Isodiol International Inc. Announces Delay in Filing Annual Financial Statements
JULY 30, 2020 - TheNewswire - Vancouver, BC - Isodiol International Inc. (CSE:ISOL) (CNSX:ISOL.CN) (OTC:ISOLF) (FSE:LB6B.F) (the "Company" or "Isodiol") announces that due to circumstances created by the COVID-19 global pandemic, the Company will not be filing its audited financial statements, related management discussion and analysis and certifications of the financial statements for the fiscal year ended March 31, 2020, by the scheduled due date of July 29, 2020, as required under section 4.2(b) and section 5.1(1) of National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102"). Isodiol International, Inc. will also not be filing its June 30, 2020, quarterly report and management discussion and analysis by the scheduled due date of August 31, 2020.
On May 20, 2020, the Canadian Securities Administrators ("CSA") issued a notice stating that securities regulators will be providing coordinated relief consisting of a 45-day extension for certain periodic filings required to be made between June 2, 2020 and August 31, 2020, as a result of the COVID-19 pandemic. As such the British Columbia Securities Commission ("BCSC") has enacted Instrument 51-517 - Temporary Exemption from Certain Corporate Finance Requirements with Deadlines during the Period from June 2 to August 31, 2020 ("BC Instrument 51-517"). The Company will be relying on this extension period due to delays experienced as result of the COVID-19 pandemic.
As required by BCSC Instrument 51-517, and similar orders in the Company's other reporting jurisdictions, the Company discloses the following:
- The Company expects to file its audited financial statements, related management discussion and analysis and certifications of financial statements for the fiscal year ended March 31, 2020 on or about September 14, 2020, and the quarterly report, related management discussion and analysis and certifications on or about October 15, 2020; and
- In the interim, the Company's management and other insiders will be subject to a trading black-out policy that reflects the principles in Section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders.
The Company confirms that since the filing of its financial statements and related management discussion and analysis for the period ended December 31st, 2019, there have been no material business developments other than those disclosed through news releases.
Andrew S. Alvis Marcos Agramont
President and Director, CEO and Director
Isodiol International, Inc. Isodiol International, Inc.
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About Isodiol International Inc.
Isodiol International Inc. is focused on the nutritional health benefits that are derived from hemp and is a product development, sales, marketing and distribution company of hemp-based Consumer Packaged Goods (CPG) and solutions. Isodiol has commercialized a 99%+ pure, naturally isolated CBD, including micro-encapsulations, and nano-technology for quality consumable and topical skin care products. Isodiol's growth strategy includes the development of over-the-counter and pharmaceutical drugs and continued international expansion into Latin America, Asia, and Europe.
ON BEHALF OF THE BOARD
ANDREW S. ALVIS
PRESIDENT & DIRECTOR
Forward-Looking Information: This news release contains "forward-looking information" within the meaning of applicable securities laws relating to statements regarding the Company's business, its ability to repay the Debentures, and the future of the Company's business. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, the risks that the Company's products and plan will vary from those stated in this news release, that the Company may not be able to repay the Debentures in whole or in part, and that the Company may not otherwise be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation and does not intend, to update any forward-looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct and makes no reference to profitability based on sales reported. The statements in this news release are made as of the date of this release.
The CSE has not reviewed, approved or disapproved the content of this press release.