September 22, 2020 – TheNewswire – Vancouver, B.C. – Geyser Brands Inc (TSXV:GYSR) (“Geyser Brands” or the “Company“) wishes to provide a corporate update to its shareholders and announces that, subject to regulatory approval, Aerock Fox and Wei Zhong have been appointed to the Company’s Board of Directors.
The Company also announces that, effective immediately, Amir Abdollahzadeh has stepped down from the role of the Company’s Chief Financial Officer and the Company is in the process of identifying a suitable candidate to serve as interim Chief Financial Officer to meet the Company’s short-term needs whilst the Company undertakes the thorough recruitment process to secure a suitable replacement.
Finally, the Company’s principal regulator, the British Columbia Securities Commission (the “Commission“) has issued a Cease Trade Order dated September 17, 2020 as a result of the Company’s failure to file its annual financial statements and accompanying management discussion and analysis for the year ended March 31, 2020 (the “Annual Documents“).
As outlined in the Company’s news releases dated July 22, 2020 and August 31, 2020, the Company had been relying on the exemptive relief recently granted by Canadian securities regulatory authorities under 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“), which had been granted in response to the extraordinary nature of the Covid-19 pandemic. The exemptive relief had allowed the Company a 45-day extension in which to file the Annual Documents, which had originally been due by July 29, 2020, to September 14, 2020. The delay of the Company to file the Annual Documents by the extended deadline is attributable to the challenges associated with completing year-end accounting tasks during the COVID-19 pandemic, coupled with the work-from-home conditions of those persons responsible for the preparation of the Annual Documents and certain complex accounting issues related to the preparation of financial statements of the Company and its various subsidiaries on a consolidated basis. Reinstatement to trading of the Company’s shares can only occur when the Cease Trade Order is revoked by the Commission and the TSX Venture Exchange (the “Exchange“) has concluded, if applicable, its reinstatement review to ensure that the Company is compliant with the Exchange’s requirements.
Management of the Company is currently working expeditiously with the Company’s external auditors to complete the Annual Documents which it anticipates will be done shortly. Upon filing of the Annual Documents, the Company will apply to the Commission for the revocation of the Cease Trade Order and the subsequent approval of the Exchange to resume trading. Updates will be provided in due course.
On Behalf of the Board of Directors
Director and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
THIS NEWS RELEASE, PROVIDED PURSUANT TO APPLICABLE CANADIAN REQUIREMENTS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS ABSENT REGISTRATION OR APPLICABLE EXEMPTION FROM REGISTRATION REQUIREMENTS.
This news release contains forward–looking statements and forward–looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward–looking statements or information. Forward–looking statements and information are often, but not always, identified by the use of words such as “appear”, “seek”, “anticipate”, “plan”, “continue”, “estimate”, “approximate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “would” and similar expressions.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward–looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the marijuana industry in general such as operational risks in growing; competition; incorrect assessment of the value and potential benefits of various transactions; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals and changes in legislation, including but not limited to tax laws and government regulations. Accordingly, readers should not place undue reliance on the forward–looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information relating to Geyser is available at www.sedar.com.
Copyright (c) 2020 TheNewswire – All rights reserved.