LAS VEGAS and VANCOUVER – TheNewswire - April 26, 2024 – TAAT® GLOBAL ALTERNATIVES INC. (CSE:TAAT) (OTC:TOBAF) (FRANKFURT:2TP) (the “Company” or “TAAT®”) is providing this update on the status of a management cease trade order granted on February 29, 2024 (the "MCTO") by the British Columbia Securities Commission under National Policy 12-203 – Management Cease Trade Order ("NP 12-203"). On February 29, 2024, the Company announced that, for reasons disclosed in the news release, there would be a delay in the filing of its financial statements and accompanying management’s discussion and analysis for the fiscal year ended October 31, 2023 (the "Annual Filings") beyond the period prescribed under applicable Canadian securities laws (the "Default Announcement").

 

Due to the additional procedures and added complexities of auditing certain transactions during the financial year, the auditor have requested more time for partner and consultant review as part of those enhanced measures. The Company applied for, and received an extension of its MCTO by the British Columbia Securities Commission. The Company is now required to complete its Annual Filings by May 13, 2024, with the Interim Filings being due for filing within 5 business days after the Annual Filings have been filed.

 

The Company reports that the audit is progressing and will provide a further update on the timing of its Annual Filings on or about May 10, 2024. The Company is also progressing on completion of its interim financial statements and accompanying management’s discussion and analysis for the first quarter ended January 31, 2024, and will provide a further update on or about May 10, 2024. Further updates on timing will be provided by the Company as necessary.

 

During the MCTO, the general investing public will continue to be able to trade in the Company's listed common shares. However, the Company's Chief Executive Office and Chief Financial Officer will not be able to trade in the Company's common shares.

 

Other than as disclosed in this news release, there are no material changes to the information contained in the Default Announcement. The Company confirms that it intends to satisfy the provisions of NP 12- 203 and will continue to issue bi-weekly default status reports for so long as it remains in default of the Annual Filings requirement.

 

Closing of Debt Settlement

 

The Company also announces that it has closed the previously announced debt settlement agreements (the “Settlement Agreements”) to fully settle outstanding debts owed to a creditor (the “Creditor”) for corporate back-office services rendered. Pursuant to the Settlement Agreement, the Company has issued an aggregate of 303,456 common shares (“Shares”) at a deemed price of $0.265 per Share, based on a 20-day VWAP (the “Share Settlement”).

 

The Share Settlement will settle $80,415.88 in debts owed to the Creditor, which is a full settlement for the total amount of bona fide debts owed to the Creditor.

 

The board of directors of the Company has determined that it is in the best interests of the Company to settle the outstanding debts by the issuance of the Shares in order to preserve the Company's cash for working capital.

 

The Company will be relying on the “Employee, Executive Officer, Director and Consultant” exemption contained in section 2.24 (the “Exemption”) of National Instrument 45-106 - Prospectus Exemptions, to issue the Shares to the Creditor. The Canadian Securities Exchange has waived the requirement to impose a 4 month and one day hold period on the Shares.

  

On behalf of the Board of Directors of the Company,

 

TAAT® GLOBAL ALTERNATIVES INC.

 

“Michael Saxon”

 

Michael Saxon, CEO and Director

 

For further information, please contact:

 

TAAT® Investor Relations

1-833-TAAT-USA (1-833-822-8872)

investor@taatglobal.com

 

THE CANADIAN SECURITIES EXCHANGE (“CSE”) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE, NOR HAS OR DOES THE CSE’S REGULATION SERVICES PROVIDER.

 

About TAAT® Global Alternatives Inc.

 

TAAT® is a vertically integrated consumer product and distribution company, generating more than CAD $90 million in overall gross revenue annually. TAAT® is strategically expanding its product categories including tobacco and reduced-risk alternatives, hemp, kratom, and other emerging CPG segments. TAAT® has facilities to include a processing plant in Nevada as well as a distribution centre in Canton, Ohio, leveraging existing retail shelf space and pipelines into national wholesale channels.

 

For more information, please visit http://taatglobal.com.

 

Forward-Looking Statements

 

Certain information contained herein may constitute "forward-looking information" or "forward-looking statements" under Canadian securities legislation. Generally, forward-looking information can be identified by words such as "pro forma", "plans", "expects", "may", "should", "could", "will", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", or variations including negative variations thereof of such words and phrases that refer to certain actions, events or results that may, occur or be taken or achieved. Such forward-looking statements, including but not limited to statements relating to the expected development and operations of the Company, statements concerning the timing, review, completion and filing of the Annual Filings as well as the duration of the MCTO, involve risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Corporation will not update any forward-looking statements or forward-looking information included herein, except as required by applicable securities laws.

The statements in this news release have not been evaluated by Health Canada or the U.S. Food and Drug Administration. As each individual is different, the benefits, if any, of taking the Company’s products will vary from person to person. No claims or guarantees can be made as to the effects of the Company’s products on an individual’s health and well-being. The Company’s products are not intended to diagnose, treat, cure, or prevent any disease.

 

This news release may contain trademarked names of third-party entities (or their respective offerings with trademarked names) typically in reference to (i) relationships had by the Company with such third-party entities as referred to in this release and/or (ii) client/vendor/service provider parties whose relationship with the Company is/are referred to in this release. All rights to such trademarks are reserved by their respective owners or licensees.

 

Statement Regarding Third-Party Investor Relations Firms

 

Disclosures relating to investor relations firms retained by TAAT® Global Alternatives Inc. can be found under the Company's profile on http://sedarplus.ca.