LONDON, UK and DUBLIN, IRELAND / ACCESSWIRE / November 1, 2022 / (CSE:POKO): Poko Group Innovations, an award-winning UK & EU-based collection of CBD-focused companies that bring innovative, inspiring solutions to the CBD industry, announces that it will be issued a cease trade order ("CTO") by the Ontario Securities Commission by virtue of not filing the following periodic disclosure documents (the "Annual Filings") by the filing deadline of October 31, 2022:
- Audited annual financial statements for the year ended June 30, 2022;
- Management's discussion and analysis relating to the audited annual financial statements for the year ended June 30, 2022; and
- Certification of the foregoing filings as required by National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings.
The Company's 2021-22 audit currently remains ongoing due in large part to the Company's business in three regions, Canada, UK and the EU. Although the audit continues to progress well, it has taken longer to complete than originally anticipated in part due as Company moves from one with minimal sales to one launching multiple SKUs into two regions and reporting in a third, with each region having local as well as IFRS reporting standards. Notwithstanding the resultant delay, the Company will continue to operate normally and management is working diligently with its auditors to complete the Annual Filings. The Company anticipates that it will complete the Annual Filings on or before December 15th, 2022. Revocation of the CTO is expected to occur after the Annual Filings are made.
The Company is not currently subject to any insolvency proceedings. A copy of the CTO will be posted on the Ontario Securities Commission website once issued. There is no assurance that the Company will be able to remedy its filing default and have the CTO lifted in a timely manner or at all. If the default is remedied within 90 days of the date of the CTO, including any annual or interim financial statements, MD&A and certifications that subsequently became due, the filing of the documents constitutes the application to revoke the CTO and no application fee is required under Appendix C of OSC Rule 13-502
About The Poko Group, Ltd
The Poko Group is a collection of CBD focused companies that bring innovative, inspiring solutions to the CBD industry through the company's leading platforms which, when working together, form a complete ecosystem. The Poko Group is an award-winning UK CBD company that has developed a unique business model comprising complete "turnkey solutions," including fintech payment processing and white label opportunities. Poko plans to export its signature products to the EU and the USA. For more information on our edibles line visit www.canndid.co.uk, for corporate updates please visit https://www.pokogroup.com/.
Forward-Looking Statements
With the exception of the historical information contained in this news release, the matters described herein, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by, or that otherwise, include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans" and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could", are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements, involve unknown risks and uncertainties that may individually or materially impact the matters discussed, herein for a variety of reasons that are outside the control of the company, including, but not limited to, the company's ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic on the company's business, operations and the economy in general, and the Company's ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward-looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the company's filings with the SEC, which are available at the SEC's website (www.sec.gov). 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.
SOURCE: Poko Innovations Inc.
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