don't recall hearing the red outlined part Mr. Dennis Petke reports
ALLIANCE GROWERS UPDATE ON SUSPENSION OF TRADING
Alliance Growers Corp. has provided an update on the status of the suspension of trading on the Canadian Securities Exchange. Pursuant to a Section 164 Cease Trade Order issued by the British Columbia Securities Commission on January 3, 2017, the Company is required to file the August 31, 2016 audited annual financial statements, corresponding MD&A and CEO/CFO certifications, in order to comply with Securities legislation.
Due to claims made by former contractors for unauthorized payments not approved by the former Board of Directors, the clarification of this issue has caused considerable delay in the finalization and sign-off by the auditors of the August 31, 2016 annual Financial Statements. Current management disputes the amounts claimed and intends to defend its position that these do not constitute liabilities of the Company.
Management has been advised by the auditors that they have accepted the position of the Company, and the finalization and filing on SEDAR of the the audited annual financial statements, corresponding MD&A and CEO/CFO certifications as at August 31, 2016 is anticipated to be completed on Tuesday January 10, 2017.
About Alliance Growers Corp.
Alliance Growers is a diversified cannabis company driven by the Company's 'Four Pillars' Organization Plan - MMPR cannabis production facilities, distribution network, consumer products, and research and development.
Alliance is finalizing a Definitive License Agreement with B.R.I.M. for a Canada Exclusive License to jointly develop and operate cannabis Botany Centres. The initial project is planned as a staged development of a 40,000 square foot facility being located near Vancouver, B.C., to be the first of its kind in Western Canada to house a DNA Botany lab, extraction facility and Tissue Culture Plantlet Production facility to service the cannabis market and agriculture market in general. The planned facility will grow cannabis plantlets using proprietary tissue culture propagation, specifically the "Chibafreen Invitro Plant Production System", which assures consistent composition and purity of each plantlet for the growers. As well, Alliance Growers is negotiating to obtain exclusive Canadian distribution agreements for certain proprietary products for support of the cannabis growing industry in addition to possible partnerships with existing MMPR licensed and soon-to-be licensed facilities.