DENVER, CO, May 16, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — CBD Global Sciences Inc., dba Global Sciences Inc. (OTC: CBDNF) (CSE: CBDN) (Frankfurt: GS3.F) (Munich: GS3.MU ) (the “Company”), provides this first bi-weekly default status report pursuant to National Policy 12-203 – Cease Trade Orders for Continuing Disclosure Failures (“NP 12-203”). In the Company’s initial notice of default dated April 19, 2022 (the “Notice of Default”), the Company announced the delay in filing its audited annual financial statements for the year ended December 31, 2021 (the “Annual Financial Statements”) and related MD&A and CEO and CFO certificates (collectively, the “Annual Filings”) by the prescribed filing deadline.
As previously disclosed, the Company has sought and obtained a Management Cease Trade Order with respect to Delayed Annual Filings (the “MCTO”) from the Alberta Securities Commission. The MCTO prohibits the CEO and CFO from trading in the Company’s securities while there are outstanding filings under applicable securities laws. The OCCM does not affect the ability of the general investing public to trade in the securities of the Company.
The audit of the annual financial statements is ongoing and the Company continues to expect to file the annual filings no later than July 1, 2022.
The Company confirms that since the Notice of Default: (i) there has been no material change in the information contained in the Notice of Default that has not been generally disclosed; (ii) the Company has not failed in its stated intentions with respect to compliance with the provisions of the alternative disclosure guidelines set forth in IG 12-203; (iii) there has been no other specified breach by the Company under IG 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.
In addition, the Company anticipates that its interim financial statements for the three months ended March 31, 2022, related MD&A and related CEO and CFO certifications will not be filed prior to the filing deadline. prescribed and will be filed after the annual filings. are completed and filed.
The Company will continue to comply with the provisions of the Alternative Disclosure Guidelines under IG 12-203 by issuing default status reports every two weeks in the form of press releases as long as it remains in failure to comply with the filing requirements set out above.
For more information about the Company, please contact:
Investor Relations: 720-881-2541 or by email at [email protected]
ABOUT GLOBAL SCIENCES INC.
CBD Global Sciences, Inc., dba Global Sciences Inc. has grown into a multifaceted company focused on using the industrial hemp plant to create a healthier lifestyle. Its website is at www.globalsciences.ca. Global Sciences, Inc. is a hemp-based CBD producer and branded investment vehicle that currently owns several brand names like Aethics™ www.aethics.com and CANNAOIL™ www.cannaoilshop.com, offering CBD tinctures. CBD oil (liquid products), CBD capsules, CBD topicals, hydration products and confectionery products. Global Sciences’ hemp-derived CBD extracts are sold online through select distributors and physical retailers.
Through its wholly owned subsidiaries, Global Sciences Holdings, Resinosa LLC, www.resinosa.com and Legacy Distribution Group, www.legacydistributiongroup.com, Global Sciences provides quality CBD products in retail and e-commerce across the country. Direct Store Delivery (DSD) provides distribution services to multiple suppliers of CBD-infused and non-CBD products in Colorado and Wyoming territories serving over 750 C stores and big box 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 CBD and non-CBD product lines and White mark.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This press release contains certain “forward-looking statements” under applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements regarding future developments and the business and operations of the Company. Forward-looking statements are necessarily based on a number of estimates and assumptions which, while believed to be reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results to differ. and future events differ materially from those expressed or implied. by such forward-looking statements. These factors include, but are not limited to, general business, economic, competitive, political and social uncertainties; and delay or failure to obtain board, shareholder or regulatory approvals. Readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATORY SERVICE PROVIDER HAS REVIEWED NOR ACCEPTS RESPONSIBILITY FOR THE SUITABILITY OR ACCURACY OF THIS RELEASE.