Orion Nutraceuticals Inc., (CSE:ORI) (the “Company” or “Orion”) is providing this bi-weekly update on the status of a management cease trade order granted on October 1, 2019 (the “MCTO”) by the British Columbia Securities Commission under National Policy 12-203 – Management Cease Trade Order (“NP 12-203”). In its initial announcement of October 1, 2019, the Company stated that as a result of delays in completion of the Company’s audit, there would be a delay in the filing of the financial statements and accompanying management’s discussion and analysis of the Company for the fiscal year ended May 31, 2019 (the “Annual Filings”) beyond the period prescribed under applicable Canadian securities laws. The Company subsequently provided bi-weekly status reports on October 15, 2019 and October 29, 2019.
The reason for the default is due to the recent resignation of the Company’s Chief Financial Officer on July 31, 2019 and a change of the Company’s Chief Executive Officer on August 22, 2019; the Company has not had adequate time and resources available to complete its audit in the allotted time. The Company continues to work closely with its auditor and anticipates that its Annual Filings will be filed on or before November 29, 2019, and its interim financial statements for the three-month period ended August 31, 2019 will be filed shortly after.
During the MCTO, the general investing public will continue to be able to trade in the Company’s listed common shares. A blackout period is in effect, until all required records are filed and the MCTO is revoked.
Other than as disclosed in this news release, there are no material changes to the information contained in the news release dated October 1, 2019. The Company confirms that it intends to satisfy the provisions of NP 12-203 and will continue to issue bi-weekly default status reports until all required filings are completed and up to date.
About Orion Nutraceuticals Inc.
Orion Nutraceuticals Inc. aims to set a new standard in cannabis life science by producing and developing innovative products with key strategic partners in the industry. In conjunction with its professional sports strategic alliances, the company is poised to advance research and development in the plant science sector, deliver science-based products and services, and market CBD therapies to the mainstream with proprietary brands and products. Orion shares trade in Canada on the CSE under the symbol ORI.
ON BEHALF OF THE BOARD
Joel Dumaresq, CEO
Orion Nutraceuticals Inc.
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Cautionary Note Regarding Forward-Looking Statements: Information in this press release that involves Orion’s expectations, plans, intentions or strategies regarding the future are forward-looking statements that are not facts and involve a number of risks and uncertainties. Orion generally uses words such as “outlook,” “will,” “could,” “would,” “might,” “remains,” “to be,” “plans,” “believes,” “may,” “expects,” “intends,” “anticipates,” “estimate,” “future,” “plan,” “positioned,” “potential,” “project,” “remain,” “scheduled,” “set to,” “subject to,” “upcoming,” and similar expressions to help identify forward-looking statements. In this press release, forward-looking statements include statements regarding: the timing and completion of necessary accounting and review procedures to complete the Annual Filings and other factors beyond our control. Forward-looking statements reflect the thencurrent expectations, beliefs, assumptions, estimates and forecasts of Orion’s management. The forward-looking statements in this press release are based upon information available to Orion as of the date of this press release. Forward-looking statements believed to be true when made may ultimately prove to be incorrect. These statements are not guarantees of the future performance of Orion and are subject to a number of risks, uncertainties and other factors, some of which are beyond its control and may cause actual results to differ materially from current expectations, including without limitation: failure to negotiate and enter into a definitive agreement with Molecular You; failure to meet regulatory requirements; changes in the market; potential downturns in economic conditions; and other risk factors described in Orion’s public filings available on SEDAR at www.sedar.com. Accordingly, readers should exercise caution in relying upon forward-looking statements and Orion undertakes no obligation to publicly revise them to reflect subsequent events or circumstances, except as required by applicable law.
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