VANCOUVER, BC / ACCESSWIRE / July 15, 2022 / Empower Clinics Inc. (CSE:CBDT)(Frankfurt:8EC)(OTC PINK:EPWCF) (the “Company” or “Empower”) is providing an update with respect to its previously announced management cease trade order (the “MCTO”) issued by the British Columbia Securities Commission (BCSC) on May 3, 2022.
The MCTO was issued in connection with the delay by the Company in filing its annual financial statements, management’s discussion and analysis and related officer certifications for the financial year ended December 31, 2021 (collectively, the “Required Filings”) before the prescribed deadline of May 2, 2022.
As a consequence of the delay in the audit, the Company announced on May 30, 2022 that its interim financial statements, management’s discussion and analysis and related officer certifications for the period ended March 31, 2022 (collectively, the “Interim Filings”), would not be filed by the required filing deadline of May 30, 2022.
The Company has previously advised that it expected to be in a position to file the Required and Interim Filings on or before June 30, 2022. In consultation with its auditors, the Company has been informed that it would not be in the position to complete the audit by July 15, 2022.
Subsequently the Company received an extension to the MCTO which requires the Required Filings to be filed on or before July 29, 2022. The Company anticipates filing the Interim Filings shortly after filing the Required Filings.
The Company is providing this status update in accordance with National Policy 12-203 Management Cease Trade Orders (“NP 12-203”). The Company intends to follow the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases. The Company confirms as of the date of this news release that there has been no material change in the information contained in the default announcement issued on May 3, 2022 and there is no other material information concerning the affairs of the Company that has not been generally disclosed.