KITCHENER, Ontario, Feb. 21, 2020 (GLOBE NEWSWIRE) — James E. Wagner Cultivation Corporation (TSX VENTURE: JWCA; OTCQX: JWCAF), a premium cannabis brand focused on producing clean, consistent cannabis grown using its advanced and proprietary GrowthSTORM™ aeroponic platform, reported financial results for its fiscal first quarter ended December 31, 2019. Dollar amounts are in Canadian dollars.
Fiscal Q1 2020 Corporate HighlightsReceived licensing amendment from Health Canada to double JWC2’s licensed production capacity to 44,500 square feet, which would be an annualized production capacity of more than 9,000 kilos of dried cannabis.Average yield per plant increased to 262 grams in the first quarter of 2020, versus the average yield of 210 in the same year-ago period.Launched plans to open a 2,000 square farm gate retail store adjoining the company’s JWC2 flagship facility, representing a new direct-to-consumer sales channel for the company. The store is anticipated to be the Waterloo region’s first retail cannabis store located on a licensed cultivation site, and will serve the area’s 500,000 inhabitants. In January, the company submitted a cannabis retail operator license application to the Alcohol and Gaming Commission of Ontario.Received a license amendment from Health Canada for the sale and production of cannabis extracts, edibles and topicals at the company’s JWC1 facility, allowing JWC to add kief, rosins, and pre-rolls in various quantity formats to its product portfolio. Introduced four new cannabis strains grown using the company’s advanced GrowthSTORM™ aeroponic platform: King Tut, Dark Helmet, West Coast Sour Diesel, and Hash Plant.Engaged Kindred Partners to serve as the exclusive broker for JWC adult-use cannabis products in Canada.Entered a supply and manufacturing agreement with CannaCure Corporation, a wholly-owned subsidiary of Heritage Cannabis Holdings, whereby CannaCure formulates and fills JWC’s vape cartridges, for both recreational and medical cannabis markets.Began collaboration and research trial with Fluence Bioengineering for the performance testing of Fluence’s VYPR 2p Broad Spectrum LED lighting solution. The trial will assess if the lighting solution can further improve JWC’s already high level of energy efficiency and help to further optimize cultivation performance.Financial HighlightsRevenues totaled $264,000 in fiscal Q1 2020, down 74% sequentially from $1,025,000 in fiscal Q4 2019, and compared to $550,000 in fiscal Q1 2019. The decline in revenue was due primarily to management’s response to market conditions and the strategic decision to defer sales to the second quarter to maximize the revenue potential and gross margin of produced goods. This decision was reflected in Unrealized Fair Value on Finished Goods in the amount of $2.4 million, as compared to none at the end of the previous quarter.Loss and comprehensive loss for fiscal Q1 reduced 48% to $1.2 million or $(0.01) per share.Gross margin totaled $1.8 million, compared to $3,000 in in the same year-ago quarter.Operating expenses in fiscal Q1 2020 were $2.5 million, a 46% decrease from fiscal Q4 2019, and a 5% increase from fiscal Q1 2019.Received private placement equity funding of approximately $1 million.Secured a $4 million loan facility available in two tranches, with $2,850,000 received during the first quarter and the remaining portion received in the subsequent quarter. Obtained convertible security funding for up to $10 million available in two tranches, with $2 million drawn in the subsequent quarter and the remainder available subject to mutual agreement with the lender. Management Commentary“During our first fiscal quarter of 2020 we made tremendous strides in many areas of our business designed to better position JWC for success in the new year. We focused our efforts on deriving the maximum value from all available resources and avenues, including our biological assets, branded products, key partnerships, proprietary technologies and newly established sales channels.“Our financial results for the quarter demonstrated that despite our strengthening platform, we were not immune to the challenges of an industry that is still evolving and striving for balance. While revenue declined substantially, this was largely purposeful, reflecting what we see as temporary conditions that are now set to pivot and launch in the opposite direction in the current quarter.“During fiscal Q1, we implemented a strategic response to the market. A combination of number of factors, primarily oversupply and the lack of legal sales outlets continued to drive the illicit market. As a result, our wholesale partners were unable to buy our products at historical prices, driving gross margins into the negative territory. So, we made the strategic decision to hold back on sales and preserve our biological assets until the oversupply subsided and the recreational market opened.