Vancouver, British Columbia--(Newsfile Corp. - August 15, 2022) - World Class Extractions Inc. (CSE: PUMP) (FSE: WCF) (OTCQB: WCEXF) (the "Company" or "World-Class") announces that it has made an application to the British Columbia Securities Commission to approve a temporary management cease trade order the "MCTO") under National Policy 12-203 Management Cease Trade Orders ("NP 12-203"), which, if granted, will prohibit trading in securities of the Company by the chief executive officer and chief financial officer of the Company until such time as the Required Filings (as defined below) and all continuous disclosure requirements have been filed by the Company, and the MCTO has been lifted. During the period in which the MCTO is effective, the general public, who are not insiders of the Corporation, will continue to be able to trade in the Company's listed securities. The MCTO application has been made, but there is no guarantee or assurance that the MCTO will be granted.
The Company expects it will be unable to file its audited financial statements for the financial year ended April 30, 2022, and the management's discussion and analysis and related Chief Executive Officer and Chief Financial Officer certificates for this period (collectively, the "Required Filings") before the August 29, 2022 filing deadline (the "Filing Deadline").
The Company's failure to file its Required Filings by the Filing Deadline is due to a combination of factors including the delays in audit due to the delay in obtaining financial information with respect to the Company's interest in Pineapple Express Delivery Inc. which was disposed of during the financial year ended April 30, 2022 to Fire & Flower Holdings Corp. and valuation of such disposition and assets.
The Company anticipates that it will be in a position to remedy the default by filing the Required Filings on or before October 31, 2022. The MCTO will be in effect until the Required Filings are completed.
The Company intends to satisfy the provisions of the alternative information guidelines set out in section 10 NP 12-203 so long as the Required Filings are outstanding.
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 with a focus on the life sciences industries. Specifically, and subject to regulatory and securities exchange approval of a change of business, World Class intends to focus on investing in private and public companies with strong intellectual property, exceptional management and high growth potential that may be strategically positioned in the global market. World Class recently disposed of its wholly owned subsidiary Soma Labs Scientific Inc., a designer, manufacturer, and supplier of extraction and processing equipment and solutions.
On behalf of the Board of Directors of
WORLD CLASS EXTRACTIONS INC.
Rosy Mondin
Chief Executive Officer
ir@worldclassextractions.com
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements relating to the expected timing of the filing of the annual audited financial statements and related management's discussion and analysis for the financial year ended April 30, 2022. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation's expectations are risks detailed from time to time in the filings made by the Corporation with securities regulations. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Corporation will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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