Wayland Group Announces Anticipated Delay in Annual Filings

GlobeNewswire - finance.yahoo.com Posted 4 years ago

TORONTO, April 23, 2019 (GLOBE NEWSWIRE) -- Wayland Group Corp. (CSE:WAYL) (75M.F) (MRRCF) (“Wayland” or the “Company”) announced today that it anticipates a delay in filing its audited annual financial statements for the year ended December 31, 2018, the related management’s discussion and analysis and certificates of its CEO and CFO (collectively, the “Required Filings”) with Canadian securities regulators until after the April 30, 2019 filing deadline. The additional time is required to permit the Company’s auditors, MNP LLP, to complete its review and enquiries in connection with the audit of the Company’s 2018 financial statements. The Company and its auditors are working diligently, and the Company intends to make the Required Filings as soon as possible and it expects to make these filings by no later than June 14, 2019.

In connection with this anticipated delay, the Company has applied for a customary management cease trade order (the “MCTO”) relating to the trading by the Company’s CEO and CFO and each other member of the Company’s board in securities of the Company from the Ontario Securities Commission, the Company’s principal regulator in Canada.  If granted, the MCTO should not affect the ability of other shareholders to trade in the securities of the Company.

If the MCTO is granted, the Company intends to comply with the provisions of the alternative information guidelines set out in Canadian National Policy 12-203 Management Cease Trade Orders (“NP 12-203”) by providing bi-weekly updates by way of news release until the Required Filings have been made.

About Wayland Group

Wayland is a vertically integrated cultivator and processor of cannabis. The Company was founded in 2013 and is based in Burlington, Ontario, Canada and Munich, Germany, with production facilities in Langton, Ontario where it operates a cannabis cultivation, extraction, formulation, and distribution business under federal licenses from the Government of Canada. The Company also has production operations in Dresden, Saxony, Germany, Regensdorf, Switzerland and, Allesandria, Piedmont, Italy. Wayland will continue to pursue new opportunities globally in its effort to enhance lives through cannabis.

Forward Looking Information

This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company including, without limitation, the Company’s anticipated delay in making the Required Filings, the date by which the Company intends to make the Required Filings, the Company’s application for a customary MCTO, the expected absence of an impact on the ability of other securityholders to trade in the Company’s securities and the Company’s intention to comply with the provisions of the alternative information guidelines. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new  information, future events or results, or otherwise, except as required by applicable laws.

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The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release

For more information about Wayland, please visit our website at www.waylandgroup.com

Contact Information:
Investor Relations
Graham Farrell
VP, Communications
[email protected]

Media Inquiries: [email protected]

Corporate Headquarters (Canada)
Wayland Group Corp. (Toronto)
845 Harrington Court, Unit 3
Burlington Ontario L7N 3P3

European Headquarters (Germany)
c/o Wayland
Max Joseph Str. 7
80333 Munich