“Our ability to attract various sources of capital even in this challenging environment demonstrated our strong value proposition and gave us the flexibility to pursue our strategy. We dedicated our resources to the development of our Cannabis 2.0 products, positioning ourselves to capture the anticipated growth in the recreational market in the current quarter. This has also included the formation of a variety of new partnerships and obtaining key regulatory approvals.“Experts are now predicting a three times growth in industry-wide sales in 2020, as the number of retail stores steadily increase as a result of eased regulations and the oversupply subsides. We expect this to support the sale of significant volumes of our products in Q2 and beyond.“Our primary focus will remain on becoming a highly successful cultivator and seller of clean, consistent cannabis. Our financial outlook is unchanged for fiscal Q2 and Q3, as we reiterate below. Combined with our industry-leading yields and lower cost of production due to our unique GrowthSTORM™ system, we believe we can achieve and sustain highly favorable margins and strong growth over the long term.”For the first quarter of fiscal 2020, revenues totaled a $264,000, decreasing 74% from $1,025,000 in the previous fiscal quarter, and by 52% from $550,000 in the same year-ago quarter.General and administrative costs increased to $2.1 million sequentially, and remained equal marginally at $2.1 million compared to the same year-ago period. Increases in salary and wages expense to $1.0 million in first quarter of fiscal 2020 from $622,000 in the same year-ago quarter was offset by the elimination of in rent expense due to the adoption of IFRS 16. Under IFRS 16, leases and rent expenses are no longer included in the income statement, but instead as a reduction to lease liabilities in the statement of financial position.Operating expense totaled $2.5 million, increasing 46% from $1.7 million in the previous quarter, and up 5% from the same year-ago quarter. Excluding two one-time items in Q4 2019 (the transfer of year to date production expense to inventory and the receipt of scientific research and experimental development (“SRED”) tax credit), operating expense decreased 4% from the previous quarter. The increase from the prior year is consistent with the company’s plans for facility expansion, including increasing employee headcount and preparations for the new farm-gate retail store.Biological assets totaled $3.6 million at the end of the first quarter 2020, compared to $2.9 million at the end of the previous quarter and $1.5 million at the end of the year-ago quarter.Net and comprehensive loss was $1.2 million or $(0.01) per share in fiscal Q1 2020, compared to $3.1 million or $(0.03) per share in the previous fiscal quarter and $2.3 million or $(0.03) per share in fiscal Q1 2019.Cash and equivalents at December 31, 2019 totaled $321,000 compared to $1.3 million at September 30, 2019 and $2.9 million at December 31, 2018. The decrease in cash is attributable to cash used in operations and the reduction in accounts payable.The company raised $1 million in equity and borrowed $2.85 million in the fiscal first quarter. Subsequent to the quarter, it raised an additional $3.3 million in equity financing and convertible securities, and borrowed another $1.15 million. The company has the option, upon mutual agreement with the lender, to secure an additional $8 million in operating capital through existing funding vehicles, in addition to other means. The company believes it will sustain sufficient liquidity to meet its financial commitments and for its growth objectives to be achieved.OutlookInventories totaled approximately 1,199 kg of dried cannabis and 102 liters of formulated oil at the end of fiscal Q1 2020. These products are planned for sale in the second and third quarter of fiscal 2020.The company plans to begin selling cannabis products through recreational channels before the end of fiscal Q2 2020.In fiscal Q2 2020, the company expects to be revenue positive (cash flow positive), along with generating positive net and comprehensive income. By Q3 2020, it expects revenue growth to drive strong gross margins, positive cash flow, and net and comprehensive income.Additional InformationAdditional details of the Company’s financial results are available in the financial statements and the management’s discussion and analysis as filed under JWC’s profile on SEDAR (www.sedar.com) and available on the Company’s website at www.jwc.ca.Conference CallOn February 21, 2020, the Company will host a conference call to discuss these results, followed by a question and answer period, as specified below:Date: Friday, February 21, 2020
Time: 3:00 p.m. Eastern time (12:00 p.m. Pacific time)
Toll-free dial-in number: +1 (877) 407-9208
International dial-in number: +1 (201) 493-6784
Conference ID: 13698939The conference call will be webcast live and available for replay here. Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact CMA at +1 (949) 432-7566.A telephone replay of the call will be available from 6:00 p.m. Eastern time on the same day until March 6, 2020:Toll-free replay number: +1 (844) 512-2921
International replay number: +1 (412) 317-6671
