15:48:05 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



Wayland Group Corp
Symbol WAYL
Shares Issued 230,628,921
Close 2019-04-30 C$ 0.88
Market Cap C$ 202,953,450
Recent Sedar Documents

Wayland Group won't file audited financials in time

2019-04-30 17:17 ET - News Release

Mr. Graham Farrell reports

WAYLAND GROUP CONFIRMS DELAY IN ANNUAL FILINGS; EXPECTS ISSUANCE OF CEASE TRADE ORDER

Wayland Group Corp. will be late filing its audited annual financial statements for the year ended Dec. 31, 2018, the related management's discussion and analysis, and certificates of its chief executive officer and chief financial officer with Canadian securities regulators. The deadline to file is today. The additional time is required to permit the company and its auditors, MNP LLP, to complete work and inquiries in connection with the audit of the company's 2018 financial statements. The company and its advisers are working diligently to complete such work and inquiries and the company intends to make the required filings as soon as possible.

In connection with this delay, the company expects that the Ontario Securities Commission (OSC) will be issuing a failure-to-file cease trade order (FFCTO) against the company, rather than the management cease trade order (MCTO) originally sought by the company. Despite the exercise of reasonable diligence in the circumstances, the company has been advised by the OSC that its application for an MCTO was ultimately not successful because it was made less than two weeks before the deadline for making the required filings and that the OSC was of the view that the company's circumstances did not constitute a "rare situation" for the exercise of the OSC's discretion in this regard. When issued, the company expects the FFCTO to affect trading in all securities of the company by securityholders of the company, to apply in each jurisdiction in Canada in which the company is a reporting issuer and to remain in effect until such time as the company has made the required filings. Once the required filings are made within 90 days of the date of the FFCTO, such filings will constitute the company's application to have the FFCTO revoked.

About Wayland Group Corp.

Wayland is a vertically integrated cultivator and processor of cannabis.

We seek Safe Harbor.

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