World Class Extractions Inc. Announces Receipt of Management Cease Trade Order
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Vancouver, British Columbia–(Newsfile Corp. – August 30, 2022) – World Class Extractions Inc. (ESC: PUMP) (ESF: WCF) (OTCQB: WCEXF) (the “society” Where “World class“) announces that, further to its August 15, 2022 press release, its request for a temporary management cease trade order (the “MCTO“) under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“) has been approved by the British Columbia Securities Commission (the “BCSC“). The MCTO does not affect the ability of investors who are not insiders to trade in the securities of the Company.
The Company announced on August 15, 2022 (the “Default Announcement“) that it was filing for the CTO with the BCSC because it might miss its filing deadline of August 29, 2022 (the “Deadline for filing“), to file its audited financial statements for the fiscal year ended April 30, 2022, together with the related MD&A, and CEO and CFO certifications (collectively, the “Deposits required“), as required by applicable securities laws.
The Company’s inability to file its required documents by the filing deadline is due to a combination of factors, including delays in the audit caused by a delay in obtaining financial information regarding the interest of the Company in certain assets that were disposed of during the year ended April 30, 2022 and the valuation of such disposition and such assets. The Company continues to work closely with its auditor and expects to file the required documents no later than October 28, 2022.
The MCTO restricts trading in Company securities by management and certain other Company insiders until the required documents have been filed by the Company and the MCTO is no longer in effect. The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities.
Until the Company has filed the required documents, officers of the Company and other insiders are subject to an insider trading prohibition pursuant to its internal insider trading policy. The Company confirms that, except as disclosed in prior press releases and material change reports, there have been no material business developments since the filing of the Company’s last interim financial report.
The Company is not currently subject to any insolvency proceedings. If the Company is subject to insolvency proceedings and provides information to any of its creditors during the period in which it is in default of filing the required documents, the Company confirms that it will also file material change reports on SEDAR containing the information as required.
The Company confirms that since the date of the Default Notice: (i) there has been no material change in the information contained in the Default Notice which has not been generally disclosed; (ii) the Company satisfies and confirms that it intends to continue to satisfy the provisions of the alternative disclosure guidelines under IG 12-203 and publish default status reports every two weeks as long as the delay in filing the required documents continues, each of which will be issued in the form of a press release; (iii) there has been no other specified breach by the Company under IG 12-203; (iv) the Company is not subject to any insolvency proceedings; and (v) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About World-Class Extractions Inc.
World-Class is an innovation-driven company and has been approved by its shareholders to change its business from a company focused on the cannabis industry to that of an investment issuer focused on the science industries. life (the “Proposal for change of activity“). Subject to regulation and the Canadian Securities Exchange (the “CSE“) approval with respect to the proposed change of business, World-Class intends to focus its activities on investing in private and public companies with strong intellectual property, exceptional management and “High growth potential that can be strategically positioned in the global market. Class recently divested its wholly-owned subsidiary, Soma Labs Scientific Inc., a designer, manufacturer and supplier of mining and processing equipment and solutions.
On behalf of the Board of Directors of
WORLD CLASS EXTRACTIONS INC.
Chief executive officer
Neither the CSE nor its Regulation Services Provider (as that term is defined in the CSE policies) accepts responsibility for the adequacy or accuracy of this press release, which was prepared by management .
Caution Regarding Forward-Looking Statements
This press release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statementsAll statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”. , “believe”, “plan”, “intend”, “goal”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “project” and words similar, including negatives, suggesting future results or that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking statements in this press release include, but are not limit, statements regarding the expected timing of filing of the annual audited financial statements and related MD&A for the year ended April 30, 2022, statements regarding the Company’s ability to obtain CSE approval to the proposed change of activity, the statements regarding the expected benefits of the proposed change of business to the corporal ation and its shareholders or statements regarding the achievement of the proposed change of business and the direction of the company’s business and future plans or prospects as a result of the proposed change of activity.
Forward-looking statements are based on the opinions and estimates of the Company’s management as of the date the statements are made based on information then available to the Company. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set forth in the forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown variables, risks and uncertainties, many of which are beyond the Company’s control. These factors include, among others, regulatory and other approvals or consents; fluctuations in general macroeconomic conditions; fluctuations in the securities markets; the impact of the COVID-19 pandemic and political and social uncertainties.
There can be no assurance that the expectations reflected in the forward-looking statements will prove to be accurate. Completion of the proposed business change and subject to a number of conditions, including CSE acceptance and approval. The transaction cannot be finalized until the required approvals have been obtained. There can be no assurance that the transaction will be completed as proposed or at all. Although the forward-looking statements contained in this press release are based on what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such statements. forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this press release. Additional information regarding the risks and uncertainties associated with the Company’s business is contained in the Company’s management report filed on its issuer profile on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking statements contained or referenced herein, except as required by securities laws. applicable.
Investors are cautioned that, unless otherwise specified in the registration statement to be prepared in connection with the proposed change of business, any information published or received regarding the proposed change of business may not be accurate or complete and should not be invoked. Trading in the Company’s securities should be considered highly speculative.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/135458