Replay ID: 13698939About James E. Wagner Cultivation CorporationJames E. Wagner Cultivation Corporation’s wholly owned subsidiary is a Licensed Producer under the Cannabis Regulations, formerly the Access to Cannabis for Medical Purposes Regulations (“ACMPR”). JWC is a premium cannabis brand, focusing on producing clean, consistent cannabis using an advanced and proprietary aeroponic platform named GrowthSTORM™. JWC began as a collective of patients and growers under the Marihuana Medical Access Regulations (the precursor to ACMPR). Since its inception, JWC has remained focused on providing the best possible patient experience. JWC is a family-founded company with deep roots planted in the local community. JWC’s operations are based in Kitchener, Ontario. Learn more at www.jwc.ca.Notice Regarding Forward-Looking StatementsThis press release contains statements including forward-looking information for purposes of applicable securities laws (“forward-looking statements”) about JWC and its business and operations which include, among other things, statements regarding increased production capacity at JWC’s facilities, the financial impact of additional licenced flowering space at JWC’s facilities, increased yield of cannabis flower, the availability of debt financing, sales of cannabis in the recreational market, increasing customer demand, the financial growth of JWC, management’s expectation of JWC achieving break-even, turning net and comprehensive income positive and turning revenue positive and the timing for the achievement of such milestones. The forward-looking statements can be identified by the use of such words as “will”, “expected”, “approximately”, “may”, “could”, “would” or similar words and phrases. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those implied in the forward-looking statements. For example, risks include risks regarding the cannabis industry, economic factors, the equity markets generally, building permit related risks and risks associated with growth and competition as well as the risks identified in JWC’s Annual Information Form dated April 3, 2019, available under the JWC’s profile at www.sedar.com. Although JWC has attempted to identify important factors that could result in actual actions, unanticipated events may cause results to differ materially from those described in forward-looking statements, and there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and are based on current assumptions which management believes to be reasonable. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.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.Company Contact
President & CEO
Tel: (519) 594-0144 x421
Email: email@example.comInvestor Relations
Tel: (949) 432-7566
Yield Growth Announces Delay in Filing Under CSA Instrument Governing Relief under COVID-19 Duress
Vancouver, British Columbia–(Newsfile Corp. – April 4, 2020) – The Yield Growth Corp. (CSE: BOSS) (OTCQB: BOSQF) (FSE: YG3) (“Yield Growth” or the “Company”) announces that further to its announcement on April 2, 2020, due to the disruption caused by the spread of COVID-19 and logistical problems relating to switching to having its personnel working remotely, it did not file its audited annual financial statements for the year ended November 30, 2019 (the “Financial Statements“) and the related management discussion and analysis for the same period (the “MD&A“) by the required due date of March 30, 2020, in each case as required by National Instrument 51-102.
The Company expects to file the Financial Statements and MD&A on or about April 14th, 2020.
The Company’s management and other insiders are subject to a trading black-out that reflects the principles in Section 9 of National Policy 11-207 until the Financial Statements and MD&A have been filed;
Other than as previously disclosed by the Company, there have been no material business developments since the date of the Company’s quarterly financial statements and management discussions and analysis for the nine month period ended August 31, 2019.
About The Yield Growth Corp.
The Yield Growth Corp. conducts research and development and sells plant-based products that improve lives. It has over 200 proprietary wellness formulas at various stages of commercialization. Its products are sold through e-commerce worldwide and retail stores in 3 countries with distribution agreements in place for 12 more countries. It conducts research for plant-based therapeutics, including protection against infectious diseases, and has 13 patents filed in what the Global Wellness Institute reports is a $4.2 trillion-dollar global wellness market. It owns the plant-based skin care brand Urban Juve, which is currently launching a line of hand care products, and it owns wellness brands Wright & Well and Jack n Jane. It’s majority owned subsidiary Flourish Mushroom Labs is launching a line of medicinal mushroom products and developing a business in the emerging market of psychedelic medicine. The Yield Growth management team has deep experience with global brands including Johnson & Johnson, Procter & Gamble, Skechers and Aritzia. Yield Growth earns revenue through multiple streams including licensing, services and product sales.
