VANCOUVER BC / ACCESSWIRE / June 1, 2020 / EMPOWER CLINICS INC. (CSE:CBDT)(OTCQB:EPWCF)(Frankfurt:8EC) ("Empower" or the "Company"), a vertically integrated life sciences company, has determined that it will not be able to file its annual audited financial statements for the year ended December 31, 2019 and its related Management's Discussion and Analysis and Chief Executive Officer and Chief Financial Officer certifications (the "Required Filings") by the prescribed filing deadline of June 15, 2020 (the "Filing Deadline").
The Company has made an application to the Ontario Securities Commission for a management cease trade order ("MCTO"), which would restrict all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer and Chief Financial Officer of the Company. There is no guarantee that an MCTO will be granted. The issuance of an MCTO does not generally affect the ability of persons who are not directors, officers or other insiders of the Company to trade in securities of the Company.
The Company intends to comply with the provisions of the alternative information guidelines as set out in the National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults for as long as it remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a news release.
ABOUT EMPOWER
Empower is a vertically integrated health & wellness company with a network of corporate and franchised health & wellness clinics in the U.S. The Company is a leading multi-state operator of a network of physician-staffed wellness clinics, focused on helping patients improve and protect their health, through innovative physician recommended treatment options. The Company has launched Dosed Wellness Ltd. to connect its significant data, to the potential of the efficacy of alternative treatment options related to hemp-derived cannabidiol (CBD) therapies, psilocybin and other psychedelic plant-based treatment options.
ON BEHALF OF THE BOARD OF DIRECTORS:
Steven McAuley
Chief Executive Officer
CONTACTS:
Investors: Steven McAuley
Chairman & CEO
s.mcauley@empowerclinics.com
604-789-2146
Investors: Dustin Klein
SVP, Business Development
dustin@svmmjcc.com
720-352-1398
For French inquiries: Remy Scalabrini, Maricom Inc., E: rs@maricom.ca, T: (888) 585-MARI
DISCLAIMER FOR FORWARD-LOOKING STATEMENTS
This news release contains certain "forward-looking statements" or "forward-looking information" (collectively "forward looking statements") within the meaning of applicable Canadian securities laws.All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release.Forward-looking statements can frequently be identified by words such as "plans", "continues", "expects", "projects", "intends", "believes", "anticipates", "estimates", "may", "will", "potential", "proposed" and other similar words, or information that certain events or conditions "may" or "will" occur. Forward-looking statements in this news release include statements regarding: the Company's expected timing of filing of its Annual Filings, the Company's intention to create psilocybin and psychedelics divisions, that market research on advancements in psilocybin and psychedelics in North America and globally will create greater shareholder value, the Company's intention to open a hemp-based CBD extraction facility, the expected benefits to the Company and its shareholders as a result of the proposed acquisitions and partnerships; the effectiveness of the extraction technology; the expected benefits for Empower's patient base and customers; the benefits of CBD based products; the effect of the approval of the Farm Bill; the growth of the Company's patient list and that the Company will be positioned to be a market-leading service provider for complex patient requirements in 2019 and beyond; the ability of the Company to complete or execute phases One, Two, Three or Four of COVID-19 test programs, and Psychedelic substances remain illegal in most countries, so please reference your local laws in relation to medical or recreational use. Such statements are only projections, are based on assumptions known to management at this time, and are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the forward-looking statements, including; that the Company may not open a hemp-based CBD extraction facility; that legislative changes may have an adverse effect on the Company's business and product development; that the Company may not be able to obtain adequate financing to pursue its business plan; general business, economic, competitive, political and social uncertainties; failure to obtain any necessary approvals in connection with the proposed acquisitions and partnerships; and other factors beyond the Company's control. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are cautioned not to place undue reliance on the forward-looking statements in this release, which are qualified in their entirety by these cautionary statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements in this release, whether as a result of new information, future events or otherwise, except as expressly required by applicable laws.
SOURCE: Empower Clinics Inc.
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https://www.accesswire.com/592313/Empower-Delayed-in-Filing-Its-Annual-Audited-Financial-Statements
