Wildpack Beverage Inc. Provides Update on Status of Management Cease Trade Order
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES
VANCOUVER, BC / ACCESSWIRE / May 3, 2023 / Wildpack Beverage Inc. (TSXV:CANS)(OTCQB:WLDPF), ("Wildpack" or the "Company") is providing an update with its previously announced application to the British Columbia Securities Commission (the "BCSC") for a management cease trade order ("MCTO") as contemplated under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"), as previously announced in the Company's news release dated April 18, 2023 (the "Default Announcement").
The Company applied for the MCTO in connection with the Company's anticipated delay in filing its annual financial statements for the year ended December 31, 2022 and related management discussion and analysis and certifications (collectively, the "Financial Statements"), and the CEO and CFO certificates delating to the Financial Statements (together with the Financial Statements, the "Required Filings") beyond the prescribed filing deadlines.
The MCTO was granted by the BCSC on May 2, 2023, and the Company intends to appoint a successor auditor on or before May 15, 2023, to promptly coordinate the financial audit of the Financial Statements with the successor auditor and expects to file the Required Filings as soon as possible, and in any event no later than June 30, 2023.
The MCTO prevents the Company's Chief Executive Officer and Chief Financial Officer from trading in the Company's securities but does not affect the ability of other shareholders, including the public, to trade in securities of the Company.
The Company confirms that since the date of the Default Announcement: (i) other than as described above, there has been no material change to the information set out in the Default Announcement that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.
The Company confirms that it will continue to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains in default of the above-noted filing requirements.
Additionally, per the news release on April 14, 2023, 1,016,799 Common shares were issued at a deemed price of 0.19 to settle aggregate debt in the amount of USD
About Wildpack
Wildpack is engaged in beverage manufacturing and packaging, operating in the middle market by providing sustainable aluminum can filling and ecofriendly decorating services to brands throughout the United States. Wildpack currently operates indirectly through its wholly owned subsidiaries and out of facilities in Baltimore, Maryland, Atlanta, Georgia, Longmont, Colorado, Sacramento, California and Las Vegas, Nevada with a focus on digital innovation and green ready-to-drink packaging. Wildpack commenced trading on May 19, 2021 on the TSX Venture Exchange under the symbol "CANS.V".
Per: "Mitch Barnard"
Mitch Barnard
Chief Executive Officer and Director
For further information, please contact us at:
or
Elijah Clare
VP, Investor Relations
elijah@wildpackbev.com
Advisors
Fasken Martineau DuMoulin LLP is the legal advisor to Wildpack Beverage Inc.
Visit our investor website at:
https://investor.wildpackbev.com
Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws, including, without limitation, statements with respect to: statements regarding the timing, review, completion and filing of the Required Filings and the Company's ability to appoint a successor auditor. Such statements involve known and unknown risks, uncertainties, and other factors and assumptions which may cause the actual results, performance, or achievements of Wildpack Beverage Inc., or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements or information including, without limitation, the risk of the Company being unable to appoint a successor auditor on its proposed timeline and the risk of the Company not filing the Required Filings on time. Such statements can be identified by the use of words such as "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict", and other similar terminology, or state that certain actions, events, or results "may", "can", "could", "would", "might", or "will" be taken, occur, or be achieved.
These statements reflect the Company's current expectations regarding future events, performance, and results and speak only as of the date of this news release. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except as required by securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if the Company's expectations regarding future events, performance, or results change.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Wildpack Beverage Inc
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https://www.accesswire.com/752648/Wildpack-Beverage-Inc-Provides-Update-on-Status-of-Management-Cease-Trade-Order
