VANCOUVER, April 29, 2019 /CNW/ - Organto Foods
Inc. (TSX-V: OGO, OTC: OGOFF) ('Organto"). Organto
today announced that it anticipates a delay in filing its audited
annual financial statements for the year ended December 31, 2018, the related management's
discussion and analysis and certificates of its CEO and CFO
(collectively, the "Required Filings") with Canadian securities
regulators until after the April 30,
2019 filing deadline.
The Company has experienced delays in obtaining information
pertaining to some of its foreign subsidiaries and as a result
additional time is required to permit the Company's auditors to
complete its review and enquiries in connection with the audit of
the Company's 2018 financial statements. The Company and its
auditors are working diligently, and the Company is working to make
the Required Filings by no later than May
17, 2019.
In connection with this delay, the Company has applied for a
customary management cease trade order (the "MCTO") relating to the
trading by the Company's CEO and CFO and each other member of the
Company's board in securities of the Company from the British
Colombia Securities Commission, the Company's principal regulator
in Canada. If granted, the
MCTO should not affect the ability of other shareholders to trade
in the securities of the Company.
If the MCTO is granted, the Company intends to comply with the
provisions of the alternative information guidelines set out in
Canadian National Policy 12-203 Management Cease Trade Orders ("NP
12-203") by providing bi-weekly updates by way of news release
until the Required Filings have been made.
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 anticipated delay in making the Required Filings;
the date by which Organto is working to make the Required Filings;
the Company's application for a customary MCTO; the expected
absence of an impact on the ability of other securityholders to
trade in the Company's securities; 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.