Orion Nutraceuticals Inc., (CSE:ORI) (the “Company” or “Orion”) provides an update with respect to the previously announced management cease trade order (the “MCTO”) issued by the British Columbia Securities Commission on October 1, 2019. The MCTO was issued in connection with the delay by the Company in filing its annual financial statements, management’s discussion and analysis and related officer certifications for the financial year ended May 31, 2019 (collectively, the “Annual Filings”) beyond the required filing deadline under Parts 4 and 5 of National Instrument 51-102 Continuous Disclosure Obligations and pursuant to National Instrument 52- 109 Certification of Disclosure in Issuer’s Annual and Interim Filings, being September 30, 2019.
The Company continues to work closely with its auditor and expects to file the Annual Filings on or before November 29, 2019.
The Company is providing this status update in accordance with National Policy 12-203 Management Cease Trade Orders (“NP 12-203”). The Company intends to follow the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases, for as long as the Company remains in default. The Company confirms as of the date of this news release that there has been no material change in the information contained in the default announcement issued on October 1, 2019 and there is no other material information concerning the affairs of the Company that has not been generally disclosed.
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.