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1933 Industries Applies for a Management Cease Trade Order
1933 Industries Applies for a Management Cease Trade Order
1933 Industries Inc. (the "Company" or "1933 Industries") (CSE:TGIF), a Nevada-focused cannabis cultivator and producer, announces that it has filed an application for a Management Cease Trade Order ("MCTO") with the British Columbia Securities Commission, the Company's principal regulator, in accordance with section 8 of National Policy 12-203 Management Cease Trade Orders ("NP 12-203").
The Company determined that it will be unable to file its audited annual financial statements for the year ended July 31, 2024, as required by Part 4 of National Instrument 51-102 Continuous Disclosure Obligations; its management's discussion and analysis (MD&A) relating to the audited annual financial statements, as required by Part 5 of National Instrument 51-102 Continuous Disclosure Obligations; and the CEO and CFO certificates relating to the audited annual financial statements, as required by National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings (collectively, the "Required Filings"), on or before the prescribed filing deadline of November 28, 2024 (the "Annual Filing Deadline").
The Company had been considering a change of auditor because of unsuccessful audit fee negotiations with respect to its existing auditor. The Company recently reached an agreement with its current auditor and will not be changing auditors at this time. The Company has been advised by its current auditor that they will be able to meet the deadline to complete the audit by January 27, 2025.
As a result, the Company filed the application for an MCTO as an alternative to a general cease trade order in accordance with NP 12-203. The MCTO prohibits trading in securities of the Company by the Chairman and CEO, Paul Rosen, Interim CFO Brian Farrell, and Director, Curtis Floyd, until the MCTO is lifted. The MCTO does not affect the ability of investors who are not insiders to trade in the securities of the Company. The Company will comply with the alternative information guidelines included in NP 12-203 while the Required Filings are outstanding. The guidelines, among other things, require the Company to issue bi-weekly default status reports by way of a news release so long as the Required Filings have not been filed.
The Company reports that: (i) there has not been any other specified default by the Company under NP 12-203, and no such default is anticipated; (ii) the Company is not subject to any insolvency proceedings; and (iii) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About 1933 Industries Inc.
1933 Industries is a Nevada-based licensed producer, focused on the cultivation and extraction of a large portfolio of cannabis consumer products in a variety of formats under its flagship brands, Alternative Medicine Association (AMA) and Level X. Its product offerings are cultivated at the Company's 68,000 sq. ft. indoor facility and marketed directly to retail dispensaries. AMA branded flower, infused pre-rolls, and in-house boutique concentrates consistently rank as the top products sold in Nevada. For more information, please visit www.1933industries.com
For further information please contact:
Alexia Helgason, VP, Investor Relations
604-728-4407
[email protected]
Paul Rosen, CEO
[email protected]
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.
Notice regarding Forward Looking Statements: This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com. 1933 Industries undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: 1933 Industries Inc.
D.Ferrer--HdM
