Namaste Technologies Provides Fourth Bi-Weekly Default Status Report Regarding Management Cease Trade Order
VANCOUVER , May 28, 2019 /CNW/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV:N.V) (M5BQ.F) (NXTTF) is providing this fourth bi-weekly default status report in accordance with National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). In its initial default announcement of April 2, 2019 (the "Default Notice"), the Company announced the delay in the filing of its audited annual financial statements for the fiscal year ended November 30, 2018 (the "2018 Annual Financial Statements"), the accompanying management's discussion and analysis and the related CEO and CFO certifications (collectively, the "Annual Filings") by the filing deadline of April 1 , 2019. The Company subsequently provided bi-weekly default status reports on April 15, 2019 , April 30, 2019 and May 14, 2019 .
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As previously announced, the Company applied for and was granted management cease trade orders in respect of the delayed Annual Filings (the "MCTO") by the British Columbia Securities Commission and the Ontario Securities Commission which prohibit the chief financial officer and the interim chief executive officer from trading in the Company's securities for so long as there are filings that are outstanding under applicable securities laws. The MCTO does not affect the ability of the general investing public to trade in the Company's listed common shares.
The audit of the 2018 Annual Financial Statements is nearly completed. The Company anticipates that its Annual Filings and interim financial statements for the three-month period ended February 28, 2019 , will be filed on or before May 31, 2019 .
The Company confirms that since the Default Notice: (i) there is no material change to the information set out in the Default Notice that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) since the Company's bi-weekly default status report dated May 14, 2019 and press release dated May 24, 2019 , there is no other material information concerning the affairs of the Company that has not been generally disclosed.
The Company will continue to comply with 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 set out above.
About Namaste Technologies
Namaste
Technologies powers the ultimate online customer experience for
medicinal cannabis and related products. Beginning with
NamasteMD.com, the Company's integrated telemedicine application,
Namaste connects medical clients with health care practitioners to
more readily issue and renew cannabis prescriptions online.
Featuring the first Canadian Medical Sales-Only Licence, the
Company's own Cannmart.com is your 'everything cannabis store'
offering clients a large variety of strains to fill their
prescription needs. Namaste's unique artificial intelligence (AI)
engine incorporated in its platforms and related Uppy App,
completes our ecosystem by identifying the right product and
pairing to address specific medical cannabis requirements. Namaste
also provides vaporizers and accessories across several platforms
operating in multiple countries. Namaste's global technology
addresses local needs in a burgeoning cannabis industry requiring
smart solutions. For further information about Namaste, please log
onto www.Namastetechnologies.com
Information on the Company and its many products can be accessed through the links below:
NamasteTechnologies.com
NamasteMD.com
Cannmart.com
NamasteVapes.ca
Everyonedoesit.ca
FORWARD-LOOKING INFORMATION – This news release
contains "forward-looking information" within the meaning of
applicable securities laws. All statements contained herein that
are not historical in nature contain forward-looking information.
Forward-looking information can be identified by words or phrases
such as "may", "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. The
forward-looking information contained in this press release,
includes, but is not limited to, statements related to: the
anticipated delay in the completion of the Company's Annual Filings
and the Company's ability to complete its audit and complete the
Annual Filings by May 31, 2019 . The forward-looking information
contained herein is made as of the date of this press release and
is based on assumptions management believed to be reasonable at the
time such statements were made, including management's perceptions
of future growth, results of operations, operational matters,
historical trends, current conditions and expected future
developments, as well as other considerations that are believed to
be appropriate in the circumstances. While we consider these
assumptions to be reasonable based on information currently
available to management, there is no assurance that such
expectations will prove to be correct. 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. Such factors
include, without limitation: risks relating to the Company's
ability to execute its business strategy and the benefits
realizable therefrom, risks specifically related to the Company's
international operations, and risks relating to the market price of
the Common Shares. Additional risk factors can also be found in the
Company's current MD&A and annual information form, both of
which have been filed under the Company's SEDAR profile at
www.sedar.com. Readers are cautioned
not to put undue reliance on forward-looking information. The
Company undertakes no 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 law. Forward-looking statements contained in this news
release are expressly qualified by this cautionary
statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
SOURCE Namaste Technologies Inc.
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