Toronto, Ontario, July 16, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Tree of Knowledge International Corp. (CSE: TOKI) (the “Company” or “TOKI”) has received notice from the Ontario Securities Commission (the “OSC”) that the OSC will be converting the Company’s previously received management cease trade order (the “MCTO”) into a failure to file cease trade order (the “FFCTO”). The Company had requested a two week extension to the time provided in the MCTO, as it anticipates making the required filings on or before July 31, 2020. Under the MCTO, the Company had previously represented that it expected to be able to file 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”) and interim financial statements, accompanying management discussion and analysis and related CEO and CFO certifications for the period ended March 31, 2020 (“Q1 Filings”) on or before July 15, 2020. However, due to ongoing COVID-19 related access issues, the Company estimates that it will require up to an additional two weeks for the completion of the filings.
The FFCTO issued effective July 15, 2020, will prohibit the trading by any person of any securities of the Company in Canada, including trades in the Company's common shares made through the Canadian Securities Exchange. The Company expects the FFCTO to remain in place until such time as the Annual Filings and Q1 Filings have been filed and the Company receives an order from the OSC revoking the FFCTO.
An extension request was granted by the OTC Markets Group, so the FFCTO will not have an impact on the Company’s quotation on the OTC under the symbol TOKIF.
The Company will issue a further press release when the Annual Filings and Q1 Filings have been made. The Company’s board of directors and its management confirm that they are working expeditiously with the Company’s auditors to have the Company's Annual Filings and the Q1 Filings completed.
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.