Mountain Valley MD Holdings Inc. Requests Additional Time to Complete Annual Financial Statements and Related Filings and Corresponding Management Cease Trade Order
VANCOUVER, B.C. - The Newswire - September 15, 2020 - Mountain Valley MD Holdings Inc. (the "Company" or "MVMD") (CSE:MVMD) (CNSX:MVMD.CN) (FRA:20MP) announces additional delays in the filing of the Company's financial statements for the year ended March 31, 2020 and the related management's discussion and analysis ("MD&A") and certifications (the "Annual Filings") as a result of circumstances outside of its control. The Company has filed an application with the relevant securities authorities requesting that they issue a management cease trade order (an "MCTO").
As previously announced, the Company had relied upon the blanket relief provided by the Canadian Securities Administrators (the "CSA") in response to the COVID-19 pandemic to extend the filing deadline for the Annual Filings. As a result of delays the Company has experienced with the audit process and its external auditors, which were outside of the control of the Company's officers and directors, the Company does not expect to be able to file the Annual Filings by their extended deadline. The Company expects to have until October 14, 2020 to complete the audit of the Company's consolidated financial statements, however expects to be able to file the Annual Filings prior to September 30, 2020.
Pursuant to National Policy 12-203 Management Cease Trade Orders ("NP 12-203"), the Company is requesting that an MCTO be issued. If granted, the MCTO will restrict all trading by the Company's Chief Executive Officer and Chief Financial Officer in the Company's securities. An MCTO will not affect the ability of persons other than the directors, officers and insiders to trade in the Company's securities. An MCTO will remain in effect until the Annual Filings are filed or until it is revoked or varied.
The Company continues to impose an insider trading blackout pending filing of the Annual Filings. The Company confirms that it will comply with the alternative information guidelines set forth in NP 12-203 for so long as it remains in default of the requirement to file the Annual Filings. There is no material information relating to its affairs that has not been generally disclosed.
ABOUT MOUNTAIN VALLEY MD HOLDINGS INC.
Mountain Valley MD is building a world-class biotech and life sciences organization centred around the implementation of its patented Quicksome(TM) oral drug formulation and delivery technologies to innovate industry leading products that are sought out globally.
MVMD's proposition for delivering Quicksome(TM) formulations that have rapid onset, high bioavailability, low variability and precision dosing is core to the Company's success across key health and wellness categories. Consistent with its vision towards "Helping People Live Their Best Life", MVMD applies its Quicksome(TM) technology to its ground-breaking work for the oral delivery of vaccines and pharmaceutical drugs as well as the development of products for pain management, weight loss, energy, focus, sleep, anxiety, and more.
The Company's patented Quicksome(TM) desiccation technology utilizes advanced liposomes and other stabilizing molecules to encapsulate and formulate active ingredients into highly efficient product formats that are consumed orally. The result is a new generation of product formulations that are capable of delivering vaccines, drugs and nutraceuticals into the body faster, with greater impact, efficiency and accuracy.
For more Company information and contact details, visit www.mountainvalleymd.com
SOURCE: Mountain Valley MD Holdings Inc.
FORWARD-LOOKING INFORMATION DISCLAIMER
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company's actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. The Company is making forward-looking statements including but not limited to with respect to the completion and filing of the Annual Filings. The Company believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company's expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
For further information:
President and Chief Executive Officer
Mountain Valley MD Holdings Inc.