LONDON,
ON, Feb. 13, 2024 /CNW/ - Odd Burger
Corporation ("Odd Burger" or the "Company") (TSXV: ODD) (OTCQB:
ODDAF) (FSE: IA9) The Company is pleased to provide a bi-weekly
update on the status of the management cease trade order granted on
January 30, 2024 (the "MCTO") by its principal regulator,
the Ontario Securities Commission, under National Policy 12-203 -
Management Cease Trade Orders ("NP 12-203"), following the
Company's announcement on January 15,
2024 (the "Default Announcement") that it was unable
to file its audited annual financial statements, management's
discussion and analysis and related certifications for the year
ended September 30, 2023 (the
"Documents") on or before January
29, 2024, as required under applicable securities laws. The
Company still expects to file the Documents by February 29, 2024.
There are no material changes to the information contained in
the Default Announcement. In addition: (i) the Company is
satisfying and confirms that it intends to continue to satisfy the
provisions of the alternative information guidelines under NP
12-203 and issue bi-weekly default status reports for so long as
the delay in filing the Documents is continuing, each of which will
be issued in the form of a press release; (ii) the Company does
not have any information at this time regarding any anticipated
specified default subsequent to the default in filing the
Documents; (iii) the Company is not subject to any insolvency
proceedings; and (iv) there is no material information concerning
the affairs of the Company that has not been generally
disclosed.
The Company also announces that due to insufficient
availability, Murtaza Chevel has
resigned as the Chief Financial Officer of the Company effective
February 14, 2024. James McInnes
has been appointed interim CFO, effective February 14, 2024, and the Company has hired a
financial services firm to assist with the transition. The Company
does not believe that Mr. Cheval's departure will affect the timely
filing of its Documents and the Board expects to embark on an
extensive search for a permanent CFO in due course.
About Odd Burger
Corporation
Odd Burger Corporation is a franchised vegan fast-food
restaurant chain and food technology company that manufactures a
proprietary line of plant-based protein and dairy alternatives. Its
manufactured products are distributed to Odd Burger restaurant
locations through its foodservice line and also sold at grocery
retailers through its consumer-packaged goods (CPG) line. Odd
Burger restaurants operate as smart kitchens, which use
state-of-the art cooking technology and automation solutions to
deliver a delicious food experience to customers craving healthier
and more sustainable fast food. With small store footprints
optimized for delivery and takeout, advanced cooking technology,
competitive pricing, a vertically integrated supply chain along
with healthier ingredients, Odd Burger is revolutionizing the
fast-food industry by creating guilt-free fast food that can be
enjoyed at its restaurant locations or at home though its CPG line.
Odd Burger Corporation is traded on the TSX Venture Exchange under
the symbol "ODD" and on the OTCQB under the symbol "ODDAF". For
more information visit https://www.oddburger.com.
Forward-Looking
Information
This news release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation. All
statements, other than statements of historical fact, included
herein are forward-looking information. In particular, this news
release contains forward-looking information regarding: the search
for a permanent CFO, and the filing of the Documents, including the
timing for the filing of the Documents. There can be no assurance
that such forward-looking information will prove to be accurate,
and actual results and future events could differ materially from
those anticipated in such forward-looking information. This
forward-looking information reflects Odd Burger's current beliefs
and is based on information currently available to Odd Burger and
on assumptions Odd Burger believes are reasonable. These
assumptions include, but are not limited to: the ability of Odd
Burger to complete the search for a permanent CFO and the ability
of Odd Burger to complete the filing of Documents in the noted
timeframe. Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
Odd Burger to be materially different from those expressed or
implied by such forward-looking information. Such risks and other
factors may include, but are not limited to: general business,
economic, competitive, political and social uncertainties; general
capital market conditions and market prices for securities; delay
or failure to receive board or regulatory approvals; the actual
results of future operations; competition; changes in legislation
affecting Odd Burger; the timing and availability of external
financing on acceptable terms; long-term capital requirements and
future developments in the Company's markets and the markets in
which it expects to compete; lack of qualified, skilled labour or
loss of key individuals. A description of additional risk factors
that may cause actual results to differ materially from
forward-looking information can be found in Odd Burger's
disclosure documents on the SEDAR+ website at www.sedarplus.com.
Although Odd Burger has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. Readers are cautioned that the foregoing list of factors
is not exhaustive. Readers are further cautioned not to place
undue reliance on forward-looking information as there can be no
assurance that the plans, intentions or expectations upon which
they are placed will occur. Forward-looking information contained
in this news release is expressly qualified by this cautionary
statement. The forward-looking information contained in this news
release represents the expectations of Odd Burger as of the date
of this news release and, accordingly, is subject to change after
such date. However, Odd Burger expressly disclaims any intention
or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or
otherwise, except as expressly required by applicable securities
law.
The TSX Venture Exchange has neither approved nor disapproved
the contents of this news release. 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 news release.
SOURCE Odd Burger Corporation