TORONTO, June 14, 2021 /CNW/ - Globally Local Technologies
Inc., (the "Company") (TSXV: GBLY) the parent company of Globally
Local, one of the world's first vegan fast-food chains, announced
today that it has filed amended and restated interim financial
statements for the interim period ended March 31, 2021.
It was determined by Globally Local's management that the
original financial statements for the second quarter ended
March 31, 2021 contained
inter-company sales and cost of goods sold of $53,188 that were not properly
eliminated. The net result is a reduction of both revenue and
cost of goods sold, with no resulting impact on net loss and
comprehensive loss.
Management had previously relied on outsourced accounting
services but determined in the June that it was necessary to
enhance the controls over financial reporting and bring the
processes in house.
The Amended Financial Reports will be available under the
Company's profile on SEDAR at www.sedar.com. Each of the
Amended Financial Reports replace and supersede the respective
previously filed original financial. Such previously filed
original financial statements should be disregarded.
About Globally Local Technologies Inc.
Globally Local is a plant-based food technology company that
manufactures and distributes industry-leading plant-based protein
and dairy alternatives using locally sourced and sustainable
ingredients. The company distributes its products through a
proprietary food service line to company owned and franchised
fast-food restaurant locations. Globally Local restaurant locations
operate as smart kitchens, which use state-of-the art cooking
technology and automation solutions to deliver a delicious food
experience to customers craving healthier and more sustainable fast
food. With small store footprints optimized for delivery and
takeout, advanced cooking technology, competitive pricing, a
vertically integrated supply chain along with healthier
ingredients, Globally Local is revolutionizing the fast-food
industry. The Company currently operates a manufacturing facility
and two restaurant locations in Canada, with plans to open 20 additional
restaurant locations across North
America in the next 12 months. The Company is traded on the
TSX Venture Exchange under the symbol GBLY. For more information
visit https://globallylocal.ca.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the
Exchange) accepts responsibility for the adequacy or accuracy of
this press release.
This news release contains forward-looking statements
relating to the future operations of the company and other
statements that are not historical facts. Forward-looking
statements are often identified by terms such as "plans", "will",
"may", "should", "anticipate", "expects" and similar expressions.
Events or circumstances may cause actual results to differ
materially from those predicted, as a result of numerous known and
unknown risks, uncertainties, and other factors, many of which are
beyond the control of the company.
Specifically, this press release contains forward-looking
statements. Such forward-looking statements of information are
based on a number of assumptions which may prove to be
incorrect.
Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release and the Company will update or
revise publicly any of the included forward-looking statements as
expressly required by Canadian securities law.
The reader is cautioned that assumptions used in the
preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many
of which are beyond the control of the Company. The reader is
cautioned not to place undue reliance on any forward-looking
information. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are
made as of the date of this news release and the Company will
update or revise publicly any of the included forward-looking
statements only as expressly required by Canadian securities
law.
SOURCE Globally Local Technologies Inc.