TORONTO, July 30, 2019 /PRNewswire/ - Beleave Inc. (CSE: BE) (OTCQX: BLEVF) ("Beleave" or the "Company") announces that it expects to file its audited annual financial statements and management's discussion and analysis for the twelve months ended March 31, 2019, which were required to be filed by July 29, 2019, in the next thirty days.
The delay is due to a comprehensive internal audit currently underway, and a revisiting of the required financial guidelines relating to the review and analysis of previous results and statements by the Company. On June 28, 2019, the Company released restated financials for the nine months ending December 31, 2018 in response to guidelines and best practices imposed on the accounting practices for the cannabis industry in Canada as part of Beleave's ongoing commitment to transparency and clarity for the Company's stakeholders. Beleave is working to finalize the necessary procedures required by its auditor, and the Company will continue to work diligently to complete the audit as soon as possible.
"We apologize and understand that this review and delay may cause an inconvenience to our existing and prospective stakeholders," said Beleave's Interim CFO, Kevin Keagan. "We appreciate everyone's patience and understanding while we take the necessary action to see that it is properly completed as quickly as possible."
Beleave has made a request to the Ontario Securities Commission, as principal regulator of the Company, for a management cease trade order ("MCTO") in respect of the default regarding the annual filings. If approved, the MCTO will prohibit the Chief Executive Officer, Chief Financial Officer, members of the board of directors, or other persons who had or may have access to material information that has not been publicly disclosed from trading in securities of the Company for so long as the annual filings are not filed. A MCTO does not affect the ability of persons other than management or directors of the Company to trade in the Company's securities. The Company notes that while an application has been submitted, there is no assurance that the Ontario Securities Commission will grant the Company's application for a MCTO.
The Company confirms as of the date of this news release that there is no other material information concerning the affairs of the Company that has not been generally disclosed.
ABOUT BELEAVE INC.
Beleave is an ISO certified, Canadian cannabis company headquartered in the Greater Toronto Area that cultivates high-quality cannabis flower, oil and extracts for medical and recreational markets. Beleave is fully-licenced to cultivate and sell medical and recreational cannabis and is leading the way through research partnerships with universities to develop pharma-grade extracts and derivatives.
Beleave is developing new product lines, including cannabis-infused products, oils, vape pens, and other novel cannabis delivery methods for 2019. Beleave has developed a network of medical cannabis clinics in Ontario and Quebec under the Medi-Green banner. Through its majority ownership of Procannmed S.A.S., Beleave is fully licensed to cultivate, produce, and extract medical cannabis in Colombia positioning it to capitalize on exports and the expanding Latin American market. The Company has partnered with Canymed GmbH to supply the German market with medical cannabis.
This news release contains "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). The use of any of the words "plan", "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking information. These statements are only predictions. Although the Company believes that the expectations and assumptions on which the forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. This information speaks only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com.
SOURCE Beleave Inc.