TORONTO, Aug. 07, 2019 (GLOBE NEWSWIRE) -- Captor Capital Corp. (CSE: CPTR; FRANKFURT: NMV; STUTTGART: NMVA; USOTC: CPTRF), ("Captor" or the "Company"), a cannabis-focused investment company, announced that a failure-to-file cease trade order has been issued by the securities regulators as of August 6, 2019 as a result of the previously announced delay in filing the Company’s annual audited financial statements, management discussion and analysis and related certifications for the financial year-ended March 31, 2019 (the “Annual Financial Filings”). The delay in filing was the result of a change in the accounting treatment of the Company’s investee companies being required by the Company’s auditors. The required change in treatment arose just prior to the completion of the audit and the filing deadline of July 29, 2019, leaving insufficient time to address the auditor’s comments before that deadline.
This late change in accounting treatment also resulted in the Company being unable to obtain the management cease trade order that the Company had announced it was applying for. A management cease trade order would have resulted in only certain senior officers and directors being unable to trade in the Company’s securities. However, securities regulators will only exercise their discretion to grant such an order in rare circumstances when it is requested within 2 weeks of a filing deadline. The securities regulators chose not to exercise such discretion in this case and accordingly all trading in the Company’s securities has been ordered ceased, subject to certain limited exceptions for trades outside of Canada.
The Company regrets this unnecessary delay in filing and the inconvenience to shareholders and intends file the Annual Financial Filings as soon as possible.
About Captor Capital Corp.
Captor Capital Corp. is a Canadian investment firm focused on the cannabis sector listed on the Canadian Securities Exchange, the OTC, and the Frankfurt and Stuttgart stock exchanges. A vertically integrated cannabis investment company, Captor provides recreational and medical marijuana-based products to consumers via its wholly owned subsidiaries’ leading brands and dispensary locations. Through its wholly owned subsidiaries, Captor also owns and operates advanced growing facilities, which produce consistent high-quality contaminant free marijuana, as well as other high demand cannabis-based goods for consumption. The Company follows a strategy of acquiring cash flowing established companies and organizations with growth potential that require capital to scale. Captor currently has a number of revenue generating cannabis investments including the CHAI Cannabis Co. dispensaries in Santa Cruz and Monterey. The Company also owns Mellow Extracts, a highly regarded producer of cannabis extracts based in Costa Mesa, CA.
Contact
Gavin Davidson,
Communications
Captor Capital Corp.
647.524.5479
gavin@captorcapital.com
Forward-Looking Statements
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains or refers to forward-looking information and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to availability of investment opportunities, economic circumstances, market fluctuations and uncertainties, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, and the other risks involved in the investment industry and junior capital markets. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.