Vancouver BC / NEWSWIRE / September 9, 2020 /CNW/ - Agrios Global Holdings Ltd. (CSE: AGRO) (OTCQB: AGGHF) (FSE: ØSA - WKN-A2N62K) ("Agrios" or the "Company") announces that it will not be in a position to file its audited annual financial statements (the “Annual Financial Statements”), the management’s discussion and analysis (the “MD&A”) and related certifications for the fiscal year ended March 31, 2020 on or before September 14, 2020, as a result of complexities caused by COVID-19 pandemic, which initially impacted the Company’s ability to complete its audited annual financial statements and has consequently caused a delay in completion of the Interim Filings.
Based on discussions with its auditors, the Company believes that the Annual Financial Statements together with the auditor’s report thereon should be finalized and filed by October 31, 2020, together with the Company’s annual MD&A for the 2020 fiscal year.
The Company has filed an application (the “Application”) with the British Columbia Securities Commission, as its principal regulator, for a management cease trade order in accordance with National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”). If approved, this application would give the Company additional time to complete its audit and file its annual financials without a full cease-trade order being issued.
Until the Annual Financial Statements, have been filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of further press releases, which will also be filed on SEDAR.
Additionally, the Company announces Mr. Sameet Kanade has been appointed as Interim CFO.
About Agrios Global Holdings Ltd.
Agrios Global Holdings is a data analytics-driven agriculture technology and services company advancing the latest innovations in indoor growing science. The Company owns, leases and manages properties and equipment for eco-sustainable agronomy and provides advisory services to support all aspects of aeroponic cultivation in the cannabis sector. Agrios is actively pursuing new opportunities to expand its portfolio of tenant growers and infrastructure assets in strategic licensed jurisdictions. Based in Vancouver, BC. Agrios is managed by a highly accomplished team of experienced industry and capital markets experts who are committed to the growth of the company.
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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 the timing of the filing of the Annual Financial Statements and the filing of the bi-weekly default status reports.
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.