LONDON, ON, May 3, 2021 /CNW/ - Indiva Limited
("Indiva" or the "Company") (TSXV: NDVA) (OTCQX:
NDVAF) announces that its principal regulator, the Ontario
Securities Commission, has accepted the Company's application for,
and has granted, a management cease trade order (the
"MCTO"). As previously announced on April 23, 2021, the Company applied for the MCTO
due to a delay in filing its annual audited financial statements
for the year ended December 31, 2020,
its related Management's Discussion and Analysis and Chief
Executive Officer and Chief Financial Officer certifications (the
"Required Filings") which were due April 30, 2021.
The MCTO restricts all trading in securities of the Company,
whether direct or indirect, by the Chief Executive Officer and
Chief Financial Officer of the Company until such time as the
Required Filings have been filed by the Company and the MCTO has
been lifted. The MCTO does not affect the ability of other
shareholders of the Company to trade in the securities of the
Company.
The Company's management is diligently working with its auditors
to expedite the finalization and filing of the Required Filings.
Indiva is not aware of any specific accounting or audit concerns at
this time. Indiva anticipates that, with the benefit of
additional time and likely no later than May
14, 2021, it will be in a position to complete the Required
Filings, including receiving an unqualified audit opinion on the
year-end financial statements. The Company will announce
details regarding the announcement and release of financial results
and the conference call timing in the coming days.
During the MCTO, the Company confirms that it will comply with
the provisions of the alternative information guidelines as set out
in the National Policy 12-203 – Management Cease Trade
Orders, including issuing bi-weekly default status reports in
the form of a news release, so long as it remains in default of the
filing requirements set out above. The Company confirms that
there is no material information concerning the affairs of the
Company that has not been generally disclosed as of the date of
this news release.
COVID-19
Government and private entities are still
assessing the present and future effects of the COVID-19 pandemic.
Indiva has continued to operate with enhanced health and safety
protocols in place to protect its employees. The Company continues
to assess the customer, supply chain, and staffing implications of
COVID-19 and is committed to making continuous adjustments to
minimize disruption and impact. Indiva will remain proactive in its
response to the pandemic and compliant with any and all provincial
and/or federal policies enacted to protect Canadians.
ABOUT INDIVA
Indiva sets the standard for quality and innovation in cannabis.
As a Canadian licensed producer, Indiva creates premium pre-rolls,
flower, capsules, and edible products and provides production and
manufacturing services to peer entities. In Canada, Indiva produces and distributes the
award-winning Bhang® Chocolate, Wana™ Sour Gummies,
Ruby® Jewels Chewable Tablets, Ruby® Cannabis Sugar, Sapphire™
Cannabis Salt, Artisan Batch, and other Powered by INDIVA™
products through license agreements and partnerships. Click here to
connect with Indiva on LinkedIn, Instagram, Twitter and
Facebook, and here to find more information on the Company and its
products.
DISCLAIMER AND READER ADVISORY
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) has in any way passed upon the merits of the
contents of this press release and neither of the foregoing
entities 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.
Certain statements contained in this press release 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" 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 parties' current belief or
assumptions as to the outcome and timing of such future events.
Actual future results may differ materially. In particular, this
release contains forward-looking information relating to the
Company's ability to file the Required Filings in the
time required, dependence upon regulatory approval, the failure of
third parties to comply with their obligations to the Company or
its affiliates, risks related to COVID-19, future
operations, future results, future product offerings and compliance
with applicable regulations. 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 parties. The material factors and assumptions
include the parties being able to obtain and maintain the necessary
regulatory and other third parties' approvals and licensing and
other risks associated with regulated entities in the cannabis
industry, future sales, the demand for the Company's products and
cannabis products generally and the continued operations of the
Company in the ordinary course. The forward-looking information
contained in this release is made as of the date hereof and the
parties are 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.
SOURCE Indiva Limited