosen이 2025년 2월 1일자로 사임할 것이라고 발표했으며, 이후에도 이사로 남아 있게 됩니다. 현재 CFO인 Brian Farrell은 2018년부터 이사로 재직 중이며, 임시 CEO 역할을 맡을 것입니다. Rosen이 2020년부터 이끄는 동안 회사는 부채 구조조정, 인력 축소 및 관리 강화로 인해 처음으로 수익성을 달성했습니다. 'AMA' 브랜드는 현재 네바다에서 가장 많이 팔리는 대마초 브랜드 중 하나입니다.
2025년 1분기 재무보고서는 감사 제출 완료 이후로 연기될 것입니다.
1933 Industries (CSE:TGIF)(PINK:TGIFF) a fourni une mise à jour concernant le retard dans le dépôt des états financiers audités pour l'année se terminant le 31 juillet 2024. La Commission des valeurs mobilières de la Colombie-Britannique a accordé un ordre d'arrêt du commerce des gestionnaires (MCTO) le 29 novembre 2024, restreignant le commerce par des dirigeants clés jusqu'à ce que les dépôts soient complets, ce qui est prévu d'ici le 27 janvier 2025.
L'entreprise a également annoncé que le PDG Paul Rosen démissionnera à compter du 1er février 2025, tout en restant au conseil d'administration. L'actuel CFO Brian Farrell, qui siège au conseil depuis 2018, assumera le rôle de PDG par intérim. Sous la direction de Rosen depuis 2020, l'entreprise a atteint la rentabilité pour la première fois en restructurant sa dette, en réduisant ses effectifs et en améliorant sa gestion. La marque 'AMA' figure désormais parmi les marques de cannabis les plus vendues du Nevada.
Le rapport financier du premier trimestre 2025 sera retardé jusqu'à après l'achèvement des dépôts audités.
1933 Industries (CSE:TGIF)(PINK:TGIFF) hat ein Update bezüglich der verspäteten Einreichung der geprüften Finanzberichte für das am 31. Juli 2024 endende Jahr gegeben. Die British Columbia Securities Commission hat am 29. November 2024 eine Management-Cease-Trade-Order (MCTO) erlassen, die den Handel durch Schlüsselpersonen bis zur Vollständigung der Einreichungen einschränkt, die bis zum 27. Januar 2025 abgeschlossen sein sollen.
Das Unternehmen kündigte außerdem an, dass CEO Paul Rosen zum 1. Februar 2025 zurücktreten wird, jedoch dem Board of Directors erhalten bleibt. Der aktuelle CFO Brian Farrell, der seit 2018 im Board ist, wird die Rolle des Interim-CEOs übernehmen. Unter der Leitung von Rosen seit 2020 erreichte das Unternehmen zum ersten Mal Rentabilität durch Schuldenumstrukturierungen, Personalabbau und Verbesserungen im Management. Die Marke 'AMA' zählt mittlerweile zu den bestverkauften Cannabismarken in Nevada.
Der Finanzbericht für das erste Quartal 2025 wird bis nach der Vollständigung der geprüften Einreichungen verschoben.
- Company achieved first-time profitability under current management
- AMA brand positioned as top-selling cannabis brand in Nevada
- Successfully restructured debt and reduced operational costs
- Delayed filing of 2024 annual audited financial statements
- Q1 2025 financial report will also be delayed
- Management cease trade order (MCTO) restricting executive trading
- CEO departure announced
VANCOUVER, BC / ACCESSWIRE / January 10, 2025 / 1933 Industries Inc. (the "Company" or "1933 Industries") (CSE:TGIF)(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 the contract agreement with Mr. Paul Rosen, Chief Executive Officer, has ended in accordance with the terms specified within such agreement and that Mr. Rosen will resign as CEO, effective February 1st, 2025. Mr. Rosen will remain a member of the Board of Directors. Mr. Brian Farrell, who currently serves as the Company's CFO, and who has served on the Board of Directors since 2018, will assume the role of Interim CEO. Mr. Farrell stated, "Paul joined 1933 Industries in 2020 as Interim CEO at a time when the Company was undergoing major financial difficulties and dealing with the onset of the Covid-19 pandemic. Under Paul's leadership, the Company survived the pandemic and the downturn in the cannabis industry by eliminating inefficiencies, restructuring debt, enhancing its senior management team, and reducing the labor force. As a result, the Company reached profitability for the first time in its history. The Company's in-house ‘AMA' brand is currently one of the top selling brands in Nevada. The Company thanks Mr. Rosen for his many contributions over his tenure as CEO."
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
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