Calgary, Alberta–(Newsfile Corp. – May 9, 2022) – Discover Wellness Solutions Inc. (CSE: WLNS) (“Discover well-being“, or the “Company“) announces that the Company has received a Cease Trade Order (“CTO”) from the Alberta Securities Commission (“ASC”) for failing to file the following periodic disclosure documents (collectively the “annual filings”) before the filing deadline of May 2, 2022, namely:
- the audited annual financial statements for the year ended December 31, 2021;
- the management report relating to the audited annual financial statements for the year ended December 31, 2021; and
- certification of the above documents as required by National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings.
As announced on April 11, 2022, the Company faces a very difficult liquidity situation and only pays crucial suppliers; the Company does not have the funds to pay for the audit of its 2021 financial statements. The company has begun the process of selling its Newell property and the proceeds will be used to repay debts and fund the audit of its 2021 financial statements and complete its annual filings. The Company will seek to have the ASC CTO removed once the audit and filings are complete.
Notwithstanding the OTC, a beneficial holder of securities of the Company who is not, and was not on the date of the OTC, an insider or control person of the Company, may sell securities of the Company acquired before the OTC date if the following conditions apply: (a) the sale is made through a “foreign organized regulated market”, as defined in article 1.1 of the Universal Rules of Investment Industry Regulatory Organization of Canada Market Integrity; and (b) the sale is made through a registered securities dealer in a jurisdiction of Canada in accordance with applicable securities laws. Holders of securities of the Company are urged to consult their own investment advisors or legal advisors regarding the implications of the OTC.
The Company is not currently subject to any insolvency proceedings. The Company also confirms that there is no other material information relating to the business of the Company that has not been generally disclosed as of the date of this press release.
Discover Wellness Solutions Inc.
Discover Wellness is a licensed Canadian company, through its subsidiary, to cultivate, produce, process and sell cannabis in various forms. The Company intends to exit the cannabis industry and pursue new business opportunities.
Peter Cheung, Chief Financial Officer
Certain information contained in this press release contains forward-looking statements or information (“forward-looking statements“). By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of the Company, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks, competition from other industry players, stock market volatility and the ability to access sufficient capital from internal and external sources .Although the Company believes that the expectations contained in its forward-looking statements are reasonable, its forward-looking statements have been based on factors and assumptions regarding future events which may prove to be inaccurate.These factors and assumptions are based on information currently available.These statements are subject to known and unknown risks, uncertainties and other facts. ers that could influence actual results or events and cause actual results or events to differ materially from those announced, anticipated or implied by the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, as no assurance can be given as to future results, levels of activity or achievements. The risks, uncertainties, important assumptions and other factors that could affect actual results are discussed in our public disclosure documents available at www.sedar.com. Further, the forward-looking statements contained herein are made as of the date of this document and, except as required by applicable law, the Company undertakes no obligation to publicly update or revise any of the forward-looking statements. included. , whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
Trading in the securities of WLNS should be considered highly speculative.
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