World Class Extractions Delays Reporting Operating and Financial Results for the Year Ended April 30, 2020
World-Class Extractions Inc. (CSE:PUMP, OTCQB:WCEXF) announced a delay in filing its audited annual financial statements for the year ending April 30, 2020 due to COVID-19. The company is utilizing a 45-day extension under BC Instrument 51-517 for filing obligations. The anticipated filing date for the Annual Filings is October 12, 2020. Management and insiders are currently under an insider trading blackout until the filings are submitted. No significant business developments have occurred since the last interim financial reports as of January 31, 2020.
- Utilizing BC Instrument 51-517 for a 45-day extension on financial filings.
- Delay in filing audited annual financial statements could raise concerns among investors.
- Insider trading blackout in effect, indicating potential internal issues.
VANCOUVER / ACCESSWIRE / August 28, 2020 / World-Class Extractions Inc. (CSE:PUMP) (FRA:WCF) (OTCQB:WCEXF) (the "Company" or "World-Class"), announces that, as a result of the COVID-19 pandemic, it anticipates a delay in the filings of its audited annual financial statements for the year ended April 30, 2020 (the "Financial Statements"), and accompanying management's discussion and analysis ("MD&A"), and related CEO and CFO certifications (the "Certifications", together with the Financial Statements and the MD&A, the "Annual Filings").
The Company will be relying on BC Instrument 51-517 - Temporary Exemption from Certain Corporate Finance Requirements with Deadlines during the Period of June 2 to August 31, 2020 ("BCI 51-517") enacted by the British Columbia Securities Commission which provides relief consisting of a 45-day extension for certain regulatory filings required to be made during the period June 2, 2020 to August 31, 2020. The Company will be relying on the temporary exemptions pursuant to BC 51-517 with respect to the following provisions:
- the requirement to file the Financial Statements on or before the 120th day after its financial year-end as required by subsection 4.2(b) of National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102");
- the requirement to file its the MD&A on or before the earlier of the 120th day after its financial year-end and the date the Financial Statements are filed as required by subsection 5.1(2) of NI 51-102; and
- the requirement to file the Certifications pursuant to Section 4.1 of National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings.
The Company is continuing to work diligently on the finalization of the Annual Filings and estimates that it will file the Annual Filings on or before October 12, 2020. In connection with utilizing the temporary relief and extensions for issuers provided pursuant to BCI 51-517, the Company confirms that, until such time as the Annual Filings have been filed, the Company's management and other insiders are subject to an insider trading black-out that reflects the principles of Section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
The Company reports that the only material business developments since the filing of the Company's interim financial reports for the period ended January 31, 2020 can be found in the Company's news release dated April 1, 2020, April 20, 2020, April 24, 2020, May 27, 2020, June 3, 2020, June 29, 2020 and July 29, 2020 as filed on the Company's profile on SEDAR. Except as disclosed in this news release, there have been no material developments in respect of the Company that have occurred since the date of the last filed interim financial reports.
About World-Class
World- Class is an innovation-driven company with a principle focus on the rapidly evolving cannabis and hemp industries. Through its subsidiaries Soma Labs Scientific Inc. and Greenmantle Products Inc., World-Class deploys and manages custom-built extraction centres utilizing its custom systems, technology, and processes to efficiently produce high-quality cannabis and hemp concentrates and end-products. In addition, through its subsidiary Pineapple Express Delivery Inc. the Company offers compliant and secure delivery of government regulated products, including medical and recreational cannabis in Ontario, Manitoba and Saskatchewan, and liquor delivery in certain jurisdictions in Saskatchewan.
Investor Contact
Daniel Mogil
World-Class Investor Relations
(437) 266-1969
ir@worldclassextractions.com
https://worldclassextractions.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 press release, which has been prepared by management.
Cautionary Note Regarding Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company's public filings under the Company's SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or 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. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
SOURCE: World-Class Extractions Inc.
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https://www.accesswire.com/603881/World-Class-Extractions-Delays-Reporting-Operating-and-Financial-Results-for-the-Year-Ended-April-30-2020
FAQ
What is the reason for World-Class Extractions' delay in financial reporting?
When does World-Class Extractions expect to file its annual financial statements?
What regulatory relief is World-Class Extractions relying on for its filing delay?
Is there an insider trading blackout at World-Class Extractions?
