TORONTO, May 14, 2019 /CNW/ - Namaste Technologies Inc.
("Namaste" or the "Company") (TSXV: N) (FRANKFURT:
M5BQ) (OTCMKTS: NXTTF) is providing this third bi-weekly default
status report in accordance with National Policy 12-203 - Cease
Trade Orders for Continuous Disclosure Defaults ("NP
12-203"). In its initial default announcement of April 2, 2019 (the "Default Notice"), the
Company announced the delay in the filing of its audited annual
financial statements for the fiscal year ended November 30, 2018 (the "2018 Annual Financial
Statements"), the accompanying management's discussion and
analysis and the related CEO and CFO certifications (collectively,
the "Annual Filings") by the filing deadline of April 1, 2019. The Company subsequently
provided bi-weekly default status reports on April 15, 2019 and April
30, 2019.
As previously announced, the Company applied for and was granted
management cease trade orders in respect of the delayed Annual
Filings (the "MCTO") by the British Columbia Securities
Commission and the Ontario Securities Commission which prohibit the
chief financial officer and the interim chief executive officer
from trading in the Company's securities for so long as there are
filings that are outstanding under applicable securities
laws. The MCTO does not affect the ability of the
general investing public to trade in the Company's listed common
shares.
The audit of the 2018 Annual Financial Statements is well
underway and the Company currently continues to expect to file the
Annual Filings by the end of May 2019. In addition, the
Company continues to anticipate that its interim financial
statements for the three month period ended February 28, 2019, the accompanying management's
discussion and analysis and the related CEO and CFO certifications
will not be filed by the filing deadline, and will be filed after
the Annual Filings are completed and filed.
The Company confirms that since the Default Notice: (i) there is
no material change to the information set out in the Default Notice
that has not been generally disclosed; (ii) there has been no
failure by the Company in fulfilling its stated intentions with
respect to satisfying the provisions of the alternative information
guidelines set out in NP 12-203; (iii) there has not been any other
specified default by the Company under NP 12-203; and (iv) since
the Company's bi-weekly default status report dated April 30, 2019, there is no other material
information concerning the affairs of the Company that has not been
generally disclosed.
The Company will continue to comply with the provisions of the
alternative information guidelines under NP 12-203 by issuing
bi-weekly default status reports in the form of news releases for
so long as it remains in default of the filing requirements set out
above.
About Namaste Technologies Inc.
Namaste Technologies
powers the ultimate online customer experience for medicinal
cannabis and related products. Beginning with NamasteMD.com, the
Company's integrated telemedicine application, Namaste connects
medical clients with health care practitioners to more readily
issue and renew cannabis prescriptions online. Featuring the first
Canadian Medical Sales-Only Licence, the Company's own Cannmart.com
is your 'everything cannabis store' offering clients a large
variety of strains to fill their prescription needs. Namaste's
unique artificial intelligence (AI) engine incorporated in its
platforms and related Uppy App, completes our ecosystem by
identifying the right product and pairing to address specific
medical cannabis requirements. Namaste also provides vaporizers and
accessories across several platforms. Namaste's global technology
addresses local needs in a burgeoning cannabis industry requiring
smart solutions. For more information about Namaste, please visit
www.Namastetechnologies.com
Further information on the Company and its products can be
accessed through the links below:
NamasteTechnologies.com
NamasteMD.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 in this press release,
includes, but is not limited to, statements related to: the
anticipated delay in the completion of the Company's Annual Filings
and the Company's ability to complete its audit and complete the
Annual Filings by May 31, 2019. 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 future growth, 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
the 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.
SOURCE Namaste Technologies Inc.