DENVER, CO, May 16, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – CBD Global Sciences Inc., dba Global Sciences Inc. (OTC: CBDNF) (CSE: CBDN) (Frankfurt: GS3.F) (Munich: GS3. MU) (the “Company”) is providing this first biweekly default status report in accordance with National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults (“NP 12-203”). In the Company’s first Default Notice dated April 19, 2022 (the “Default Notice”), the Company announced the delay in filing its audited financial statements for the year ended December 31, 2021 (the “Financial Statements”) and related management discussion and analysis as well CEO and CFO certifications (collectively, the “Annual Documents”) by the required submission date.
As previously announced, the Company applied for and was granted a halt to trading by the Alberta Securities Commission in respect of the late annual filings (the “MCTO”). The MCTO prohibits the Chief Executive Officer and the Chief Financial Officer from dealing in the Company’s securities while there are pending filings under applicable securities laws. The MCTO does not affect the ability of the general investment public to trade in the Company’s securities.
The review of the annual financial statements is ongoing and the Company continues to expect to file the annual filing on or before July 1, 2022.
The Company confirms that since the Default Notice: (i) there have been no material changes to the information contained in the Default Notice that have not been publicly disclosed; (ii) the company has not failed to meet its stated intentions to comply with the provisions of the Alternative Information Policies under NP 12-203; (iii) there was no other specified default by the Company under NP 12-203; and (iv) there is no other material information about the affairs of the Company that has not been publicly disclosed.
In addition, the Company anticipates that its interim financial statements for the three months ended March 31, 2022, the accompanying management discussion and analysis and related CEO and CFO certifications will not be filed by the required filing deadline and will be filed after the annual filings are completed and filed.
The Company will continue to comply with the provisions of the Alternative Information Policies under NP 12-203 by issuing bi-weekly default status reports in the form of press releases for as long as it fails to comply with the above reporting requirements.
For more information about the company, please contact:
Investor Relations: 720-881-2541 or email [email protected]
ABOUT GLOBAL SCIENCES INC.
CBD Global Sciences, Inc., dba Global Sciences Inc. has grown into a multifaceted company focused on harnessing the industrial hemp plant to create healthier lifestyles. His website can be found at www.globalsciences.ca. Global Sciences, Inc. is a hemp-based CBD producer and branding investment vehicle that currently owns multiple brands such as Aethics™ www.aethics.com and CANNAOIL™ www.cannaoilshop.com and CBD oil tinctures (liquid products) and CBD offers capsules, CBD topicals, hydration products, and confectionery. 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 supplies high-quality CBD products in retail and e-commerce formats nationwide. The Direct Store Delivery (DSD) provides distribution services for multiple suppliers of CBD-infused products and non-CBD products in the Colorado and Wyoming areas, serving over 750 C-stores and large box retailers with expansion plans to more than 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 for the CBD industry with both private label and white label CBD and non-CBD product lines.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release contains certain “forward-looking statements” under applicable Canadian securities laws. 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, while believed to be 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 deviate from such forward-looking statements. These factors include, among others, general business, economic, competitive, political and social uncertainties; and delay or failure to receive board, shareholder or regulatory approvals. 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 SERVICE PROVIDER HAS REVIEWED THE ADEQUACY OR ACCURACY OF THIS NOTICE AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NOTICE.