Toronto, Ontario--(Newsfile Corp. - June 19, 2020) - Tree of Knowledge International Corp. (CSE: TOKI) (the "Company" or "TOKI") is providing this bi-weekly default status report (the "Default Status Report") in accordance with National Policy 12-203 - Management Cease Trade Orders ("NP 12-203").
On June 1, 2020, the Company announced (the "Default Announcement") that, for the reasons disclosed in the Default Announcement, the filing of its audited financial statements for the year ended December 31, 2019, accompanying Management's Discussion and Analysis and associated CEO and CFO certifications (the "Annual Filings"), would not be completed by the filing deadline of June 15, 2020.
As a result of this delay in filing the Annual Filings, the Company has made an application to its principal regulator, the Ontario Securities Commission, for a management cease trade order (the "MCTO"). The Ontario Securities Commission is currently reviewing the Company's MCTO application. If the application is approved and a MCTO is granted, the MCTO will restrict all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer and the Chief Financial Officer of the Company (or such insiders as the commission determines) until such time as the Annual Filings have been filed by the Company. The MCTO will not affect the ability of shareholders who are not insiders of the Company to trade their securities.
The Company's board of directors and its management confirm once again that they are working expeditiously to meet the Company's obligations relating to the Annual Filings and the Company continues to expect to file the Annual Filings on or about July 15, 2020.
As required by the alternative information guidelines specified by NP 12-203, the Company reports that since the Default Announcement, except as stated in this Default Status Report, there have not been any changes to the information set out in the Default Announcement that would reasonably be expected to be material to an investor nor any failure by the Company to fulfill its intentions as stated therein with respect to satisfying the provisions of the alternative information guidelines, and there are no additional defaults or anticipated defaults subsequent to the disclosure therein, other than the delay in filing the Annual Filings. Further, there is no additional material information concerning the affairs of the Company that has not been generally disclosed and there are no insolvency proceedings against the Company as of the date of this Default Status Report.
Until the Annual Filings have been filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines set out in NP 12-203 by issuing bi-weekly default status reports in the form of further press releases, which will also be filed on SEDAR.
About Tree of Knowledge
TOKI is a public company that delivers pathways to innovative, science-based health and wellness solutions. The Company is a leader in pain management, spanning from seed to patient. Built upon an extensive network of scientific and medical research, TOK is an advanced leader in the development, processing, and distribution of focused products and treatments for pain relief. Tree of Knowledge spans the globe with its multidisciplinary pain clinics, research partners, consumer CBD products, and education and advocacy programs - all working in harmony to bring health and wellness to the world while creating value for shareholders and partners.
Except for statements of historical fact relating to the Company, certain information contained herein relating to the timing of the filing of financial statements 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.
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