TORONTO–(BUSINESS WIRE)–SOL Global Investments Corp. (“SOL Global” or the “Company“) (CSE: SOL) (OTCPK: SOLCF) (Frankfurt: 9SB) wishes to provide an update on its financial reporting for the eight-month audited period ended November 30, 2019 and the three-month interim period ended February 29, 2020.
On March 23, 2020, the Ontario Securities Commission issued Ontario Instrument 51-502, entitled “Temporary Exemption From Certain Corporate Finance Requirements.” This instrument was issued as a result of the COVID-19 pandemic and provides a blanket 45-day extension from the deadline otherwise applicable under Ontario securities law to file, send or deliver certain documents under the reporting issuer’s continuous disclosure obligations. As such, the Company wishes to advise the market that it will be filing its audited annual financial statements, management’s discussion and analysis and the CEO and CFO certificates as at and for the eight-month audited period ending November 30, 2019, on or before May 13, 2020. The extended timeline was agreed to between the Company and its auditors and is not as a result of any disagreements or issues with our filings, but is rather solely due to the impact that the COVID-19 pandemic has had on our ability to meet our previous financial filing deadline of March 30, 2020. In addition, this extended timing will NOT result in any cease trade order or issue with trading in the Company’s stock on the Canadian Securities Exchange. Therefore, the new filing deadline for the Company’s financial filings, which the Company fully expects to meet, for the eight-month audited period ending November 30, 2019 is May 13, 2020. Further, the revised filing deadline for the Company’s financial filings as at and for the three-month interim period ending February 29, 2020 is June 12, 2020. The Company fully expects that it will file all financial filings well within the revised deadlines.
Management and other insiders are subject to an insider trading black-out policy that reflects the principles of National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
There are no updates to any material business developments in the Company since the date of the Company’s news release announcing its intention to rely on the 45 day statutory filing extension other than for what has already been publicly disclosed.
About SOL Global Investments Corp.:
SOL Global is an international investment company with a focus on investing in cannabis and cannabis related companies in legal U.S. states, the hemp and CBD marketplaces and the emerging European cannabis and hemp marketplaces with an objective of providing shareholders with a long term return through capital appreciation, dividends and interest from its investments. If SOL Global believes there is a strategic reason to do so, it may also invest in companies not in the cannabis sector.
This press release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy. The forward-looking information contained herein include statements relating to the future filing of the Company’s audited year end 2019 and first quarter 2020 financial results pursuant to Ontario Instrument 51-502.
By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release including due to further delays and business disruptions resulting from the COVID-19 pandemic.
Other risk factors include, but are not limited to: the Company’s ability to comply with all applicable governmental regulations in a highly regulated business; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US federal laws; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; inconsistent public opinion and perception regarding the medical-use and adult-use marijuana industry; and regulatory or political change. Additional risk factors can also be found in the Company’s current MD&A which has been filed on SEDAR and can be accessed at www.sedar.com.
Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.