~Company's listed common shares continue to
trade under MCTO while audit process continues~
TORONTO, April 2, 2019 /CNW/ - Namaste Technologies Inc.
("Namaste" or the "Company") (TSXV: N) (FRANKFURT:
M5BQ) (OTCMKTS: NXTTF) announces that its principal regulator, the
British Columbia Securities Commission, has accepted the Company's
application for, and has granted, a management cease trade order
(the "MCTO"). As previously announced on March 18, 2019, the application for the MCTO was
made by the Company due to a delay in the filing of its audited
annual financial statements for the fiscal year ended November 30, 2018, the accompanying management's
discussions and analysis and the related CEO and CFO certifications
(collectively, the "Annual Filings") by the filing deadline
of April 1, 2019. The delay in
completing the Annual Filings is to permit sufficient time for its
newly appointed auditor, Baker Tilly WM LLP, to complete its
audit.
During the period in which the MCTO is effective, the general
investing public, who are not insiders of the Company, will
continue to be able to trade in the Company's listed common shares.
However, the Company's CEO and CFO will not be able to trade the
Company's shares until such time as the Annual Filings have been
filed by the Company and the MCTO has been lifted.
Namaste's board of directors and its management confirm that
they are working expeditiously to meet the Company's obligations
relating to the filing of the Annual Filings. At this time, the
Company anticipates being able to complete the Annual Filings by
May 31, 2019.
During the MCTO, the Company confirms that it will comply with
the provisions of the alternative information guidelines set out in
National Policy 12-203 - Cease Trade Orders for
Continuous Disclosure Defaults for as long as it remains in
default, including the issuance of bi-weekly default status
reports, each of which will be issued in the form of a news
release.
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, 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 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: 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.