Adastra Labs Announces Reliance Upon Annual Financial Statement Filing Exemption
LANGLEY, BC / ACCESSWIRE / April 24, 2020 / Adastra Labs Holdings Ltd. (CSE:XTRX)(FRANKFURT:D2EP) (“Adastra” or the “Company”) as a result of the COVID-19 pandemic, will be relying on the coordinated relief provided by the securities regulators, which consists of a 45-day extension for certain periodic filings, as announced by the Canadian Securities Administrators (CSA) on March 18, 2020, with respect to the filing of its annual financial statements, management’s discussion and analysis, and related officer certificates for its financial year ended Dec. 31, 2019.
The notice released by the CSA stated that securities regulators will be providing coordinated relief consisting of a 45-day extension for certain periodic filings required to be made on or prior to June 1, 2020, as a result of the COVID-19 pandemic. As such, the British Columbia Securities Commission has enacted B.C. Instrument 51-515, Temporary Exemption from Certain Corporate Finance Requirements.
The company will be relying on the temporary exemption pursuant to BCI 51-515 in respect to the following provisions:
- The requirement to file audited financial statements for the year ended Dec. 31, 2019, within 120 days of the company’s financial year-end as required by Section 4.2(b) of National Instrument 51-102;
- The requirement to file the management’s discussion and analysis for the period covered by the financial statements within 120 days of the company’s financial year-end as required by Section 5.1(2) of NI 51-102;
- The requirement to file certifications of the financial statements pursuant to Section 4.1 of NI 52-109, Section 4.2(b) (filing deadline for annual financial statements).
The company is continuing to work with its auditor to file the annual filings by June 12, 2020.
The company confirms that there have been no material developments, other than those disclosed through news releases, since the filing of its condensed interim consolidated financial statements for the period ended Sept. 30, 2019.
Additionally, the company advises that management and other insiders of the company are subject to a trading blackout policy as described, in principle, in Section 9 of National Policy 11-207, Failure to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
About Adastra Labs Holdings Ltd.
Adastra Labs Holdings Ltd. is a Langley, BC-based cannabis company and through its wholly owned subsidiaries, Adastra Labs Inc. and Chemia Analytics Inc., is a licensed Standard Processor and licensed Analytical Testing Laboratory under the Cannabis Act administered by Health Canada, with licenses to produce cannabis extracts and provide third party analytical testing services. These licenses enable the Company’s subsidiaries to produce, package, sell (wholesale), and export medically focused and recreational cannabis extract and concentrate products in Canada to other licensed entities and internationally in jurisdictions where medical cannabis extraction products are legal.
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Andrew Hale |
Stephen Brohman |
Website: http://www.adastralabs.ca/
Address: 5451 275th Street, Langley, BC V4W 3X8
Telephone: 778-715-5011
Fax: 844-874-9893
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. 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. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: Adastra’s expectations concerning an fulfilling its reporting obligations. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties, disruptions due to the pandemic, failures by management or service providers to complete the necessary work to meet the extended deadline. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, Adastra assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
SOURCE: Adastra Labs Holdings Ltd.
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