Canadian Stock Symbol Changed To EPW On Canadian Securities Exchange
VANCOUVER, BC / ACCESSWIRE / November 8, 2022 / EMPOWER CLINICS INC (CSE:EPW)(OTCQB:EPWCF) (“Empower Clinics” or the “Company”), an integrated healthcare company serving patients through medical centers, telemedicine platforms, a medical device company, and a high complexity medical diagnostics laboratory, announced today that the British Columbia Securities Commission (BCSC) has revoked the cease trade order (CTO) and trading will resume.
The Company expects that its common shares will resume trading on the Canadian Securities Exchange (the “CSE”) on or about November 8, 2022.
NEW STOCK SYMBOL FIRST OF MANY NEW CHANGES TO COME AS EMPOWER CLINICS IMPROVES FINANCIAL REPORTING AND AUDITING SYSTEM
The Company announced that it will change its ticker symbol on the CSE from “CBDT” to “EPW”. The symbol change is to take effect immediately upon resumption of trading. The change in the ticker symbol is being made to provide greater visibility to the Company’s focus on integrated healthcare and full divestment from all cannabis-related business, as well as, to provide consistency with the Company’s “EPWCF” stock symbol in the United States.
No action is required by existing shareholders regarding the ticker symbol change.
“Along with our many shareholders and followers, we welcome the resumption of trading of our shares and are looking forward to trading under the new ‘EPW’ symbol on the CSE,” said Steven McAuley, Chairman and CEO of Empower Clinics. “The new symbol directly aligns with the vision of the Company to focus on integrated healthcare and to continue adding significant value to our shareholders.” Mr. McAuley continues, “We have endured a difficult time, a difficult auditor, a difficult audit. I am grateful for shareholder patience and support. I appreciate our team members who show up each day, work hard every day, who support patients, distribute products, and make a difference to the lives of people across North America. I thank you, we thank you, for the continued support of all who have an interest in our Company.”
The Company has filed audited annual financial statements for the year ended December 31, 2021, as well as unaudited condensed interim consolidated financial statements for the three-months ended March 31, 2022, and the six-months ended June 30, 2022, along with the related management’s discussion and analysis and required certifications. All filings are available at www.sedar.com. The Company has met its continuous disclosure obligations pursuant to securities laws and the revocation orders granted by the securities regulators.
With respect to additional new changes for the purposes of improving its financial reporting, filing, annual audit process and continuous disclosure requirements, the Company has implemented or anticipates implementing the following initiatives:
1. Search For A New Auditor
After repeated audit delays, the Company and its auditor have mutually agreed to end their relationship. Empower Clinics has already begun the search for a new auditor and will advise of an appointment in the near future.
2. Apply To Change The Fiscal Year End To March 31st To Relieve Pressure On Future Audits
The audit industry has not been immune to staffing shortages that have impacted every industry across North America over the past two years. This major problem is exacerbated by the fact that 57% of Canadian public companies have a year end of December 31st, which results in an almost insurmountable capacity issue, that impacts issuers and appears to be an issue for the foreseeable future. 1)
As such and in consultation with new potential audit firms, the Company will be filing with the CRA an application to change its fiscal year end to March 31st, a period in which only 6.5% share as their year-end. 1)
3. Hiring A New Chief Financial Officer
The Company suddenly and unexpectedly lost its previous Chief Financial Officer due to personal reasons. Empower Clinics will be recruiting and hiring a new CFO with a track record of excellence in financial operations for public companies.
4. Re-Listing On Frankfurt Stock Exchange
We will immediately begin the process of re-listing on the Frankfurt Stock Exchange to support our vast, loyal, and invaluable shareholders in Germany and in German speaking countries. The Company will provide updates on this process as early and as often as possible.
Following a trade resumption and related updates above, the Company anticipates important and meaningful business-related announcements in the days and weeks ahead.
This press release is available on the Empower Clinics Verified Forum on AGORACOM for shareholder discussion, questions and engagement with management https://agoracom.com/ir/EmpowerClinics