Toronto, Ontario, June 25, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Tree of Knowledge International Corp. (CSE: TOKI) (the "Company" or “TOKI”) is pleased to announce that further to its press release dated June 19, 2020, the Company’s principal regulator, the Ontario Securities Commission, has accepted the Company's application for, and granted, a management cease trade order (the "MCTO"). The application for the MCTO was made by the Company due to a delay in the filing of its audited annual financial statements, accompanying management discussion and analysis and related CEO and CFO certifications for the year ended December 31, 2019 (the “Annual Filings”).
The Company is actively working with its auditors to file the Annual Filings, which the Company expects to be completed in due course.
On March 16, 2020, the Canadian Securities Administrators (the “CSA”) issued a news release to address how reporting issuers should handle delays in their reporting obligations. In this news release, the CSA asked that reporting issuers that foresee that they will not able to file their annual or interim financial statements by their prescribed deadline, due to delays from COVID-19, or for other reasons, should consider applying for a MCTO. A MCTO restricts certain officers and directors from trading securities of the Company and can be issued by a reporting issuer’s principal regulator instead of receiving a failure-to-file cease-trade order, which generally affects trading in securities of the Company by all. The Company carefully considered the CSA guidance, submitted a MCTO application to the regulators in the appropriate timeframe and was granted a MCTO.
During the period in which the MCTO is effective, the general investing public, who are not insiders of the Company, will continue to be able to trade in the Company's listed common shares. However, the Company's CEO and CFO will not be able to trade the Company's common shares until such time as the Annual Filings have been filed by the Company and the MCTO has been lifted.
The Company’s board of directors and its management confirm that they are working expeditiously to meet the Company's obligations relating to the filing of the Annual Filings. At this time, the Company anticipates being able to complete the Annual Filings on or before July 15, 2020.
During the MCTO, the Company confirms that it will comply with the provisions of the alternative information guidelines set out in National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults for as long as it remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a news release.
The Company confirms as of the date of this news release that there is no insolvency proceeding against it and there is no other material information concerning the affairs of the Company that has not been generally disclosed.
For further information please visit: www.tokicorp.com Or contact: Tree of Knowledge International Corp.
Ashley Villarruel, (647) 607-9044, ashley@tokicorp.com
About Tree of Knowledge
TOKI is a public company that delivers pathways to innovative, science-based health and wellness solutions. The Company is a leader in pain management, spanning from seed to patient. Built upon an extensive network of scientific and medical research, TOK is an advanced leader in the development, processing, and distribution of focused products and treatments for pain relief. Tree of Knowledge spans the globe with its multidisciplinary pain clinics, research partners, consumer CBD products, and education and advocacy programs – all working in harmony to bring health and wellness to the world, while creating value for shareholders and partners.
Forward Looking Statements
Except for statements of historical fact relating to the Company, certain information contained herein relating to the timing of the filing of financial statements constitutes forward-looking statements. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.