Toronto, Ontario--(Newsfile Corp. - April 17, 2020) - Beleave Inc. (CSE: BE) (OTC Pink: BLEVF) ("Beleave" or the "Company") announces that the previously filed unaudited interim financial statements for the three and nine months ended December 31, 2019 (the "Q3 Financials") were incomplete and missing a statement of changes in equity and notes to such financial statements and therefore should no longer be relied upon.
Consequently, the Company is in default of its obligations under Part 4 of National Instrument 51-102 Continuous Disclosure Obligations and Part 3 of National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards to file an interim financial report prepared in accordance with generally accepted accounting principles (the "Default"). This press release is being issued at the request of the Ontario Securities Commission ("OSC") in connection with a continuous disclosure review.
As a result of the Default, the Company also announces that the OSC will be issuing a temporary cease trade order ("Temporary CTO") preventing trading in the Company's shares effective as of the market close.
On March 2, 2020, Beleave filed the Q3 Financials together with management's discussion and analysis thereof. The Q3 Financials had certain content deficiencies that the Company is working diligently to resolve on an expedited basis. The Company expects that it will be able to re-file the Q3 Financials by April 29, 2020 at which time the Temporary CTO will be lifted. If the Company is unable to re-file the Q3 Financials by April 29, 2020, a permanent cease trade order will be issued by the OSC on April 29, 2020.
Also, as previously announced on April 13, 2020, Branson Corporate Services, a provider of outsourced corporate services, was appointed to provide interim CFO services. At this time, Branson will no longer provide interim CFO services to the Company and Keith Li will not be taking on the role at this time but will continue to provide financial consulting services to the Company.
About Beleave Inc.
Beleave is an ISO certified, Canadian cannabis company headquartered in the Greater Toronto Area that cultivates high-quality cannabis flower, oil and extracts for medical and recreational markets. Beleave is fully licenced to cultivate and sell medical and recreational cannabis and is leading the way through research partnerships with universities to develop pharma-grade extracts and derivatives.
Beleave is developing new product lines, including cannabis-infused products, oils, vape pens, and other novel cannabis delivery methods for 2020. Beleave has developed a network of medical cannabis clinics in Ontario and Quebec under the Medi-Green banner.
Investor Relations Contact:
Bill Panagiotakopoulos
Interim CEO
bill@beleave.com
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). The use of any of the words "plan", "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking information. These statements are only predictions. Although the Company believes that the expectations and assumptions on which the forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. This information speaks only as of the date of this news release. Except as may be expressly required by applicable law, the Company does not undertake any obligation to update publicly or revise any such forward-looking statements as a result of new information, future events or otherwise. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com.
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