Vancouver BC / NEWSWIRE / July 10, 2020 /CNW/ - Agrios Global Holdings Ltd. (CSE: AGRO) (OTCQB: AGGHF) (FSE: ØSA - WKN-A2N62K) ("Agrios" or the "Company") announces it intends to delay its annual financial filings, due July 29, 2020, and its interim financial statement for Q1, 2020 due August 31, 2020.
As a result of the logistics and delays caused by the COVID-19 pandemic, Agrios Global Holdings, in consultation with its auditors, announces it will delay the audited financial statements and Management Discussion and Analysis for the period ended March 31, 2020.
Agrios will rely on the recent general blanket order published, by the British Columbia Securities Commission (the "BCSC"), and conditions under Section 51-517 to postpone the filing of its annual financial statements and accompanying management's discussion and analysis for the fiscal year ended March 31, 2020, and the interim financial statements and accompanying management's discussion and analysis for the three months ended June 30, 2020.
In response to the COVID-19 pandemic, the BCSC and other securities regulatory authorities in Canada have granted coordinated blanket exemptions, allowing issuers an additional 45-day period to complete their regulatory filings. The Company will be relying on the temporary exemption in respect of the following filing requirements:
- The requirement to file audited financial statements for the year ended March 31, 2019, within 120 days of the Company's fiscal year-end, as required under Continuous Disclosure Obligations;
- The requirement to file interim financial statements for the three-month period ended June 30, 2020, within 60 days of the Company's first quarter, as required under the policy;
- The requirement to file management's discussion and analysis for the period covered by the annual financial statements within 120 days of the Company's fiscal year-end, as required by the policy;
- The requirement to file management's discussion and analysis for the period covered by the interim financial statements within 60 days of the Company's first quarter as required by the policy;
Agrios currently anticipates being able to complete and file its annual filings, originally due on July 29, 2020, on or before September 14, 2020, and its interim filings originally due August 30, 2020, on or by October 7, 2020.
Effective immediately, the management and insiders of Agrios are subject to a trading blackout as per Section 9 of National Policy 11-207. The blackout period will remain in place until Agrios submits its annual financial filings and interim financial filings.
Agrios confirms that there have been no material business developments, other than as disclosed through news releases, since March 31, 2020.
For further information please contact:
President & CEO
This news release was prepared by management of Agrios, which takes full responsibility for its contents. The Canadian Securities Exchange ("CSE") has not reviewed and does not accept responsibility for the adequacy of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Agrios' periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward-looking statements.
Forward-looking statements may include, without limitation, statements related to corporate strategy and Agrios' ability to execute such strategy, future developments regarding Agrios' expansion into various markets including numerous states within the United States of America, and into Asia, expected costs of hemp fiber, intended development and sales of hemp products, market demand for hemp products, and the business and operations of Agrios as it relates to the Yunnan Province
Although Agrios has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US Federal laws; change in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Because of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. Agrios disclaims any intention or obligation to update or revise such information, except as required by applicable law, and Agrios does not assume any liability for disclosure relating to any other company mentioned herein.