CBD Global Issues Fourth Bi-Weekly Report and Provides Update on Delayed Annual Filings
As previously announced in the Corporations press releases, the Corporation applied for and was granted a management cease trade order in respect of the delayed Annual Filings (the "MCTO") by the Alberta Securities Commission.
DENVER, CO, June 29, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – CBD Global Sciences Inc., dba Global Sciences Inc. (OTC: CBDNF) (CSE: CBDN) (Frankfurt: GS3.F) (Munich: GS3.MU) (the "Corporation") provides this fourth bi-weekly default status report in accordance with National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). In the Corporation’s initial default announcement of April 19, 2022 (the "Default Notice"), the Corporation announced the delay in the filing of its audited annual financial statements for the year ended December 31, 2021 (the "Annual Financial Statements") and related management’s discussion and analysis and CEO and CFO certifications (collectively, the "Annual Filings") by the prescribed filing deadline.
As previously announced in the Corporation’s press releases, the Corporation applied for and was granted a management cease trade order in respect of the delayed Annual Filings (the "MCTO") by the Alberta Securities Commission. The MCTO prohibits the chief executive officer and the chief financial officer from trading in the Corporation’s securities for so long as there are filings that are outstanding under applicable securities laws. The MCTO does not affect the ability of the general investing public to trade in the Corporation’s securities.
The audit of the Annual Financial Statements is in progress and the Corporation at this time has requested an extension to the MCTO from the Alberta Securities Commission so that they may be able to file the Annual Filings on or before July 22, 2022. However, there is no assurance that this extension will be granted.
The Corporation confirms that since the Default Notice: (i) there is no material change to the information set out in the Default Notice that has not been generally disclosed; (ii) there has been no failure by the Corporation 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 Corporation under NP 12-203; and (iv) there is no other material information concerning the affairs of the Corporation that has not been generally disclosed.
Furthermore, the Corporation anticipates that its interim financial statements for the three months ended March 31, 2022, the accompanying management’s discussion and analysis and the related CEO and CFO certifications will not be filed by the prescribed filing deadline and will be filed after the Annual Filings are completed and filed.
The Corporation will continue to comply with 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 filing requirements set out above.
ABOUT GLOBAL SCIENCES INC.
Global Sciences, Inc., is a hemp-based CBD producer and branding investment vehicle which currently owns two brands, branded under the name Aethics™ (www.aethics.com) and CANNAOIL, which include CBD Oil tinctures (liquid products), CBD capsules, CBD topicals, Hydration products and Confectionary products. CBD Global Sciences hemp-derived CBD extracts are sold through select distributors, brick and mortar retailers, and online.
Global Sciences, through its wholly owned subsidiaries, Global Sciences Holdings, Resinosa LLC (www.resinosa.com) and Legacy Distribution Group, (www.legacydistributiongroup.com), is delivering quality CBD products both in a retail and e-commerce formats nationwide. The Direct Store Delivery (DSD) provides distribution services for multiple vendors of CBD-infused products and non-CBD products throughout the Colorado and Wyoming territories that are currently servicing over 6,000 C-store and large box retailers through its distribution networks. In addition to Legacy Distribution it has added a manufacturing division, Resinosa LLC (www.Resinosa.com), with its capabilities to provide cGMP manufacturing to the CBD industry with both private label and white label CBD and non-CBD product lines.
For further information on the Company please contact:
Investor Relations: 720-881-2541 or by email at [email protected]
Website: www.globalsciences.ca
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to future developments and the business and operations of the Corporation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties; and delay or failure to receive board, shareholder or regulatory approvals. Readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
