Expects to file its 2021 First Quarter Financial Statements on or before June 25, 2021
Matica Enterprises Inc. (CSE: MMJ) (FSE: 39N) (OTCQB: MMJFF) ("Matica" or the "Company") announces today that further to our news releases of May 3, 2021, the filing of the Company's audited annual financial statements for the year ended December 31, 2020, including the related management discussion and analysis, and CEO and CFO certifications (collectively, the "Annual Financial Statements") have been filed as May 31, 2021. The Company's quarterly financial statements for the three months ended March 31, 2021, including the related management discussion and analysis, (collectively, the "First Quarter Financial Statements") remain outstanding. As part of the Company's biweekly status report, Matica expects that the First Quarter Financial Statements thereon should be finalized within twenty one days and filed by the next business day.
The Company reports that since its original announcement on May 3, 2021, in respect of the Management Cease Trade Order issued in connection herewith, there has not been any material changes to the information provided in the Notice other than as described herein nor any failure by the Company in fulfilling its stated intentions with respect to satisfying the alternative information guidelines required pursuant to National Policy 12-203 ("NP 12-203"). In addition, there has not been any other specified default by the Company under NP 12-203, nor are any anticipated and there is no other material information concerning the affairs of the Company that has not been generally disclosed.
The Company confirms that it will continue to satisfy the provisions of the alternative information guidelines under NP 12-203 for so long as it remains in default as a result of the late filing of the First Quarter 2021 Financial Statements. During the period of default, Matica will continue to issue bi-weekly default status reports in the form of further press releases, which will also be filed on SEDAR.
Matica applied for and has been granted by the Ontario Securities Commission (its principal regulator), a management cease trade order ("MCTO") under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203") over the duration of the default. The MCTO will generally not affect the ability of persons who have not been directors, officers or insiders of Matica to trade in their securities.
The Company is working diligently and expects to file the First Quarter Financial Statement Filings on or before June 25, 2021 and will issue a news release announcing completion of such filings at such time.
The Company is providing this press release in accordance with National Policy 12-203 Management Cease Trade Orders ("NP 12-203"). Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in National Policy 12-203 - Management Cease Trade Order for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require the Company to issue bi-weekly default status reports by way of a news release so long as all required Filings have not been filed. The Company confirms as of the date of this news release that there is no other material information concerning the affairs of the Company that has not been generally disclosed.
On behalf of the Board of Directors
Matica Enterprises INC.
Boris Ziger, CEO & Chairman
Disclaimer for Forward-Looking Information
Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Corporation assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Corporation. Additional information identifying risks and uncertainties is contained in the Corporation's filings with the Canadian securities regulators, which filings are available at www.sedar.com.
This news release contains statements about the Company's information that may be made available on the S&P Capital IQ Corporation Records Listing Program and the business of Matica that are forward-looking in nature and as a result, are subject to certain risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. We seek Safe Harbor.
This news release is not for distribution or dissemination in the United States of America
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