EastWest Files Audited 2019 Annual Financial Statements and Provides Fifth Status Report Regarding Management Cease-Trade Order
VANCOUVER, BC / ACCESSWIRE / January 31, 2020 / EastWest Bioscience Inc. (TSXV:EAST) ("EastWest" or the "Corporation") announces that it filed its annual consolidated financial statements for the year ended July 31, 2019, related management discussion and analysis and applicable officer certificates (collectively, the "Annual Filings"). The Annual Filings can be accessed on the Company's SEDAR profile at www.sedar.com.
The Corporation has not yet filed its interim financial statements for the three month period ended October 31, 2019 (the "Quarter One Financial Statements"), the accompanying management's discussion and analysis and the related CEO and CFO certifications (the "Quarter One Filings"), which were due on December 30, 2019.
The Company provides this default status report in accordance with National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). In its initial default announcement of November 29, 2019 (the "Default Notice"), the Corporation announced the delay in the filing of its Annual Filings by the filing deadline of November 28, 2019. The Company subsequently provided bi-weekly default status reports on December 12, 2019, December 27, 2019, January 10, 2020, and January 23, 2020, in which it also announced that the Company anticipated that its interim financial statements for the three month period ended October 31, 2019 (the "Quarter One Financial Statements"), the accompanying management's discussion and analysis and the related CEO and CFO certifications (the "Quarter One filings"), which were due on December 31, 2019, would not be filed by the filing deadline, and would be filed after the Annual Filings were completed and filed.
As previously announced, the Corporation applied for and was granted management cease trade orders in respect of the delayed Annual Filings (the "MCTO") by the British Columbia Securities Commission and the Financial and Consumer Affairs Division of Saskatchewan which prohibit the chief financial officer and the chief executive officer from trading in the Corporation's securities for so long as there are filings that are outstanding under applicable securities laws. The MCTO does not affect the ability of the general investing public to trade in the Corporation's listed common shares.
The Corporation applied for and was granted an extension to the MCTO and to the filing deadline for the 2020 Quarter One Filings by the British Columbia Securities Commission, the principal regulator of the Corporation, to February 7, 2020. The Corporation has applied for the same extension from the Financial and Consumer Affairs Division of Saskatchewan, the response to which is pending.
The preparation of the Quarter One Financial Statements is progress and the Corporation expects to file the 2020 Quarter One Filings on or before February 7, 2020.
The Corporation confirms that since the Default Notice: (i) there is no material change to the information set out in the Default Notice that has not been generally disclosed; (ii) there has been no failure by the Corporation in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Corporation under NP 12-203; and (iv) there is no other material information concerning the affairs of the Corporation that has not been generally disclosed.
The Corporation will continue to comply with the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains in default of the filing requirements set out above.
ON BEHALF OF THE BOARD OF DIRECTORS
EASTWEST BIOSCIENCE GROUP
Chief Executive Officer and Director
Chief Financial Officer
TSXV – Symbol: EAST
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the terms and conditions of the Corporation's filing of annual financial statements for the fiscal year ended July 31, 2019, interim financial statements for the three months ended October 31, 2019, and the related management's discussion and analysis and the MCTO. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: management's perceptions of the anticipated timeline in which the Annual Filings and interim 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. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither 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.
SOURCE: EastWest Bioscience Inc.