VANCOUVER, March 30, 2020 /CNW/ - Village Farms
International, Inc. ("Village Farms") (TSX:VFF; Nasdaq:VFF)
announced that it will report its fourth quarter and year end 2019
financial results via release today, Monday,
March 30, 2020.
The Company is also providing an update on the status of the
filing of its annual financial statements, annual management's
discussion and analysis and annual information form (collectively,
the "Annual Filings"), as required by sections 4.2, 5.2(1) and 6.2
of National Instrument 51-102 – Continuous Disclosure Obligations,
to be included in its Annual Report on Form 10-K for the year ended
December 31, 2019 (the "Annual Report
on Form 10-K") to be filed with the U.S. Securities and Exchange
Commission (the "SEC") pursuant to its reporting obligations under
the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), as well as with Canadian securities regulators.
Village Farms as well as its advisors and its third party EDGAR
filing agent have been following the recommendations of local
health authorities to minimize exposure risk for their employees
for the past several weeks, including the temporary closures of
their offices and having employees work remotely to the extent
possible, which has adversely affected their efficiency and has
presented a significant challenge in Village Farms' ability to
prepare and finalize its initial Annual Report on Form 10-K to be
filed by the deadline of March 30,
2020. On March 23, 2020, the
Canadian Securities Administrators (CSA) published temporary
blanket relief for market participants from certain regulatory
filings as a result of COVID-19. Village Farms intends to rely on
this temporary blanket relief, which provides Village Farms with a
45-day extension to file the Annual Filings, in accordance with BC
Instrument 51-515 – Temporary Exemption from Certain Corporate
Finance Requirements. In addition, the SEC has issued an order
under Section 36 of the Exchange Act (Release Nos. 34-88318
(Mar. 4, 2020) and 34-88465
(Mar. 25, 2020)) (the "Order")
that will provide Village Farms with a similar extension on the
filing of its Annual Report on Form 10-K, provided that it
satisfies the conditions of the Order, including the filing of a
Current Report on Form 8-K with the SEC that includes information
regarding the impact of COVID-19 on the business of Village
Farms.
The Company anticipates filing the Annual Filings and the Annual
Report on Form 10-K as soon as possible and in any event no
later than 45 days after the date of this press release. In the
interim, management and other insiders of Village Farms are subject
to a trading black-out policy that reflects the principals in
section 9 of National Policy 11-207 – Failure-to-File Cease
Trade Orders and Revocations in Multiple Jurisdictions. Village
Farms will continue to host a conference call to discuss its fourth
quarter and year end 2019 financial results on Tuesday, March 31, 2020 at 8:30 a.m. ET, as previously announced.
Participants can access the conference call by telephone by dialing
(647) 427-7450 or (888) 231-8191, or via the Internet at:
https://bit.ly/3dhUkwc.
Village Farms confirms that, since the filing of its interim
consolidated financial statements for the three months ended
September 30, 2019, there have been
no material business developments other than those disclosed
through press releases or its Current Reports on Form 8-K filed
with the SEC. For more information regarding the impact of COVID-19
on the business of Village Farms, see the Current Report on Form
8-K to be filed on the date hereof with both the SEC and Canadian
securities regulators.
Forward-Looking Statements
Certain statements contained in this press release constitute
forward-looking information within the meaning of applicable
securities laws ("forward-looking statements").
Forward-looking statements may relate to Village Farms' future
outlook or financial position and anticipated events or results and
may include statements regarding the financial position, business
strategy, budgets, litigation, projected production, projected
costs, capital expenditures, financial results, taxes, plans and
objectives of or involving Village Farms and Pure Sunfarms.
Particularly, statements regarding future results, performance,
achievements, prospects or opportunities for Village Farms, Pure
Sunfarms, the greenhouse vegetable industry or the cannabis and
hemp industries are forward-looking statements. In some cases,
forward-looking information can be identified by such terms as
"outlook", "may", "might", "will", "could", "should", "would",
"occur", "expect", "plan", "anticipate", "believe", "intend",
"estimate", "predict", "potential", "continue", "likely",
"schedule", "objectives", or the negative or grammatical variation
thereof or other similar expressions concerning matters that are
not historical facts.
Although the forward-looking statements contained in this press
release are based upon assumptions that management believes are
reasonable based on information currently available to management,
there can be no assurance that actual results or events will be
consistent with these forward-looking statements. Forward-looking
statements necessarily involve known and unknown risks and
uncertainties, many of which are beyond Village Farms' control,
that may cause Village Farms' or the industry's actual results,
performance, achievements, prospects and opportunities in future
periods to differ materially from those expressed or implied by
such forward-looking statements. These risks and uncertainties
include, among other things, the factors contained in Village
Farms' filings with U.S. and Canadian securities regulators,
including as detailed in Village Farms' annual information form and
management's discussion and analysis for the year-ended
December 31, 2018 and for the three
and nine-month periods ended September 30,
2019. In particular, we caution you that our forward-looking
statements are subject to the ongoing and developing circumstances
related to COVID-19, which may have a material adverse effect on
our business, operations and future financial results.
When relying on forward-looking statements to make decisions,
Village Farms cautions readers not to place undue reliance on these
statements, as forward-looking statements involve significant risks
and uncertainties and should not be read as guarantees of future
results, events, performance, achievements, prospects and
opportunities. The forward-looking statements made in this press
release only relate to events or information as of the date on
which the statements are made in this press release. Except as
required by law, Village Farms undertakes no obligation to update
or revise publicly any forward-looking statements, whether as a
result of new information, future events or otherwise.
About Village Farms International, Inc.
Through our majority ownership position in our joint venture,
the British Columbia-based Pure
Sunfarms Corp., we have one of the single largest cannabis growing
operations in the world. We are also one of the largest and
longest-operating vertically integrated greenhouse growers in
North America and the only
publicly traded greenhouse produce company in Canada, and we have joint venture operations
in hemp and CBD products.
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SOURCE Village Farms International, Inc.