VANCOUVER, April 29, 2019 /CNW/ - Organto Foods Inc. (TSX-V: OGO, OTC: OGOFF) ('Organto"). Organto today announced that it anticipates a delay in filing its audited annual financial statements for the year ended December 31, 2018, 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 Company has experienced delays in obtaining information pertaining to some of its foreign subsidiaries and as a result additional time is required to permit the Company's auditors to complete its 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 is working to make the Required Filings by no later than May 17, 2019.
In connection with this delay, the Company has applied for a customary management cease trade order (the "MCTO") relating to the trading by the Company's CEO and CFO and each other member of the Company's board in securities of the Company from the British Colombia Securities Commission, the Company's principal regulator in Canada. 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 Canadian 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.
ON BEHALF OF THE BOARD
Chair and Interim Chief Executive Officer
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 news release.
Organto's business model is rooted in its commitment to sustainable business practices focused on environmental responsibility and a commitment to the communities where it operates, its people and its shareholders. Organto is comprised of two independent business units, i) the Organto Foods Group, and ii) the Organto Global Cannabis Group. The Organto Foods Group is an integrated provider of year-round value-added branded organic vegetables and seasonal organic and non-GMO fruit and vegetable products using an asset-light business model to serve a growing socially responsible and health conscious consumer around the globe. The Organto Global Cannabis Group is focused on the growing market for medicinal cannabis around the world, with initial efforts focussed on key regions of Latin America, utilizing low-cost natural growing operations and a diverse and exclusive IP seed library to deliver the medicinal properties consumers expect.
FORWARD LOOKING STATEMENTS
This news release may include certain forward-looking information and statements, as defined by law including without limitation Canadian securities laws and the "safe harbor" provisions of the US Private Securities Litigation Reform Act of 1995 ("forward-looking statements"). In particular, and without limitation, this news release contains forward-looking statements respecting the anticipated delay in making the Required Filings; the date by which Organto is working to make the Required Filings; the Company's application for a customary MCTO; the expected absence of an impact on the ability of other securityholders to trade in the Company's securities; the Company's intention to comply with the provisions of the alternative information guidelines; management's beliefs, assumptions and expectations; and general business and economic conditions. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.
SOURCE Organto Foods Inc.
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