VANCOUVER, May 15, 2019 /CNW/ - Organto Foods
Inc. (TSX-V: OGO, OTC: OGOFF) ('Organto"). Organto
today provided an update on the management cease trade order
("MCTO") that was issued by the British Columbia Securities
Commission on May 1, 2019.
On April 29, 2019 Organto
announced a delay in filing its audited annual financial statements
for the year ended December 31 ,2018,
related management discussion and analysis and certificates of its
CEO and CFO (collectively, the "Required Filings") due to delays in
obtaining required information pertaining to certain of its foreign
subsidiaries.
As per the terms of the MCTO, Organto is required to make the
Required Filings by no later than July
2, 2019. The Company continues to work with its
auditors toward completing the Required Filings in a timely
manner.
The company confirms that it intends to satisfy the alternative
information guidelines found in National Instrument Policy 12-203
(Management Cease Trade Orders) for as long as the MCTO is in
effect. Additionally, the company confirms that as of the date
hereof, it is not aware of any other material information
concerning its affairs which has not generally been disclosed.
ON BEHALF OF THE BOARD
Steve Bromley
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.
ABOUT ORGANTO
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 delay in making the Required Filings; the efforts
Organto is taking to make the Required Filings; 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.