VANCOUVER, British Columbia, Nov. 26, 2019 (GLOBE NEWSWIRE) -- EXMceuticals Inc. (CSE: EXM) (FSE: A2PAW2) (the “Company” or “EXM”) is providing this bi-weekly default status report in accordance with National Policy 12-203 Management Cease Trade Orders (“NP 12-203”). On October 23, 2019, the Company announced that, for reasons set out in its news release of October 23, 2019, the filing of its annual audited financial statements for the year ended June 30, 2019, the accompanying management’s discussion and analysis and the related CEO and CFO certifications (collectively, the “Annual Filings”) would not be filed by the prescribed deadline of October 28, 2019.
On October 29, 2019, the British Columbia Securities Commission, as principal regulator, granted a temporary management cease trade order (the “MCTO”). As previously announced, the Company requires additional time to file its annual financial statements and MD&A for the financial year ended June 30, 2019 due to this being the first annual financial statements of the consolidated company following an RTO and additional time is required to complete the review and procedures. As a result, the Company concluded that it would not be in a position to complete the year-end audit within the time periods required by National Instrument 51-102. The Company currently anticipates that it will be in a position to file the Annual Filings on or before December 27, 2019.
Pursuant to NP 12-203, the Company must file bi-weekly default status reports in the form of further news releases during the period of the MCTO. The Company reports that since its news release of October 23, 2019, there have been no material changes regarding the information contained in that news release. The Company confirms there have been no failures by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines under NP 12-203, and there has not been, nor is there anticipated to be, any specified default subsequent to the default announced in the Company’s news release of October 23, 2019. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS OF EXMCEUTICALS INC.
Jonathan Summers, Chairman and Chief Executive Officer
For further information contact:
Europe - Jane Glover: +44 (0) 203 757 4990
North America - Mélanie Guillemette: +1 819 668 2734
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Neither the CSE nor the FSE has approved nor disapproved the contents of this news release. Neither the CSE, nor the FSE accepts responsibility for the adequacy or accuracy of this release.
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward looking statements in this news release include, but are not limited to, the Company’s intent to file the Annual Filings. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.