(TheNewswire)
VANCOUVER, BC – TheNewswire- April 27, 2023 - AREV LIFE SCIENCES GLOBALCORP. (CSE:AREV) (OTC:AREVF) (“AREV” or the “Company”) AREVLife Sciences Global Corporation announces today that it will miss itsfiling deadline of April 30, 2023, to file its audited annualfinancial statements and accompanying management's discussion andanalysis and related CEO and CFO certificates for the year endedDecember 31, 2022 (collectively, the “Annual Filings”), asrequired under applicable Canadian securities laws.
In connection with the Company's inability to file theAnnual Filings on time, the Company has applied for a Management CeaseTrade Order (“ MCTO ”) under National Policy 12-203 –Management Cease Trade Orders (“NP 12-203”) and is waiting for theBritish Columbia Securities Commission approval. There is no guaranteethat an MCTO will be granted. The Company is applying for a MCTO dueto unexpected closing of the Company’s auditors, Harbourside CPA,LLP and the difficulty of finding an auditor for the Company having ayear end of December 31, and the Company is unable to progress withits audit, within the time frame to file on or before April 30,2023. This has impacted the Company’s ability to complete itsaudited annual financial statements and has consequently caused adelay in completion of the Annual Filings.
The Company has engaged BF Borgers CPA as its auditingfirm to prepare the audited financial statements of the Company, whichare expected to be completed on or before June 15, 2023. This measurehas been taken in compliance with regulatory requirements and with theobjective of upholding the Company's financial reporting transparencyand precision.
The Company expects to file the Annual Filings as soonas they are available, but in any event on or before June 15, 2023(two-month period contemplated by NP 12-203).
Until the Company files the Annual Filings, it willcomply with the alternative information guidelines set out in NP12-203. The guidelines, among other things, require the Company toissue bi-weekly default status reports, in the form of news releases,for so long as the Annual Filings have not been filed.
During the MCTO, the general investing public willcontinue to be able to trade in the Company’s common shares listedon the Canadian Securities Exchange . However, the Company’s ChiefExecutive Officer and Chief Financial Officer and such otherdirectors, officers and persons as determined by the applicableregulatory authorities will not be able to trade in the Company’sshares, nor will the Company be able to, directly or indirectly, issuesecurities to or acquire securities from an insider or employee of theCompany until such time as the Annual Filings and all continuousdisclosure requirements have been filed by the Company, and the MCTOhas been lifted.
For further information, contact Mike Withrow,arevlifesciences@gmail.com 778-929-6536. For more information visitwww.arevlifesciences.com.
On behalf of the Board,
Mike Withrow
CEO & Director
About AREV Life Sciences GlobalCorp.
The Company is a fully integrated enterprise withcompetencies in: 1) extraction of compounds for consumption andtopical use. 2) Clinical Nutrition and 3) A technology platform calledMedicine Merchant. The Company produces ingredients and formulatesexclusive therapeutic interventions with plans to deliver innovationin clinical nutrition, proprietary supplements, topicals and rationaldrug design, based on science. The Company’s business modelleverages its core competency of extraction to produce ingredients andcompounds for its pipeline of products. The Company continues in theproduct development and pre-commercialization stage.
AREV is dedicated to designing and deliveringinnovation in rational drug design, driven by presenting globalepidemiological characteristics of multiple challenges tointernational human and animal health. AREV is a member of bothBIOTECanada and The Biotechnology Innovation Organization (BIO).
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITSREGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITYFOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FORWARD LOOKING INFORMATION
Neither the Canadian Securities Exchange nor itsRegulation Services Provider (as that term is defined in policies ofthe CSE) accepts responsibility for the adequacy or accuracy of thisrelease. This news release may include forward-looking statements thatare subject to risks and uncertainties. All statements within, otherthan statements of historical fact, are to be considered forwardlooking. Although the Company believes the expectations expressed insuch forward looking statements are based on reasonable assumptions,such statements are not guarantees of future performance and actualresults or developments may differ materially from those inforward-looking statements. Factors that could cause actual results todiffer materially from those in forward-looking statements includemarket prices, exploitation and exploration successes, and continuedavailability of capital and financing, and general economic, market orbusiness conditions. There can be no assurances that such statementswill prove accurate and, therefore, readers are advised to rely ontheir own evaluation of such uncertainties. We do not assume anyobligation to update any forward-looking statements except as required
under the applicable laws. This press release containsforward-looking statements. The use of any of the words"anticipate", "continue", "estimate","expect", "may", "will","project", "should", "believe" andsimilar expressions are intended to identify forward-lookingstatements. Although the Company believes that the expectations andassumptions on which the forward-looking statements are based arereasonable, undue reliance should not be placed on the forward-lookingstatements because the Company can give no assurance that they willprove to be correct. Since forward-looking statements
address future events and conditions, by their verynature they involve inherent risks and uncertainties. These statementsspeak only as of the date of this press release. Actual results coulddiffer materially from those currently anticipated due to a number offactors and risks various risk factors discussed in the Company’sManagement’s Discussion and Analysis under the Company’s profileon www.sedar.com.
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