TORONTO, March 18, 2019 /CNW/ - Namaste Technologies
Inc. ("Namaste" or the "Company") (TSXV: N) (FRANKFURT: M5BQ)
(OTCMKTS: NXTTF) wishes to announce the appointment of Baker Tilly
WM LLP ("Baker Tilly") as its auditor. This follows Namaste's
prior announcement on March 5, 2019
announcing the resignation of PricewaterhouseCoopers, LLP as its
former auditor. The Company's audit committee and board
have approved the appointment of Baker Tilly effective March 15, 2019.
Baker Tilly is a full-service accounting, tax and advisory firm
with offices in Vancouver and
Toronto. Baker Tilly is an
independent member of Baker Tilly International, a worldwide
network of independent accounting and business advisory firms in
147 territories, with 33,600 professionals.
The filings required under Section 4.11(6) of National
Instrument 51-102- Continuous Disclosure Obligations will be made
publicly available at www.sedar.com. The Company confirms that
there were no "reportable events" (as such term is defined in NI
51-102) with respect to the Company since the appointment of its
former auditor. Namaste also announces that it will not be in a
position to file its audited annual financial statements for the
fiscal year ended November 30, 2018
and the related management's discussions and analysis (the
"Annual Filings") by the filing deadline of April 1, 2019, in order to permit sufficient time
for Baker Tilly to complete its audit.
Accordingly, the Company will be making an application to the
applicable regulatory authorities under National Policy
12-203 requesting that a management cease trade order (the "MCTO")
be granted in respect of the anticipated late filing of the Annual
Filings. If the Company receives the MCTO, it is anticipated
that the general investing public will continue to be able to trade
in the Company's listed common shares. However, it is
anticipated that for the duration of the MCTO, the Company's Chief
Executive Officer, Chief Financial Officer and such other
directors, officers and persons as determined by the applicable
regulatory authorities will not be able to trade the Company's
shares. There is no guarantee that a MCTO will be granted. If the
MCTO is granted, the Company intends to comply with the provisions
of the alternative information guidelines as set out in National
Policy 12-203 – Management Cease Trade Orders for so long as
it remains in default due to the late filing of the Annual Filings,
including the issuance of bi-weekly default status reports, in the
form of a news release.
The Company and its management are committed to working closely
with Baker Tilley to complete the year-end audit as soon as
possible.
About Namaste Technologies Inc.
Namaste Technologies
powers the ultimate online customer experience for medicinal
cannabis and related products. Beginning with NamasteMD.com, the
Company's integrated telemedicine application, we connect 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 more than 20 countries.
Namaste's global technology addresses local needs in a burgeoning
cannabis industry requiring smart solutions. For more information
about Namaste, please visit www.Namastetechnologies.com
Further information on the Company and its products can be
accessed through the links below:
NamasteTechnologies.com
NamasteMD.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 Namaste's filing of annual financial statements for the
fiscal year ended November 30, 2018
and the related management's discussion and analysis and the MCTO.
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 the anticipated timeline in
which the Annual Filings can be completed and filed, 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.
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SOURCE Namaste Technologies Inc.