(TheNewswire)
V A N C O U V ER, B C – TheNewswire - July 23, 2021 –CannAmerica Brands Corp. (CSE:CANA) (OTC:CNNXF) (CNSX:CANA.CN) (" CannAmerica " orthe " Company ") announces today that the Company anticipates apossible delay in the filing of the Company’s financial statementsand meeting the filing deadline of July 31, 2021 to file auditedannual financial statements and accompanying management's discussionand analysis and related CEO and CFO certificates for the financialyear ended March 31, 2021 (collectively, the" AnnualFilings "), as required under applicableCanadian securities laws.
In connection with the Company's anticipated delay tofile the Annual Filings on time, the Company has applied for acustomary management cease trade order (" MCTO ") underNational Policy 12-203 – Management Cease Trade Orders(" NP 12-203 ") and is waiting for the British Columbia SecuritiesCommission approval.
The delay is a direct result of complexities caused byCOVID-19 pandemic, including logistical challenges related to theglobal COVID-19 pandemic in 2020 and 2021, which prevented Managementto travel to the Company’s offices and to CannAmerica’s partnerslocations across the United States and in Canada due to governmentaltravel restrictions in place in both countries, and changes to theCompany’s Executive management and Board of Directors and Officers,which impacted the Company's ability to complete the Annual Filings.
The additional time is to permit the Company’sauditors to complete their review and enquiries for filing the auditof the Company’s annual financial statements. “The Company’sfinancial and Executive Management team is working closely with theauditors to complete the audit and related filings,” said DanAnglin, CannAmerica’s President and Chief Executive Officer. “TheCompany looks forward to completion of the Company’s filings.CannAmerica’s partners across North America are seeing increaseddemand for the Company’s products as restrictions relax and theCompany’s team continues to make successful progress to assistCannAmerica’s partners with increasing their supply chain to meetthe increased demand in all markets for quality cannabis productsproduced under CannAmerica’s brands.”
The Company expects to file the Annual Filings as soonas they are available, but in any event no later than September30, 2021, and will issue a news release once the Annual Filings havebeen filed. Until the Company files the Annual Filings, the Companywill comply 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 listed onthe Canadian Securities Exchange. However, the Company'sChief Executive 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 except in accordance with legally binding obligations to do soexisting as of July 31, 2021, being the date of the Company’santicipated continuous disclosure default.
The Company is not currently subject to any insolvencyproceedings. If the Company provides any information to any of itscreditors during the period in which it is in default of filing theAnnual Filings, the Company confirms that it will also file materialchange reports on SEDAR containing such information.
A bou t CannAmerica Brands Corp.
CannAmerica is a U.S. marine veteran founded andoperated portfolio of cannabis brands with licensing agreements in thestates of Colorado, Nevada, Oklahoma, Massachusetts and the Country ofCanada. The Company aims to maximize the value of its brands byemploying strong brand management teams, marketing and licensing thebrands through various distribution channels, including dispensaries,wholesalers, and distributors, in the United States andinternationally. The Company's core strategy is to enhance andmonetize the global reach of its existing brands, and to pursueadditional strategic acquisitions to grow the scope and diversity ofits brand portfolio.
For more information, please visit: www.cannamericabrands.com .
Contact: Dan Anglin, Chief Executive Officer and Director ofCannAmerica Brands Corp.
Phone : 720.648.4044
Email: info@cannamericabrands.com
Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements:This release includes certain statements and information that mayconstitute forward-looking information within the meaning ofapplicable Canadian securities laws. Forward-looking statements relateto future events or future performance and reflect the expectations orbeliefs of management of the Company regarding future events.Generally, forward-looking statements and information can beidentified by the use of forward-looking terminology such as"intends" or "anticipates", or variations of suchwords and phrases or statements that certain actions, events orresults "may", "could", "should","would" or "occur". This information and thesestatements, referred to herein as "forward?lookingstatements", are not historical facts, are made as of the date ofthis news release and include without limitation, statements regardingdiscussions of future plans, estimates and forecasts and statements asto management's expectations and intentions with respect to, amongother things, management expectations that it will miss the filingdeadline for the Annual Filings and the ability of the Company to filethe Annual Filings within the time period described herein.
These forward?looking statements involve numerousrisks and uncertainties and actual results might differ materiallyfrom results suggested in any forward-looking statements. These risksand uncertainties include, among other things: the Company beingunable to file the Annual Filings in the proposed timeframe; recentmarket volatility; and the state of the financial markets for theCompany’s securities.
In making the forward looking statements in this newsrelease, the Company has applied several material assumptions,including without limitation, that: the Company will be able to filethe Annual Filings in the proposed time frame.
Although management of the Company has attempted toidentify important factors that could cause actual results to differmaterially from those contained in forward-looking statements orforward-looking information, there may be other factors that causeresults not to be as anticipated, estimated or intended. There can beno assurance that such statements will prove to be accurate, as actualresults and future events could differ materially from thoseanticipated in such statements. Accordingly, readers should not placeundue reliance on forward-looking statements and forward-lookinginformation. Readers are cautioned that reliance on such informationmay not be appropriate for other purposes. The Company does notundertake to update any forward-looking statement, forward-lookinginformation or financial out-look that are incorporated by referenceherein, except in accordance with applicable securities laws. We seeksafe harbor.
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