World Class Extractions Inc. Provides Bi-Weekly Status Report
World Class Extractions Inc. (OTCQB: WCEXF) issued a bi-weekly default status report on September 27, 2022, under National Policy 12-203. The company disclosed a delay in filing its audited financial statements for the year ending April 30, 2022, which was due by August 29, 2022. Consequently, it received a temporary management cease trade order (MCTO) from the British Columbia Securities Commission. The board is working to meet filing obligations before October 28, 2022. No additional defaults or insolvency proceedings are reported.
- The management is actively working to file the Annual Filings before October 28, 2022.
- No additional defaults or insolvency proceedings are reported.
- Delay in filing audited financial statements for the financial year ended April 30, 2022.
- Temporary management cease trade order (MCTO) in place, restricting trading by key executives.
VANCOUVER, BC / ACCESSWIRE / September 27, 2022 / World Class Extractions Inc. (CSE:PUMP) (FRA:WCF) (OTCQB:WCEXF) (the "Corporation" or "World-Class") is providing this bi-weekly default status report (the "Default Status Report") in accordance with National Policy 12-203 - Management Cease Trade Orders ("NP 21-203"). On August 15, 2022, the Corporation announced (the "Default Announcement") that, for reasons disclosed in the Default Announcement, the filing of the Corporation's audited financial statements for the financial year ended April 30, 2022, and the related management's discussion and analysis, and Chief Executive Officer and Chief Financial Officer certificates (collectively, the "Annual Filings") would not be completed by the prescribed deadline of August 29, 2022.
As a result of this delay in filing the Annual Filings, the Corporation's principal regulator, British Columbia Securities Commission, granted a temporary management cease trade order (the "MCTO") to the Corporation on August 30, 2022. The MCTO prohibits all trading by the Chief Executive Officer and the Chief Financial Officer of the Corporation, and such other directors, officers and persons as determined by the applicable regulatory authorities, in securities of the Corporation until the MCTO is revoked. The Corporation's board of directors and management confirm that they are working expeditiously to meet the Corporation's obligations relating to the filing of the Annual Filings, with the goal of filing prior to October 28, 2022.
Pursuant to the provisions of the alternative information guidelines specified by NP 12-203, the Corporation reports that since the Default Announcement there have not been any changes to the information contained therein that would reasonably be expected to be material to an investor, not any failure by the Corporation to fulfil its intentions as stated therein with respect to satisfying the provisions of the alternative information guidelines, and there are no additional defaults or anticipated defaults subsequent to the disclosure therein, other than the delay in filing the Annual Filings.
Further, there is no additional material information respecting the Corporation and its affairs that have not been generally disclosed and there are no insolvency proceedings against the Corporation as of the date of this Default Status Report. Until the Annual Filings have been filed, the Corporation intends to continue to satisfy the provision of the alternative information guidelines specified by NP 12-203 by issuing bi-weekly status default repots in the form of press releases, which will also be filed on SEDAR at www.sedar.com.
About World Class Extractions Inc.
World-Class is an innovation-driven company and has been approved by its shareholders to change its business from a company focused on the cannabis industry to that of an investment issuer with a focus on the life sciences industries (the "Proposed Change of Business"). Subject to regulatory and Canadian Securities Exchange (the "CSE") approval with respect to the Proposed Change of Business, World-Class intends to focus its business on investing in private and public companies with strong intellectual property, exceptional management and high growth potential that may be strategically positioned in the global market. World-Class recently disposed of its wholly owned subsidiary, Soma Labs Scientific Inc., a designer, manufacturer, and supplier of extraction and processing equipment and solutions.
On behalf of the Board of Directors of
WORLD CLASS EXTRACTIONS INC.
Rosy Mondin
Chief Executive Officer
ir@worldclassextractions.com
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws ("forward-looking statements"). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "project" and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking statements in this press release include, but are not limited to, statements relating to the expected timing of the filing of the annual audited financial statements and related management's discussion and analysis for the financial year ended April 30, 2022, the continued satisfaction of the requirements of the MCTO, statements in respect of the Corporation's ability to obtain approval from the CSE for the Proposed Change of Business, statements relating to expected benefits of the Proposed Change of Business to the Corporation and its shareholders or statements relating to the completion of the Proposed Change of Business and direction of the business and future plans or prospects of the Corporation following the Proposed Change of Business.
Forward-looking statements are based on the opinions and estimates of management of the Corporation at the date the statements are made based on information then available to the Corporation. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown variables, risks and uncertainties, many of which are beyond the control of the Corporation. Such factors, among other things, include regulatory and other approvals or consents; fluctuations in general macroeconomic conditions; fluctuations in securities markets; impact of the COVID-19 pandemic and political and social uncertainties.
No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. The Completion of the Proposed Change of Business and subject to a number of conditions, including the CSE acceptance and approval. The transaction cannot be completed until the required approvals has been obtained. There can be no assurance that the transaction will be completed as proposed or at all. Although the forward-looking statements contained in this news release are based upon what management of the Corporation believes, or believed at the time, to be reasonable assumptions, the Corporation cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. Additional information regarding risks and uncertainties relating to the Corporation's business are contained in the Corporation's management discussion and analysis filed on its issuer profile on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are made as of the date of this press release, and the Corporation does not undertake to update any forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
Investors are cautioned that, except as disclosed in the listing statement to be prepared in connection with the Proposed Change of Business, any information released or received with respect to the Proposed Change of Business may not be accurate or complete and should not be relied upon. Trading in the securities of the Corporation should be considered highly speculative.
SOURCE: World Class Extractions
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FAQ
What was the reason for World Class Extractions Inc.'s default status report on September 27, 2022?
What is the deadline for World Class Extractions Inc. to file its annual financial statements?
What is the impact of the management cease trade order on WCEXF?
Has World Class Extractions Inc. reported any additional defaults since the initial announcement?
What is the current status of insolvency proceedings against World Class Extractions Inc.?
