TOBAF - TAAT Announces Late Filing of Annual Financial Statements and Management Cease Trade Order
(TheNewswire)
LAS VEGAS and VANCOUVER – TheNewswire - FEBRUARY 29, 2024 –TAAT® GLOBAL ALTERNATIVES INC. (CSE:TAAT) (OTC:TOBAF) (FRANKFURT:2TP)(the “Company” or “TAAT®”) announcestoday that as a result of delays to its audit, the Company’s annualfinancial statements and accompanying management's discussion andanalysis for the fiscal year ended October 31, 2023 (the “AnnualFilings”) the Company has has determined thatthey may not be able to file the Required Filings by the FilingDeadline as required by Part 4 of National Instrument 51-102 Continuous DisclosureObligations . The reasonfor the anticipated delay is due to the change of the Issuer’sauditor in advance of the October 31, 2023 year-end which has resultedin enhanced quality controls, additional audit procedures and addedcomplexities of auditing certain transactions during the financialyear. The new auditors have requested more time for partner andconsultant review as part of those enhanced measures. The Company isworking with its auditor (Reliant CPA) to complete the audit in atimely manner.
The Company currently expects to file the AnnualFilings on or before April 29, 2024 and will issue a news releaseannouncing completion of such filings at such time. Until the Companyfiles the Annual Filings, it will comply with the alternativeinformation guidelines set out in National Policy 12-203 –Management Cease Trade Order for issuers who have failed to complywith a specified continuous disclosure requirement within the timesprescribed by applicable securities laws. The guidelines, among otherthings, require the Company to issue bi-weekly default status reportsby way of a news release so long as the Annual Filings have not beenfiled.
During the MCTO, the general investing public willcontinue to be able to trade in the Company's listed common shares.However, the Company's chief executive office and chief financialofficer will not be able to trade in the Company's commonshares.
On behalf of the Board of Directors of theCompany,
TAAT® GLOBAL ALTERNATIVES INC.
“Michael Saxon”
Michael Saxon, CEO and Director
For further information, please contact:
TAAT® Investor Relations
1-833-TAAT-USA (1-833-822-8872)
investor@taatglobal.com
THE CANADIAN SECURITIES EXCHANGE (“CSE”) HAS NOTREVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY ORADEQUACY OF THIS RELEASE, NOR HAS OR DOES THE CSE’S REGULATIONSERVICES PROVIDER.
About TAAT® Global Alternatives Inc.
TAAT® is a vertically integrated consumer product anddistribution company, generating more than CAD $90 million in overallgross revenue annually. TAAT® is strategically expanding its productcategories including tobacco and reduced-risk alternatives, hemp,kratom, and other emerging CPG segments. TAAT® has facilities toinclude a processing plant in Nevada as well as a distribution centrein Canton, Ohio, leveraging existing retail shelf space and pipelinesinto national wholesale channels.
For more information, please visit http://taatglobal.com .
Forward-Looking Statements
Certain information contained herein may constitute"forward-looking information" or "forward-lookingstatements" under Canadian securities legislation. Generally,forward-looking information can be identified by words such as"pro forma", "plans", "expects","may", "should", "could","will", "budget", "scheduled","estimates", "forecasts", "intends","anticipates", "believes", or variations includingnegative variations thereof of such words and phrases that refer tocertain actions, events or results that may, occur or be taken orachieved. Such forward-looking statements, including but not limitedto statements relating to the expected development and operations ofthe Company, statements concerning the timing, review, completion andfiling of the Annual Filings as well as the duration of the MCTO,involve risks, uncertainties and other factors which may cause theactual results to be materially different from those expressed orimplied by such forward-looking statements or forward-lookinginformation. There can be no assurance that such statements will proveto be accurate, as actual results and future events could differmaterially from those anticipated in such statements. Accordingly,readers should not place undue reliance on forward-looking statementsand forward-looking information. The Corporation will not update anyforward-looking statements or forward-looking information includedherein, except as required by applicable securities laws.
The statements in this news release have not been evaluated by HealthCanada or the U.S. Food and Drug Administration. As each individual isdifferent, the benefits, if any, of taking the Company’s productswill vary from person to person. No claims or guarantees can be madeas to the effects of the Company’s products on an individual’shealth and well-being. The Company’s products are not intended todiagnose, treat, cure, or prevent any disease.
This news release may contain trademarked names of third-partyentities (or their respective offerings with trademarked names)typically in reference to (i) relationships had by the Company withsuch third-party entities as referred to in this release and/or (ii)client/vendor/service provider parties whose relationship with theCompany is/are referred to in this release. All rights to suchtrademarks are reserved by their respective owners or licensees.
Statement Regarding Third-PartyInvestor Relations Firms
Disclosures relating to investor relations firms retained by TAAT®Global Alternatives Inc. can be found under the Company's profile on http://sedarplus.ca .
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