Denver, Colorado, May 16, 2022 (GLOBE NEWSWIRE) – via NewMediaWire – CBD Global Sciences Inc., dba Global Sciences Inc. (CBDNF) (CSE: CBDN) (Frankfurt: GS3.F) (Munich: GS3.MU) (the “Company”), submits this initial fortnightly status report every two weeks in accordance with National Policy 12-203 – Suspension of trading orders due to continuous failure to disclose (“NP 12-203”). In the initial announcement of default to the Corporation on April 19, 2022 (the “Default Notice”), the Corporation announced the delay in submitting its annual audited financial statements for the year ended December 31, 2021 (the “Annual Financial Statements”) and discussion and analysis of relevant management and director’s testimonials. Executive and Chief Financial Officer (collectively, “Annual Files”) by the established application deadline.
As previously disclosed, the Company has applied for and obtained a Trade Management Suspension Order in connection with late annual filings (“MCTO”) by the Alberta Securities Commission. The MCTO prohibits the CEO and CFO from trading in the company’s securities as long as there are outstanding deposits under applicable securities laws. The MCTO does not affect the ability of the general investing public to trade in the securities of the Corporation.
An audit of the annual financial statements is still in progress and the Corporation continues to expect annual filings to be made on or before July 1, 2022.
The Company asserts that since the default notice: (i) there is no material change to the information set forth in the default notice that has not been publicly disclosed; (ii) there has been no failure by the Corporation to fulfill its stated intentions with respect to meeting the provisions of the Alternative Information Guidelines set forth in NP 12-203; (3) there has been no other default specified by the company under NP 12-203; and (iv) there is no other material information relating to the affairs of the Corporation that has not been publicly disclosed.
Furthermore, the Corporation expects that its interim financial statements for the three months ending March 31, 2022, accompanying management discussion and analysis and relevant CEO and CFO testimonials will not be submitted by the filing deadline and will be submitted after the annual filing. completed and submitted.
The Company will continue to comply with the provisions of the Alternative Information Guidelines under NP 12-203 by releasing biweekly default status reports in the form of news releases as long as it remains in default of the above registration requirements.
ABOUT GLOBAL SCIENCES INC.
CBD Global Sciences, Inc., became dba Global Sciences Inc. A multi-faceted company focused on using the industrial hemp plant to create a healthy way of life. Its website can be found at www.globalsciences.ca. Global Sciences, Inc. is a hemp-based CBD producer and brand investment vehicle that currently owns several brands such as the Aethics™ name. www.aethics.com The CANNAOIL™ www.cannaoilshop.com, Offering CBD oil tinctures (liquid products), CBD capsules, CBD topicals, moisturizing products, and confectionery products. Global Sciences’ hemp-derived CBD extracts are sold online through select distributors and brick-and-mortar retailers.
Through its wholly owned subsidiaries, Global Sciences Holdings, Resinosa LLC, www.resinosa.com, and Legacy Distribution Group, www.legacydistributiongroup.com, Global Sciences offers high-quality CBD products in retail and e-commerce formats nationwide. Direct Store Delivery (DSD) provides distribution services to numerous sellers of CBD-infused and non-CBD products throughout the Colorado and Wyoming territories serving more than 750 department stores and large retail boxes with expansion plans in excess of 5,000 stores in the next 12-24 months. In addition to Legacy Distribution, it has a manufacturing division, Resinosa LLC www.Resinosa.com, With its capabilities to provide cGMP manufacturing to the CBD industry with both private label and white label CBD and non-CBD product lines.
Cautionary statement regarding future information
This news release contains certain “forward-looking statements” made under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements regarding future developments and the Company’s business and operations. Forward-looking statements are necessarily based on a number of estimates and assumptions that, although considered reasonable, are subject to known and unknown risks, uncertainties and other factors that could cause actual results and future events to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, general trade, economic, competitive, political and social uncertainty; Delaying or not receiving approvals from the Board of Directors, shareholders or regulatory authorities. Readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither the Canadian Securities Exchange nor its regulatory services provider has reviewed or accepted responsibility for the adequacy or accuracy of this release.