Mr. Nicholas D'Alessandro reports
WORLD ORGANICS PROVIDES ITS THIRTY-THIRD DEFAULT STATUS REPORT
World Organics Inc. is providing its 33rd default status report under
National Policy 12-203 cease trade orders for continuous disclosure
defaults. On April 16, 2013, the company announced that it
would not be able to file its audited annual financial statements, the
annual management's discussion and analysis, and the related chief executive officer and chief financial officer certifications for the fiscal year ended Dec. 31, 2012, within the prescribed filing deadline of April 30, 2013.
Subsequent to that date, the company announced on May 15, 2013, Aug. 21,
2013, and Nov. 14, 2013, that the filing of the interim financial
statements, the interim management's discussion and analysis, and the
related CEO and CFO certifications of filings for the three months ended
March 31, 2013, June 30, 2013, and Sept. 30, 2013, would be delayed beyond the
prescribed filing deadlines of May 30, 2013, Aug. 29, 2013, and Nov. 29, 2013, respectively. Furthermore, the company announced on April 16, 2014, that it would not be filing its audited annual financial
statements, the annual management's discussion and analysis, and the related
CEO and CFO certifications for the fiscal year ended Dec. 31, 2013, within the prescribed filing deadline of April
30, 2014; and on June 3, 2014, the company regrettably announced that it
was unable to file the interim financial statements, the interim
management's discussion and analysis, and the related CEO and CFO
certifications of filings for the three months ended March 31, 2014, within
the prescribed filing deadline of May 30, 2014, and then on Aug. 19,
2014, the company announced that it was unable to file the interim
financial statements, the interim management's discussion and analysis, and
the related CEO and CFO certifications of filings for the three months
ended June 30, 2014, within the prescribed filing deadline of Aug. 29,
2014.
In accordance with NP 12-203, the company applied for a management cease
trade order (MCTO) and on May 1, 2013, the B.C. Securities Commission (BCSC) issued an MCTO against the CEO and the CFO of the company. Then
on July 3, 2013, due to the prolonged delay in filing of the 2012 annual
filings followed by the filing delay of the interim filings, the BCSC
issued a cease trade order in respect of all of the
company's shares. Only a beneficial shareholder of the company (who is
not, and was not, at the date of the cease trade order of July 3, 2013, an
insider or control person of the company) may sell securities of the
company acquired before the date of the BCSC order if: 1) the sale is made
through a market outside Canada, and 2) the sale is made through an
investment dealer registered in British Columbia.
As previously announced, the Alberta Securities Commission (ASC)
issued a cease trade order against the company on Oct. 8, 2013, for its failure to file the 2012 annual filings, the interim
filings and the second quarter filings. Under Section 33.1 of the Securities Act
(Alberta), the company is ordered to cease trading or purchasing in
respect of any security until the ASC order has been revoked or varied.
As previously announced, the TSX Venture Exchange suspended the shares of World Organics from trading effective at the
opening on July 4, 2013. The company's shares will be reinstated for
trading only after the BCSC order and the ASC order are revoked, and a
reinstatement application has been submitted and approved by the exchange.
After its reinstatement review, if the exchange is satisfied that the
company has complied with all its listing requirements and if it is in the
interest of the investing public, the shares will be reinstated to
trading.
As previously announced, the company has turned to alternative methods of
raising funds, including mostly loans from related parties, shareholders
and other interested parties (see World Organics' news releases of Aug. 7, 2013, Aug. 21, 2013, Sept. 4, 2013, Sept. 19, 2013, Oct. 3, 2013, Oct. 16, 2013, Oct. 30, 2013, Nov. 14, 2013, Nov. 28, 2013, Dec. 11, 2013, Dec. 30, 2013, Jan. 9, 2014, Jan. 23, 2014, Feb. 6, 2014, Feb. 20, 2014, March 6, 2014, March 26, 2014, April 16, 2014, May 1, 2014, June 3, 2014, June 17, 2014, July 7, 2014, July 21, 2014, Aug. 5, 2014, and Aug. 19, 2014). As reported
then and now, the company continues to work with a few select groups, and
will continue to do so until receipt of the necessary funds to employ the
auditor and complete the 2012 annual filings as well as the 2013 annual
filings. After which, the company anticipates it will be in a better
position to provide a definitive date for when it may be able to file the
required filings.
There are a number of reasons the company has been unable to prepare and
file its 2012 and 2013 annual filings, and until these filings and all the
required filings are filed, the company intends to satisfy the provisions
of the alternative information guidelines specified by NP 12-203 by
issuing biweekly default status reports in the form of news releases,
which will also be filed on SEDAR. The company intends to file its next
default status report on or around Sept. 15, 2014.
The company reports that, except as described herein and since the
issuance of the original default announcement on April 16, 2013, and the
subsequent 32 default status reports of May 1, 2013, May 15, 2013, May 29, 2013, June 12, 2013, June 26, 2013, July 10, 2013, July 24, 2013, Aug. 7, 2013, Aug. 21, 2013, Sept. 4, 2013, Sept. 19, 2013, Oct. 3, 2013, Oct. 16, 2013, Oct. 30, 2013, Nov. 14, 2013, Nov. 28, 2013, Dec. 11, 2013, Dec. 30, 2013, Jan. 9, 2014, Jan. 23, 2014, Feb. 6, 2014, Feb. 20, 2014, March 6, 2014, March 26, 2014, April 16, 2014, May 1, 2014, June 3, 2014, June 17, 2014, July 7, 2014, July 21, 2014, Aug. 5, 2014, and Aug. 19, 2014, there have not been any
additional material changes to the information contained therein.
Further, the company has not failed to fulfill its intentions as stated
therein with respect to satisfying the provisions of the alternative
information guidelines specified by NP 12-203; and, except as disclosed in
this news release, there are no additional defaults or anticipated
defaults in respect of the company and its affairs that have not been
generally disclosed (see World Organics' news releases of June 19, 2013,
July 16, 2013, April 1, 2014, and June 3, 2014).
We seek Safe Harbor.
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