TORONTO, May 15, 2020 /CNW/ - Namaste Technologies Inc.
("Namaste" or the "Company") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS:
NXTTF), an online platform for cannabis products, accessories,
and responsible education, today reports that activities impacted
by COVID-19 have resulted in an extension in the preparation and
filing of the Company's interim financial statements for the
quarter ended February 29, 2020 and
the related management's discussion and analysis. With global
offices, warehouses and related production, the Company is taking
extensive essential employee safety measures which have required
more time. Further to the news release of April 30, 2020 which referred to COVID-19
Regulatory Relief, Namaste currently expects to file its interim
filings for the first quarter ended February
29th on or before June 13,
2020.
This news release is being issued in accordance with the blanket
relief of a 45-day extension, provided by Canadian Securities
Administrators and Ontario Instrument 51-502: Temporary Exemption
from Certain Corporate Finance Requirements, for periodic filings
normally required to be made by issuers during the period from
March 23, 2020 to June 1, 2020.
The Company's board of directors and its management confirm that
they are continuing to work expeditiously to meet the Company's
obligations relating to the filing of the first quarter
filings.
Other than as previously disclosed by the Company, there have
been no material business developments since the date of the
Company's most recent filing of its annual financial reports and
the associate management discussion and analysis.
About Namaste Technologies Inc.
With headquarters in
Toronto, ON, and offices in both
B.C. and around the globe, Namaste Technologies is a leading online
platform for cannabis products, accessories, and responsible
education. The company's 'everything cannabis store', CannMart.com,
provides customers with a diverse selection of hand-picked products
from a multitude of federally-licensed cultivators, all on one
convenient site. Namaste's global technology and continuous
innovation address local needs in a burgeoning cannabis industry
requiring smart solutions.
Information on the Company and its many products can be accessed
through the links below:
NamasteTechnologies.com
NamasteMD.com
Cannmart.com
NamasteVapes.ca
Everyonedoesit.ca
FORWARD-LOOKING INFORMATION – This news release contains
"forward-looking information" within the meaning of applicable
securities laws. All statements contained herein that are not
historical in nature contain forward-looking information.
Forward-looking information can be identified by words or phrases
such as "may", "expect", "likely", "should", "would", "plan",
"anticipate", "intend", "potential", "proposed", "estimate",
"believe" or the negative of these terms, or other similar words,
expressions and grammatical variations thereof, or statements that
certain events or conditions "may" or "will" happen. The
forward-looking information contained herein is made as of the date
of this press release and is based on assumptions management
believed to be reasonable at the time such statements were made,
including management's perceptions of Namaste's standing in the
online marketplace for cannabis products, the Company's transition
into a growth phase with a focus on increasing revenues and gross
margins while reducing costs, the Company's goal of becoming a
leading procurement, processing and distribution company focusing
on the Canadian cannabis market, Namaste's beliefs regarding the
quality of its management, the strides the Company has taken in its
operations and the quality of the brands offered by CannMart, the
Company's focus on growing the business profitably, reducing
operational burn and continuing to master the mechanism of moving
cannabis into the market, safely and reliably, Namaste's beliefs
with respect to the timing of its Interim Filings and the results
of operations, operational matters, historical trends, current
conditions and expected future developments, as well as other
considerations that are believed to be appropriate in the
circumstances. While we consider these assumptions to be reasonable
based on information currently available to management, there is no
assurance that such expectations will prove to be correct. By their
nature, forward-looking information is subject to inherent risks
and uncertainties that may be general or specific and which give
rise to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate, that
assumptions may not be correct and that objectives, strategic goals
and priorities will not be achieved. A variety of factors,
including known and unknown risks, many of which are beyond our
control, could cause actual results to differ materially from the
forward-looking information in this press release. Such factors
include, without limitation: risks relating to the Company's
ability to execute its business strategy and the benefits
realizable therefrom, risks specifically related to the Company's
international operations, and risks relating to the market price of
Namaste common shares. Additional risk factors can also be found in
the Company's current MD&A and annual information form, both of
which have been filed under the Company's SEDAR profile at
www.sedar.com. Readers are cautioned not to put undue reliance on
forward-looking information. The Company undertakes no obligation
to update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
required by applicable law. Forward-looking statements contained in
this news release are expressly qualified by this cautionary
statement.
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 release or has in any way approved or disapproved
of the contents of this press release.
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SOURCE Namaste Technologies Inc.