TAAT:CC - TAAT Provides Update on Status of MCTO and Closes Debt Settlement
(TheNewswire)
LAS VEGAS and VANCOUVER – TheNewswire - April 26, 2024 – TAAT®GLOBAL ALTERNATIVES INC. (CSE:TAAT) (OTC:TOBAF) (FRANKFURT:2TP) (the“Company” or “TAAT®”) is providing thisupdate on the status of a management cease trade order granted onFebruary 29, 2024 (the " MCTO ") by the British Columbia SecuritiesCommission under National Policy 12-203 – Management Cease TradeOrder (" NP12-203 "). On February 29, 2024, the Companyannounced that, for reasons disclosed in the news release, there wouldbe a delay in the filing of its financial statements and accompanyingmanagement’s discussion and analysis for the fiscal year endedOctober 31, 2023 (the " Annual Filings ") beyond the periodprescribed under applicable Canadian securities laws (the" DefaultAnnouncement ").
Due to the additional procedures and added complexitiesof auditing certain transactions during the financial year, theauditor have requested more time for partner and consultant review aspart of those enhanced measures. The Company applied for, and receivedan extension of its MCTO by the British Columbia SecuritiesCommission. The Company is now required to complete its Annual Filingsby May 13, 2024, with the Interim Filings being due for filing within5 business days after the Annual Filings have been filed.
The Company reports that the audit is progressing andwill provide a further update on the timing of its Annual Filings onor about May 10, 2024. The Company is also progressing on completionof its interim financial statements and accompanying management’sdiscussion and analysis for the first quarter ended January 31, 2024,and will provide a further update on or about May 10, 2024. Furtherupdates on timing will be provided by the Company as necessary.
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.
Other than as disclosed in this news release, there areno material changes to the information contained in the DefaultAnnouncement. The Company confirms that it intends to satisfy theprovisions of NP 12- 203 and will continue to issue bi-weekly defaultstatus reports for so long as it remains in default of the AnnualFilings requirement.
Closing of Debt Settlement
The Company also announces that it has closed thepreviously announced debt settlement agreements (the “ Settlement Agreements ”) to fully settle outstanding debts owed to a creditor(the “ Creditor ”) for corporate back-office services rendered. Pursuant tothe Settlement Agreement, the Company has issued an aggregate of303,456 common shares (“ Shares ”) at a deemed price of $0.265 perShare, based on a 20-day VWAP (the “ Share Settlement ”).
The Share Settlement will settle $80,415.88 in debtsowed to the Creditor, which is a full settlement for the total amountof bona fide debts owed to the Creditor.
The board of directors of the Company has determinedthat it is in the best interests of the Company to settle theoutstanding debts by the issuance of the Shares in order to preservethe Company's cash for working capital.
The Company will be relying on the “Employee,Executive Officer, Director and Consultant” exemption contained insection 2.24 (the “ Exemption ”) of National Instrument 45-106 -Prospectus Exemptions, to issue the Shares to the Creditor. TheCanadian Securities Exchange has waived the requirement to impose a 4month and one day hold period on the Shares.
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 beenevaluated by Health Canada or the U.S. Food and Drug Administration.As each individual is different, the benefits, if any, of taking theCompany’s products will vary from person to person. No claims orguarantees can be made as to the effects of the Company’s productson an individual’s health and well-being. The Company’s productsare not intended to diagnose, treat, cure, or prevent anydisease.
This news release may contain trademarked names ofthird-party entities (or their respective offerings with trademarkednames) typically in reference to (i) relationships had by the Companywith such third-party entities as referred to in this release and/or(ii) client/vendor/service provider parties whose relationship withthe Company is/are referred to in this release. All rights to suchtrademarks are reserved by their respective owners orlicensees.
Statement Regarding Third-Party Investor RelationsFirms
Disclosures relating to investor relations firmsretained by TAAT® Global Alternatives Inc. can be found under theCompany's profile on http://sedarplus.ca .
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