Pearl River Provides Update on Timing of Filing of Annual and Q1 Financials

LONDON, Ontario, May 29, 2020 (GLOBE NEWSWIRE) -- Pearl River Holdings Limited (the “Corporation” or “Pearl River”) (TSXV: PRH) announces that, further to its April 28, 2020 news release in relation to the timing of the filing of its year-end financial statements, the Corporation now expects to file such documents on or prior to June 15, 2020.

The Corporation also announces that due to the continuing logistics and delays caused by the COVID-19 virus, it will also rely on the exemption provided in Ontario Instrument 51-502 - Temporary Exemption from Certain Corporate Finance ‎‎‎Requirements of the Ontario Securities Commission‎, to postpone the filing of the following continuous disclosure documents (collectively, the “Interim Documents”):

• the Corporation’s unaudited financial statements for the interim period ended March 31, 2020, as required by section 4.4 of National Instrument 51-102 - Continuous Disclosure Obligations (“NI 51-102”); and
• the Corporation’s Management’s discussion and analysis for the interim period ended March 31, 2020, as required by section 5.1(2) of NI 51-102.

The Corporation expects to file the Interim Documents no later than July 14, 2020.

Until the Corporation has filed the required Interim Documents, members of the Corporation’s management and other insiders are subject to an insider trading black-out policy reflecting the principles contained in section 9 of National Policy 11-207 – Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions.

Pearl River confirms that there have been no material business developments since both the filing on November 29, 2019 of the Corporation’s latest interim financial statements for the period ended September 30, 2019 and the issuance on April 28, 2020 of the Corporation’s news release regarding the postponement of the filing of its annual financials.

About Pearl River

Through its subsidiaries, Pearl River Holdings Limited’s principal business is the manufacturing and distribution of plastic products in China, Australia and the United States of America.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information regarding: the filing of the year-end financial statements and the Interim Documents, including the timing for the filing of the year-end financial statements and the Interim Documents. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects Pearl River’s current beliefs and is based on information currently available to Pearl River and on assumptions Pearl River believes are reasonable. These assumptions include, but are not limited to: the ability of Pearl River to complete the year-end financial statements and the Interim Documents in the noted timeframe. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Pearl River to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board or regulatory approvals; the actual results of future operations; competition; changes in legislation, including environmental legislation, ‎affecting Pearl River; the timing and availability of external financing on acceptable terms; lack of qualified, skilled labour or loss of key individuals; and risks ‎related to COVID-19 including various recommendations, orders and measures of governmental authorities to ‎try to limit the pandemic, including travel restrictions, border closures, service disruptions, non-essential business closures, ‎quarantines, self-isolations, shelters-in-place and social distancing, disruptions to markets, economic activity, ‎financing, supply chains and sales channels, and a deterioration of general economic conditions including a ‎possible national or global recession; the potential impact that the COVID-19 pandemic may have on Pearl River may include: a short-term delay in payments from customers, an increase in ‎accounts receivable and an increase of losses on accounts receivable; and decreased demand for the products and services that Pearl River offers. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in Pearl River’s disclosure documents on the SEDAR website at www.sedar.com. Although Pearl River has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Pearl River as of the date of this news release and, accordingly, is subject to change after such date. However, Pearl River expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.