Investor Relations Contacts:
Penny White, President & CEO
Kevan Matheson, Investor Relations
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this news release.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking information and statements (collectively, “forward looking statements”) under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates, forecasts, beliefs and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: risks related to the development, testing, licensing, brand development, availability of packaging, intellectual property protection, reduced global commerce and reduced access to raw materials and other supplies do to the spread of the Coronavirus, the potential for not acquiring any rights as a result of the patent application and any products making use of the intellectual property may be ineffective or the company may be unsuccessful in commercializing them; and other approvals will be required before commercial exploitation of the intellectual property can happen. The laws around cultivating, selling and using psychedelic mushrooms would need to change in most jurisdictions in order for the use of psychedelic products to be legal and sale of, and demand for, Urban Juve, Wright & Well, Flourish Mushroom Labs, Jack n Jane and UJ Beverages products, general business, economic, competitive, political and social uncertainties, delay or failure to receive board or regulatory approvals where applicable, and the state of the capital markets. Yield Growth cautions readers not to place undue reliance on forward-looking statements provided by Yield Growth, as such forward-looking statements are not a guarantee of future results or performance and actual results may differ materially. The forward-looking statements contained in this press release are made as of the date of this press release, and Yield Growth expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54143
Sixth Wave Files Patent Application for Rapid Detection of Emerging Viral Outbreaks such as COVID-19
- Proposed Rapid Detection Test for viral outbreaks such as COVID-19 is based on previously developed Molecularly Imprinted Polymer platform.
- Testing platform has the objective of detecting the presence of viruses without relying on the existence of antibodies, which can take weeks to be present in the body.
- Testing platform could be rapidly adopted to test for both new viruses and mutations of previously discovered viruses.
- Potential for colorimetric response could provide indication as to the presence of virus within minutes.
- Team previously developed Explosive Detection Wipes, which produced colorimetric changes within 30 seconds upon contact with bomb making materials.
Vancouver, British Columbia–(Newsfile Corp. – April 3, 2020) – Sixth Wave Innovations Inc. (CSE: SIXW) (OTC Pink: ATURF) (FSE: AHUH) (“Sixth Wave” or the “Company”) is pleased to announce that it has filed Patent Application Number 63000977 – The Use of Molecularly Imprinted Polymers for the Rapid Detection of Emerging Viral Outbreaks, such as SARS-CoV-2 virus responsible for COVID-19, with the United States Patent and Trademark Office (the “Accelerated Detection MIPs” or “AMIPs“).
COVID-19 & the Need for Rapid Diagnostics
Viral pandemics such as COVID-19 are a rapidly emerging threat to global security and economic stability. Unlike bacterial infections which have a wide range of developed antibiotic therapies, new viral infections have very few pre-existing treatments. The World Health Organization has correspondingly noted a public health emergency and an urgent need for rapid diagnostics, vaccines and therapeutics to detect, prevent and contain the COVID-19 virus. The success of these remediation efforts will depend largely upon early detection, proactive and preventive measures, attempting to contain the rate of viral growth until customized treatments can be developed and made available.
One of the primary factors leading to the outbreak of COVID-19 virus has been the relative lack of rapid diagnostic tools. The development of effective early stage diagnostics for COVID-19 has consumed valuable time in which lives are at stake, with significant issues remaining regarding access to testing several months after the virus was first identified. This breakdown and delay in testing capacity has resulted in a failed containment effort, conservatively estimated to have resulted in hundreds of thousands of otherwise avoidable infections. With improved preventive strategies, including early response and testing capabilities, the rapid rate of viral expansion and the shortfall of medical supplies now being experienced can be more effectively contained, managed and ameliorated.
Rapid Diagnostic Technologies
A promising area of preventive strategies is the use of Rapid Diagnostic Technologies (“RDTs“), tools designed to quickly and accurately diagnose the active virus. Many forms of RDT utilize Polymerase Chain Reaction (“PCR“) methodologies, processes which can require highly trained laboratory staff and processing times ranging from hours to days, thereby offsetting their efficacy as rapid response diagnostic tools. Another promising RDT for the diagnosis of COVID-19 is Immunoassay Technology (“IAT“), a highly effective and easy to use diagnostic platform. However, IAT relies on the detection of antigens or antibodies which can take days or weeks to develop within the body, with the result that a person can be contagious and spreading the virus prior to detection.
Sixth Wave’s patent application contemplates the development of a flexible platform for the rapid deployment of RDTs for new viral threats. This AMIPs technology could have all of the advantages of traditional PCR and IAT diagnostics, with the potential to be developed, deployed and scaled in a fraction of the time.
The Sixth Wave Solution
This proposed AMIPs device would generate an instant colorimetric response, or change in color, in order to indicate the presence of COVID-19 and other viruses. This visual confirmation capability is a feature of other prior Sixth Wave technologies, most notably the Company’s explosives detection wipes and bacterial pathogen detection swabs.
