Isodiol International Inc. Default Announcement Pursuant to National Policy 12-203 Management Cease Trade Order Issued
September 15, 2020 - TheNewswire - Vancouver, BC - Isodiol International Inc. (CSE:ISOL) (CNSX:ISOL.CN) (OTC:ISOLF) (FSE:LB6B.F) (the "Company" or "Isodiol") announces that it has not been able to file its audited annual financial statements for the fiscal year ended March 31, 2020, and its management's discussion and analysis relating thereto (collectively, the "Required Annual Filings") before the deadline of September 14, 2020.
The prescribed deadline for the Required Annual Filings was initially July 29, 2020; however, the Company relied on the blanket relief provided by the Canadian Securities Administrators (the "CSA"), under BC Instrument 51-517 and similar orders in the Company's other reporting jurisdictions. On May 20, 2020, the 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 COVID19 pandemic. The relief extended the deadline from July 29, 2020, to September 14, 2020.
The Company is working expeditiously with its auditor and making every effort to file the Required Annual Filings on or before October 14, 2020.
In connection with the late filing, the Company applied to the British Columbia Securities Commission (the "BCSC") and other applicable securities regulators under National Policy 12-203, Cease Trade Orders for Continuous Disclosure Defaults ("National Policy 12-203"), requesting that a management cease trade order (an "MCTO") related to the Company's securities be imposed against some or all persons who have been directors, officers or insiders of the Company. The MCTO would prohibit such specified persons from trading in the securities of the Company for such time as the Required Annual Filings are not filed and the MCTO remains in force. The issuance of an MCTO does not generally affect the ability of persons who are not directors, officers or other insiders of the Company to trade in the Company's securities.
The BCSC approved the Company's MCTO application and issued the MCTO on today's date.
The Company confirms that it intends to satisfy the provisions of section 4.4 of National Policy 12-203 and issue bi-weekly default status reports for so long as the Company remains in default of the financial statement filing requirement. Such report will disclose any material changes to the information in this release; all actions taken by the Company to remedy the default; particulars of any failure by the Company to fulfill these provisions; any subsequent defaults of the Company requiring a default announcement; and any other material information concerning the affairs of the Company not previously disclosed.
Andrew S. Alvis Marcos Agramont
President, Interim Chief Financial Officer Chief Executive Officer and Director
and Director Isodiol International Inc.
Isodiol International Inc.
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, INTERIM CHIEF FINANCIAL OFFICER & DIRECTOR
Forward-Looking Information: This news release may contain certain forward-looking information and statements. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
The CSE has not reviewed, approved or disapproved the content of this news release.