Agrios Global Holdings Ltd. Provides Bi-Weekly Status Report
Vancouver BC - TheNewswire - September 23, 2020 - Agrios Global Holdings Ltd.
(CSE:AGRO) (CNSX:AGRO.CN) (OTCQB:AGGHF) (FSE: OSA - WKN-A2N62K) ("Agrios" or the "Company") provides this bi-weekly default status report in accordance with National Policy 12-203 - Management Cease Trade Orders. On July 10, 2020, the Company announced that, for reasons set out in its news release of July 10, 2020, the filing of its annual audited financial statements for the year ended March 31, 2020 the accompanying management's discussion and analysis and the related CEO and CFO certifications (collectively, the "Annual Filings") would not be filed by the prescribed deadline of September 14, 2020.
On September 15, 2020, the British Columbia Securities Commission, as principal regulator, granted a temporary management cease trade order (the "MCTO"). As previously announced, the Company requires additional time to file the Annual Filings due to unforeseen impacts arising from the COVID-19 pandemic which have continued to delay the audit of the Company's annual financial statements. As a result, the Company concluded that it would not be in a position to complete the year-end audit within the time periods required by National Instrument 51-102.
As a result of the delay in filing the Annual Filings, the Company's June 30, 2020 Q1 interim financial statements, the accompanying management discussion and analysis and related CEO and CFO certificates (the "Q1 Filings") will not be filed by the prescribed deadline. The Company currently anticipates that it will be in a position to file both the Annual Filings and Q1 Filings by October 14, 2020.
Pursuant to National Policy 12-203, the Company must file bi-weekly default status reports in the form of further news releases during the period of the MCTO. The Company reports that since its news release of July 10, 2020, there have been no material changes regarding the information contained in that news release. The Company confirms there have been no failures by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines under National Policy 12-203, and, other than the disclosure set forth above relating to the late filing of the Q1 Filings, there has not been, nor is there anticipated to be, any specified default subsequent to the default announced in the Company's news release of July 10, 2020. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this news release.
About Agrios Global Holdings Ltd.
Agrios Global Holdings is a data analytics-driven agriculture technology and services company advancing the latest innovations in indoor growing science. The Company owns, leases and manages properties and equipment for eco-sustainable agronomy and provides advisory services to support all aspects of aeroponic cultivation in the cannabis sector. Agrios is actively pursuing new opportunities to expand its portfolio of tenant growers and infrastructure assets in strategic licensed jurisdictions. Based in Vancouver, BC. Agrios is managed by a highly accomplished team of experienced industry and capital markets experts who are committed to the growth of the company.
For further information please contact:
President & CEO
This news release was prepared by management of Agrios, which takes full responsibility for its contents. The Canadian Securities Exchange ("CSE") has not reviewed and does not accept responsibility for the adequacy of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Agrios' periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward-looking statements.
Forward-looking statements may include, without limitation, statements related the timing of the filing of the Annual Financial Statements and the filing of the bi-weekly default status reports.
Although Agrios has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US Federal laws; change in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Because of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. Agrios disclaims any intention or obligation to update or revise such information, except as required by applicable law, and Agrios does not assume any liability for disclosure relating to any other company mentioned herein.