Boosh Announces Anticipated Late Filing of Its Annual Financial Statements and Resignation of Director

Rhea-AI Summary

Boosh Plant-Based Brands Inc. expects a delay in filing its audited financial statements for the fiscal year ended March 31, 2022. The company has submitted an application for a Management Cease Trade Order (MCTO) to the British Columbia Securities Commission. The MCTO, if granted, will prohibit trading in the company's securities by insiders until the Required Filings are submitted. The company will provide bi-weekly default status reports to comply with alternative information guidelines.

Vancouver, British Columbia--(Newsfile Corp. - July 17, 2023) - Boosh Plant-Based Brands Inc. (CSE: VEGI) (OTCQB: VGGIF) (FSE: 77i) ("Boosh" or the "Company"), a premier plant-based brand in the "better for you" food sector, announced today that it expects that it will not be filing its audited financial statements for its fiscal year ended March 31, 2022 (the "2022 Annual Financial Statements"), its management's discussion and analysis relating thereto, and chief executive officer and chief financial officer certificates relating to the 2022 Annual Financial Statements (collectively, the "Required Filings") before the prescribed deadline of July 31, 2023.

The Company submitted an application with the British Columbia Securities Commission ("BCSC") and other applicable securities regulators under National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("National Policy 12-203") requesting that a Management Cease Trade Order (the "MCTO") be imposed in respect of this late filing. There is no guarantee or assurance that the MCTO will be granted. If the MCTO is granted, the MCTO will prohibit the Chief Executive Officer, the Chief Financial Officer, the Directors, other officers, and other insiders of the Company from trading in securities of the Company for so long as the Required Filings are not filed. The issuance of such cease trade order does not generally affect the ability of persons who are not Directors, Officers, or other insiders of the Company to trade in the Company's securities.

The Company confirms that it will satisfy the provisions of the alternative information guidelines under National Policy 12-203 by issuing bi-weekly default status reports in the form of news releases so long as it remains in default of the filing requirements set out above.

The Corporation also announced today that Mike Lund has resigned as a Director of the Company. The Board would like to thank Mr. Lund for his services and contributions and wish him all the best in his future endeavors.

Connie Marples
Founder/CEO
connie@booshfood.com
www.Booshfood.com

About Boosh Plant-Based Brands Inc.:

Boosh Plant-Based Brands Inc., through its wholly owned subsidiary, Boosh Food (www.booshfood.com) offers high quality, non-GMO, gluten free, 100% plant-based nutritional comfort foods for the whole family. Through a separate subsidiary, Beautiful Beanfields, (www.beanfields.com) the Company owns Beanfields, a plant-based chip brand sold in over 7,000 stores throughout North America. Boosh, good for you and good for planet earth.

The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Forward-looking statements in this news release include, but are not limited to, the Company's expectations concerning the size of the Financing, its ability to close the Financing in whole or in part or at all and its plan for the proceeds of the Financing. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/173803

FAQ

What is the reason for the delay in filing the audited financial statements?

The press release does not provide a specific reason for the delay.

What is a Management Cease Trade Order (MCTO)?

A MCTO is an order that prohibits trading in a company's securities by insiders when there is a default in filing required financial statements.

Who will be affected by the MCTO if granted?

The Chief Executive Officer, the Chief Financial Officer, the Directors, other officers, and other insiders of the company will be prohibited from trading in the company's securities.

Will the MCTO affect trading for individuals who are not insiders of the company?

No, the MCTO does not generally affect the ability of individuals who are not Directors, Officers, or other insiders of the company to trade in the company's securities.

How will the company comply with the filing requirements while in default?

The company will issue bi-weekly default status reports in the form of news releases to satisfy the provisions of the alternative information guidelines.

Who has resigned as a Director of the Company?

Mike Lund has resigned as a Director of Boosh Plant-Based Brands Inc.