TORONTO, June 15, 2020 /CNW/ - SPOT COFFEE
(CANADA) LTD. (TSXV:
SPP) ("SPoT" or the "Company") announces that further
to its news release dated June 12,
2020, the Company will be delayed in filing its audited
annual financial statements for the year ended December 31, 2019, 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 prescribed filing deadline.
The additional time during COVID-19 is required to permit the
Company and its auditors to complete the work and enquiries
required in connection with the audit of the Company's 2019
financial statements. The Company and its advisors are working
diligently to complete such work and the Company intends to make
the Required Filings as soon as possible.
In connection with this delay, the Company expects that the
Ontario Securities Commission ("OSC") will be issuing a
failure-to-file cease trade order ("FFCTO") against the
Company, rather than the management cease trade order
("MCTO") originally sought by the Company as announced on
June 12, 2020. Despite the exercise
of reasonable efforts by the Company in the circumstances, the
Company has been advised by the OSC that its application for a MCTO
was not successful and that the OSC was of the view that the
Company's circumstances did not constitute a "rare situation" for
the exercise of the OSC's discretion in this regard. When issued,
the Company expects the FFCTO to affect trading in all securities
of the Company and to remain in effect until such time as the
Company has made the Required Filings. Once the Required Filings
are made within 90 days of the date of the FFCTO, the required
filings will constitute the Company's application to have the FFCTO
revoked. The Company will issue a further news release when the
Required Filings have been made.
About SPoT Coffee
SPoT Coffee has been designing, building and operating
company-owned and franchise community cafés in the northeastern
United States for over 25 years.
SPoT's cafés provide their customers with the highest quality
service, signature made-to-order meals and award-winning
micro-roasted coffee. Each SPoT café is distinctively
designed to suit the local neighbourhood, creating a warm and
friendly gathering place for the community. SPoT's commercial
business focuses on the sale of roasted coffee beans to food
service and grocery chains, business offices, and resellers such as
universities and hospitals.
We seek Safe Harbor.
Forward Looking Statements
Except for statements of historical fact relating to the
Company, certain information contained herein constitutes
forward-looking statements. Although we believe that the
expectations reflected in the forward-looking information are
reasonable, there can be no assurance that such expectations will
prove to be correct. We cannot guarantee future results,
performance or achievements. Consequently, there is no
representation that the actual results achieved will be the same,
in whole or in part, as those set out in the forward-looking
information.
Forward-looking statements are based on the opinions and
estimates of management at the date the statements are made, and
are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements.
The forward-looking information contained in this news release is
expressly qualified by this cautionary statement. Except as
required by applicable securities laws, the Company undertakes no
obligation to update forward-looking statements if circumstances or
management's estimates or opinions should change. The reader is
cautioned not to place undue reliance on forward-looking
statements.
Neither 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 the release.
SOURCE Spot Coffee (Canada)
Ltd.