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VANCOUVER, April 26, 2019 /CNW/ - EMPOWER CLINICS INC. (CSE: CBDT) (Frankfurt 8EC) ("Empower" or the "Company"), today announced it anticipates a delay in filing its audited annual financial statements for the year ended December 31, 2018, and the related management's discussion and analysis and certificates of its CEO and CFO (collectively, the "Required Filings") with Canadian securities regulators until after the April 30, 2019 filing deadline. The additional time is required to permit the Company's auditors, MNP LLP, to complete their review and enquiries in connection with the audit of the Company's 2018 financial statements. The Company and its auditors are working diligently, and the Company intends to make the Required Filings as soon as possible and by no later than May 15, 2019.
In connection with this anticipated delay, the Company has applied to the Ontario Securities Commission, the Company's principal regulator in Canada, for a customary management cease trade order (the "MCTO") relating to trading in the Company's securities by the Company's CEO and CFO. There is no guarantee that the MCTO will be granted. If granted, the MCTO should not affect the ability of other shareholders to trade in the securities of the Company.
If the MCTO is granted, the Company intends to comply with the provisions of the alternative information guidelines set out in National Policy 12-203 Management Cease Trade Orders ("NP 12-203") by providing bi-weekly updates by way of news release until the Required Filings have been made.
Empower is a leading multi-state operator (MSO) of a network of physician-staffed clinics focused on helping patients improve and protect their health through innovative physician recommended treatment options. With over 120,000 patients, an expanding clinic footprint, a focus on new technologies, including tele-medicine, and an expanded product development strategy, Empower is undertaking new growth initiatives to be positioned as a vertically integrated, diverse, market-leading service provider for complex patient requirements in 2019 and beyond. The Company has announced its intention to build a hemp-based CBD extraction facility in Portland, OR commencing in Q2 2019.
ON BEHALF OF THE BOARD OF DIRECTORS:
Steven McAuley Chief Executive Officer
DISCLAIMER FOR FORWARD-LOOKING STATEMENTS
This news release contains certain "forward-looking statements" or "forward-looking information" (collectively "forward looking statements") within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Forward-looking statements can frequently be identified by words such as "plans", "continues", "expects", "projects", "intends", "believes", "anticipates", "estimates", "may", "will", "potential", "proposed" and other similar words, or information that certain events or conditions "may" or "will" occur. Forward-looking statements in this news release include statements regarding the anticipated delay in filing the Required Filings, the issuance and effect of the MCTO and that the Company will be positioned to be a market-leading service provider for complex patient requirements in 2019 and beyond. Such statements are only projections, are based on assumptions known to management at this time, and are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the forward-looking statements, including: that the MCTO may not be granted; that the Company may not complete and file the Required Filings in the time expected or at all; general business, economic, competitive, political and social uncertainties; failure to obtain any necessary approvals; and other factors beyond the Company's control. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are cautioned not to place undue reliance on the forward-looking statements in this release, which are qualified in their entirety by these cautionary statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements in this release, whether as a result of new information, future events or otherwise, except as expressly required by applicable laws.
SOURCE Empower Clinics Inc.
For further information: Investors: Steve Low, Boom Capital Markets, 647-620-5101; For French inquiries: Remy Scalabrini, Maricom Inc., E: [email protected], T: (888) 585-6274; Investors: Steven McAuley, CEO, [email protected], 604-789-2146