DENVER, CO, June 13, 2022 (GLOBE NEWSWIRE) – via NewMediaWire – CBD Global Sciences Inc., dba Global Sciences Inc. (OTC: CBDNF) (CSE: CBDN) (Frankfurt: GS3.F) (Munich: GS3. MU) (the “Corporation”) provides this third fortnightly default status report in accordance with National Policy 12-203 : Cease commercial orders due to continuous disclosure defects (“NP 12-203”). In the Corporation’s initial non-compliance notice of April 19, 2022 (the “Notice of Non-compliance”), the Corporation announced the delay in submitting its audited annual financial statements for the year ended. on December 31, 2021 (the “Annual Financial Statements”) and the discussion and analysis of the related management and the certifications of CEO and CFO (collectively, the “Annual Submissions”) within the established submission deadline.
As previously announced in the Corporation’s press releases, the Corporation requested and was granted a commercial cessation order in respect of arrears of annual submissions (the “MCTO”) by the Alberta Securities Commission. The MCTO prohibits the Chief Executive Officer and Chief Financial Officer from negotiating with the Corporation’s securities while pending submissions in accordance with applicable securities laws. The MCTO does not affect the ability of the general investor public to negotiate with the Corporation’s securities.
The audit of the annual financial statements is ongoing and the Corporation is still awaiting the submission of the annual statements before July 1, 2022.
The Corporation confirms that since the Notice of Breach: (i) there is no material change in the information set forth in the Notice of Breach that has not been disclosed in general; (ii) there has been no breach by the Corporation of compliance with its stated intentions with respect to compliance with the provisions of the Alternative Information Guidelines set forth in NP 12-203; (iii) there has been no other breach specified by the Corporation under NP 12-203; and (iv) there is no other material information on the affairs of the Corporation which has not been generally disclosed.
In addition, the Corporation anticipates that its interim financial statements for the three months ended March 31, 2022, the discussion and analysis of the Deputy Management and the related CEO and CFO certifications will not be submitted within the submission deadline. established and will be presented after the annual submission. they are completed and archived.
The Corporation will continue to comply with the provisions of the NP 12-203 Alternative Information Guidelines by issuing fortnightly default status reports in the form of press releases as long as they do not meet the above filing requirements.
For more information about the company, please contact:
Investor Relations: 720-881-2541 or by email at info@globalsciences.ca
Website: www.globalsciences.ca
ABOUT GLOBAL SCIENCES INC.
CBD Global Sciences, Inc., dba Global Sciences Inc. has become a versatile company focused on using the industrial hemp plant to create a healthier lifestyle. His website can be found at www.globalsciences.ca. Global Sciences, Inc. is a producer of CBD based on hemp and a branded investment vehicle that currently owns several brands such as Aethics ™ www.aethics.com and CANNAOIL ™ www.cannaoilshop.com, which offers CBD oil tinctures (products liquids), CBD capsules, CBD topicals, moisturizers and pastries. CBD hemp extracts from Global Sciences are sold online through select distributors and retailers of brick and mortar.
Through its wholly owned subsidiaries, Global Sciences Holdings, Resinosa LLC, www.resinosa.com and Legacy Distribution Group, www.legacydistributiongroup.com, Global Sciences offers quality CBD products in retail and e-commerce formats throughout the country. Direct Store Delivery (DSD) offers distribution services to various vendors of CBD-infused and non-CBD-infused products in the Colorado and Wyoming territories serving more than 750 C-stores and department stores with expansion plans to exceed 5,000 stores in the next 12. -24 months. In addition to Legacy Distribution, it has a manufacturing division, Resinosa LLC www.Resinosa.com, with its capabilities to provide cGMP manufacturing to the CBD industry with private label and white label CBD and non-CBD product lines.
PRECAUTION STATEMENT REGARDING PROSPECTIVE INFORMATION
This press release includes certain “forward-looking statements” in accordance with applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements of future developments and the business and operations of the Corporation. Forward-looking statements are necessarily based on a series of estimates and assumptions that, while considered reasonable, are subject to risks, uncertainties and other known and unknown factors that may cause actual results and future events to differ materially from those expressed or implicit. for these forward-looking statements. These factors include, but are not limited to, general business, economic, competitive, political, and social uncertainties; and delay or not receive the approval of the board, shareholders or regulators. Readers should not unduly rely on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law.
NEITHER THE CANADIAN STOCK EXCHANGE OR ITS REGULATORY SERVICE PROVIDER HAVE REVIEWED OR ACCEPTED THE RESPONSIBILITY FOR THE SUITABILITY OR ACCURACY OF THIS PUBLICATION.