The AMIPs technology proposes a flexible and scalable development platform, able to adapt to the demands of detecting constantly evolving viral strains beyond COVID-19. To accomplish this, Sixth Wave plans to build a database of MIPs, prepared using viral surrogates and/or inactive strains, and based on the general shape, size and morphology of generic classes of known viruses (the “AMIPs Library“). This database will comprise a reference inventory, ready for immediate deployment in the screening of new or emerging viral threats, and minimizing the response time required to issue new diagnostics.
The patent application draws significantly upon Sixth Wave’s prior experience in Molecular Imprinted Polymers (“MIPs“). The selective binding capabilities of MIPs are well documented in literature and have even been referred to as “plastic antibodies”. Sixth Wave has a proven record in the detection and binding of target analytes using MIP technology. The Company has successfully developed a similar MIPs-based rapid detection test for improvised explosives (the “Explosive Detection Wipes” or “EDW“). The EDW platform is highly effective and simple to use, providing fast colorimetric indication of 36 target analytes, all while using a single-use wipe. As with the virus detection platform, accuracy in explosives detection is paramount, with lives at stake, and the technology has been noted for delivering zero false positives during field use.
“Now more than ever, the reality of an interconnected world means there is a desperate need to quickly identify and stem the tide of emerging pandemic outbreaks,” said Dr. Jonathan Gluckman, President & CEO of Sixth Wave. “Rapid detection, the ability to instantly assess the threat of viral contact, and tools of early intervention are crucial to the containment of new viruses. We hope this technology will revolutionize how we get ahead of pandemics like COVID-19 and other future novel viruses, preventing their spread and mitigating the social and economic losses.”
The AMIPs Advantage
The proposed AMIPs platform uses a branch of nanotechnology known as MIPs, a versatile materials science which can be engineered into many physical configurations, including adherence to a wipe, suspension in an assay, or affixed to a membrane for lateral flow testing. The proposed testing device can be envisioned as a cartridge-type system where the format, detection method and sampling/detection process is the same for all threats. The interchangeable component would be the molecular recognition chemistry which would be unique to each new threat.
This platform prospectively offers a number of advantages over existing methods of viral detection and containment. These include:
(i) Rapid Deployment – The AMIPs system will be designed for rapid response and to be the first diagnostic test available for a new viral outbreak. Based on the Company’s prior experience in MIPs formulations, the development cycle of any new AMIPs product will prospectively be less than 30 days, from identification of a new viral threat to an AMIPs detection product in the hands of front line healthcare providers. The format of the rapidly deployable AMIPs is a multi-welled micropipette dish with Sixth Wave’s unique viral MIPs coated on the bottom of the wells. This cartridge design would make it possible to screen against multiple classes of viruses with the flexibility to use several known off the shelf detection chemistries for the colorimetric response.
(ii) Compatible with Multiple Target Analytes – With the AMIPs system, Sixth Wave proposes to directly detect viral particles. Further, the AMIPs platform is planned to be compatible with detecting other components unique to a particular virus such as DNA, RNA, proteins, small molecules, and antibodies. This powerful and comprehensive platform would give scientists multiple pathways to detect a virus to give the best performance and diagnostic capabilities.
(iii) Fast, Accurate & Easy to Use – The second potential platform for the AMIPs technology would be lateral flow tests, similar to using a pregnancy test. The colorimetric response would allow for quick, qualitative analysis without mixing reagents, complex machines, or even power requirements for a fast, easy-to-use, and reliable response that requires little, if any, training. First responders, caregivers, and even the patients themselves, could potentially perform the test and receive results in minutes.
(iv) Durable, Affordable & Mass Producible – MIPs are based on a synthetic polymer, allowing for extended shelf life, minimal storage and handling requirements, and less sensitivity to temperature and light degradation relative to antibodies used in traditional IAT products. The MIPs formulations could be applied to several inexpensive consumables to provide low cost, mass production pathways for real-time qualitative or quantitative analysis, depending on device format.
(v) Flexible, Scalable & Adaptable – The AMIPs platform would allow for rapid reconfiguration, including the testing of any bodily fluid containing the virus, screening for multiple infections in just one test, and even testing surfaces to reduce the spread of contamination. The technology proposes to detect whole classes of viruses, allowing researchers to deploy the diagnostics without actually cultivating antigens or antibodies specific to a particular new virus strain. The AMIPs Library anticipates other viral threats and prepares for rapid and responsive development of new products based on this existing platform.
About the AMIPs Library
Adapted from other Sixth Wave commercial applications, AMIPs relies on MIP methodologies to identify and trap specific analytes. Formed with a 3D mold of the targeted analyte, MIPs can be applied to generate a variety of effective sensors, each with the ability to display a visual confirmation. For a viral threat such as COVID-19, recognition of the intact virus would be the most efficient process timewise using a MIP that recognizes and binds to the virus.
