VANCOUVER, BC , June 15, 2020 /CNW/ - Hollister Biosciences Inc. (the "Company" or " Hollister ") (HOLL.CN) (HOB.F) (HSTRF), announces, further to its news release of June 2, 2020 that its annual financial statements for the year ended December 31, 2019 , including the related management discussion and analysis, and CEO and CFO certifications (collectively, the "Annual Financial Filings") were not filed by the required filing deadline of June 15, 2020 (the "Filing Deadline").
The Annual Financial Filings were not filed on or before the Filing Deadline due to the nature of business and the COVID-19 pandemic. The Company has been advised by its auditors, Davidson & Company LLP, that they need more time to complete the audit.
The Company is working on the steps required to complete the Annual Financial Filings and expects to be able to file the Annual Financial Filings by July 15 , 2020. The Company will provide updates as further information relating to the Annual Financial Filings becomes available.
The Company has applied to the applicable securities regulatory authorities and received a management cease trade order ("MCTO") imposed against the Chief Executive Officer and Chief Financial Officer of the Company precluding them from trading securities of the Company. The MCTO will be in effect until the Annual Financial Filings are filed, and requires that the Annual Financial Filings be filed on or before July 15, 2020 .
Until the Annual Financial Filings are filed, the Company intends to issue bi-weekly default status reports in accordance with National Policy 12-203 - Management Cease Trade Orders. The Company intends to satisfy the provisions of the Alternative Information Guidelines during the period it remains in default of the filing requirements. The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed.
About Hollister Biosciences Inc.
Hollister Biosciences Inc. is a multi-state cannabis company with a vision to be the sought-after premium brand portfolio of innovative, high-quality cannabis & hemp products. Hollister uses a high margin model, controlling the whole process from manufacture to sales to distribution or seed to shelf. Products from Hollister Biosciences Inc. include HashBone, the brand's premier artisanal hash-infused pre-roll, along with concentrates (shatter, budder, crumble), distillates, solvent-free bubble hash, pre-packaged flower, pre-rolls, tinctures, vape products, and full-spectrum high CBD pet tinctures. Hollister Cannabis Co. additionally offers white-labeling manufacturing of cannabis products. Our wholly-owned California subsidiary Hollister Cannabis Co is the 1st state and locally licensed cannabis company in the city of Hollister, CA birthplace of the "American Biker".
ON BEHALF OF THE BOARD of DIRECTORS
HOLLISTER BIOSCIENCES INC.
" Carl Saling "
Chief Executive Officer
The CSE does not accept responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING "FORWARD–LOOKING" INFORMATION: This news release contains forward–looking statements. The Company has provided the forward–looking statements in reliance on assumptions that it believes are reasonable at this time. The reader is cautioned that the assumptions used in the preparation of the forward–looking statements may prove to be incorrect. All such forward–looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, delays resulting from or inability to obtain required regulatory approval. The actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward–looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward–looking statements will transpire or occur, or if any of them do, what benefits, including the amount of proceeds, the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive.
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SOURCE Hollister Biosciences Inc.
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