CALGARY,
AB, July 17, 2024 /CNW/ -
The Hempshire Group, Inc. (TSXV: HMPG)
("Hempshire" or the
"Company") announces that
the Alberta Securities Commission (the
"ASC"), as the principal regulator of the
Company, issued a cease trade order ("CTO")
against the Company on July 12, 2024
for the Company's failure to file its audited annual financial
statements, accompanying management discussion and analysis and
certifications for the financial year ended December 31, 2023 (the "Annual
Filings"), and the interim financial statements,
management discussion and analysis and certifications for the three
month period ended March 31, 2024
(the "Interim Filings" and, together with the
Annual Filings, the "Required Filings").
The Company continues to work diligently with its
auditors to facilitate the completion of the Annual Filings and now
expects to file the Required Filings by July
31, 2024.
The ASC had previously issued a management
cease trade order (the "MCTO") against the
Company on May 9, 2024, in connection
with the delayed filing of the Annual Filings. The CTO revokes and
replaces the MCTO and will remain in place until such time as the
Required Filings have been filed. As a result of the CTO,
the TSX Venture Exchange (the "Exchange")
has suspended trading of the Company's common shares.
The CTO was issued under Multilateral
Instrument 11-103 - Failure-To-File Cease Trade Orders In
Multiple Jurisdictions and prohibits the trading or
purchase by any person or company of any securities of Hempshire in
each jurisdiction in Canada in
which the Company is a reporting issuer for as long as the CTO
remains in effect; however, the CTO provides an exception for
beneficial securityholders of the Company who are not currently
(and who were not as of July 12,
2024) insiders or control persons of the Company who may
sell securities of the Company if both of the following criteria
are met: (a) the sale is made through a foreign organized regulated
market, as defined in Section 1.1 of the universal market integrity
rules of the Investment Industry Regulatory Organization of
Canada; and (b) the sale is made
through an investment dealer registered in a jurisdiction of
Canada in accordance with
applicable securities legislation.
About Hempshire
Hempshire formulates and markets its own
proprietary brands under the MOUNTAIN® Smokes brand name, including
MOUNTAIN® Originals hemp smokes with <0.3% THC.
Information about the Company's MOUNTAIN®
Smokes line of hemp smokes can be found at the Company's ecommerce
website at
https://mountainsmokes.com.
Neither the Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking
Statements
This news release contains
forward-looking statements and forward-looking information within
the meaning of applicable securities laws. The use of any of the
words "expect", "anticipate", "continue", "estimate", "objective",
"ongoing", "may", "will", "project", "should", "believe", "plans",
"intends" and similar expressions are intended to identify
forward-looking information or statements. More particularly, and
without limitation, this news release contains forward-looking
statements and information concerning: Hempshire's business,
strategies, expectations, planned operations and future
actions; the anticipated filing of the Required
Filings; and the timing of the revocation of the CTO and the
resumption of trading on the
Exchange.
Hempshire believes that the expectations
and assumptions on which such forward-looking statements and
information are based are reasonable, undue reliance should not be
placed on the forward-looking statements and information because
Hempshire can give no assurance that they will prove to be correct.
By its nature, such forward-looking information is subject to
inherent risks and uncertainties, which could cause the actual
results and expectations to differ materially from the anticipated
results or expectations expressed.
SOURCE The Hempshire Group, Inc.