However, in anticipation of forthcoming new viral strains, clearly there will be no time to develop a novel MIP after a new outbreak has occurred. To avoid such delays and develop new diagnostic products on minimal turnaround, the Company plans to develop the AMIPs Library as a database of MIPs based on the general shape, size, and morphology of generic classes of viruses. In this way, future delays in diagnostics are avoided, with the potential for new generations of interchangeable AMIPs cartridges or wipes using the same physical format, detection method, and sampling process as prior generations.
The ultimate goal is a flexible platform that can be continuously altered to meet the demands of constantly evolving viral strains. The AMIPs inventory would be proactive, readily available for screening against plausible new threats. The most selective MIP for any emergent virus would be incorporated into a previously defined delivery platform. The chemical manufacturing process would be known, and direct scale-up to manufacture could be initiated immediately and applied to kits amenable to mass production.
About Sixth Wave
Sixth Wave is a development stage nanotechnology company with patented technologies that focus on extraction and detection of target substances at the molecular level using highly specialized molecularly imprinted polymers (MIPs). The Company is in the process of commercializing its AffinityTM cannabinoid purification system, as well as, IXOS®, a line of extraction polymers for the gold mining industry.
Sixth Wave can design, develop and commercialize MIP solutions across a broad spectrum of industries. The company is focused on nanotechnology architectures that are highly relevant for detection and separation of viruses, biogenic amines and other pathogens, for which the Company has products at various stages of development.
For more information about Sixth Wave, please visit our web site at: www.sixthwave.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Jonathan Gluckman, Ph.D., President & CEO
For information, please contact the Company:
Phone: (801) 582-0559
This press release includes certain statements that may be deemed “forward-looking statements” including statements regarding the planned features, capacity and performance of the AMIPs technology. All statements in this release, other than statements of historical facts, that address future events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual events or developments may differ materially from those in forward-looking statements. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. In particular, successful development and commercialization of the AMIPs technology are subject the risk that the AMIPs technology may not prove to be successful in detecting virus targets effectively or at all, uncertainty of medical product development, uncertainty of timing or availability of required regulatory approvals, lack of track record of developing products for medical applications and the need for additional capital to carry out product development activities. The value of any products ultimately developed could be negatively impacted if the patent is not granted.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54124
TransCanna to Rely on Temporary Blanket Relief for Required Filings
Vancouver, British Columbia–(Newsfile Corp. – April 3, 2020) – TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) (“TransCanna” or the “Company“) today announces that it anticipates a delay in the filing of the financial statements required pursuant to Part 4 of National Instrument 51-102 Continuous Disclosure Obligations (the “Instrument“) as a result of the completion by the Company of the recent acquisitions of Tres Ojos Naturals LLC (dba Soldaze), and Lyfted Farms, Inc. in the Fall of 2019, both US corporations, as new subsidiaries of the Issuer.
The delay is due to the Company’s new management’s difficulties in coordinating with the auditor the collection of all of the required data and documentation to complete the audit on a consolidated basis. As well, certain key persons who are needed to complete the audit are being affected by the current COVID-19 pandemic due to self-isolation requirements.
The Instrument requires that the Company’s audited financial statements and MD&A for the fiscal year ended November 30, 2019 be filed by March 29, 2020 (“Original Filing Deadline“). The Company and its auditor are in the process of completing the required audit work to complete these audited financial statements and associated MD&A (collectively, the “Required Filings“). The Company expects that the Required Filings will be completed and filed on or before April 30, 2020.
In these circumstances, and considering the anticipated delay in making the Required Filings within the time period mandated by the Instrument, the Company intends to rely upon the temporary blanket relief afforded by Canadian securities regulators to extend the date for the filing of the Required Filings for up to 45 days from the date of the Original Filing Deadline.
During the period that the Required Filings remain outstanding, TransCanna’s management and other insiders are subject to a trading black-out policy that reflects the principles in section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
The Company confirms that there have been no other material business developments since August 31, 2019, the date of the Company’s last filed third quarter interim consolidated financial statements, other than the two business acquisitions described above.
About TransCanna Holdings Inc.
TransCanna Holdings Inc. is a California based, Canadian listed, company building Cannabis focused brands for the California lifestyle, through its wholly-owned California subsidiaries.
On behalf of the Board of Directors
Steve Giblin, President
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54118
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