MJardin Group, Inc. Announces Delay in Filing 2018 Annual Financial Statements of Sumtra Diversified Inc.
DENVER--(BUSINESS WIRE)--Jan 3, 2019--MJardin Group, Inc. (” MJardin ” or the ” Company ”) (CSE:MJAR), a leader in cannabis management, announced today that following the closing of its reverse take-over (“ RTO ”) of Sumtra Diversified Inc. (“ Sumtra ”) on November 13, 2018, it was not in a position to file Sumtra’s audited annual financial statements for the period ending August 31, 2018 before the required deadline of December 31, 2018.
MJardin has applied to the Ontario Securities Commission for the imposition of a management cease trade order under National Policy 12-203 – Management Cease Trade Orders (” NP 12-203 ”) throughout the duration of the default.
The management cease trade order, if issued, will generally not affect persons other than the Chief Executive Officer and Chief Financial Officer of MJardin to trade in its securities. MJardin’s management is currently in a lockup period associated with the recent RTO and is restricted from trading independently of any management cease trade order that might be issued.
In the event that a management cease trade order is issued, MJardin intends on satisfying the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains in default of the filing requirements to file Sumtra’s financial statements. MJardin confirms that there is no other material information relating to its affairs that has not been disclosed.
Other than the Sumtra annual financial statements for the year ended August 31, 2018, MJardin is up to date in its filing obligations, having previously filed on SEDAR its combined consolidated financial statements for the years ended December 31, 2015, 2016 and 2017 as well as condensed interim combined consolidated financial statements for the three and six months ended June 30, 2017 and 2018.
About MJardin Group
MJardin is a global cannabis management platform with extensive experience in cultivation, processing, distribution and retail. For over 10 years, MJardin has refined cultivation methodologies, developed state of the art facilities and implemented vertical integration for and on behalf of license owners. As a well-capitalized organization, MJardin continues to pursue strategic expansion and M&A opportunities across global legal cannabis markets. MJardin is based in Denver, Colorado, with offices in Toronto, Canada and Barcelona, Spain. For more information, please visit www.mjardin.com.
The CSE has not in any way passed upon the merits of and has neither approved nor disapproved the contents of this news release.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “ U.S. Securities Act ”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Cautionary Statement Regarding Forward-Looking Information
Certain statements contained in this press release may constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “proposed” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Such forward-looking information are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. In particular, this release contains forward-looking information relating to the anticipated filing of the financial statements. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated 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 laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190103005777/en/
Capital Markets & Investor Relations
Frank Knuettel II, 720-613-4019
Chief Strategy Officer
KEYWORD: UNITED STATES NORTH AMERICA COLORADO
INDUSTRY KEYWORD: HEALTH ALTERNATIVE MEDICINE NATURAL RESOURCES AGRICULTURE RETAIL SPECIALTY GENERAL HEALTH
SOURCE: MJardin Group, Inc.
Copyright Business Wire 2019.
PUB: 01/03/2019 09:47 PM/DISC: 01/03/2019 09:47 PM