Subject: News Release
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File: Attachment Press Release 04-12-24 Maple Leaf delays in filing FY 2023 Yearend FS and MD&A due to change of auditor.pdf
Maple Leaf Green World Inc. Delay in Filing financial Year 2023 year-
end Financial Statements and MD&A due to change of auditor.
FOR IMMEDIATE RELEASE April 12, 2024
CALGARY, ALBERTA Maple Leaf Green World Inc. ("Maple Leaf" or the "Company"),
(CSE: MGW), (OTCQB: MGWFF), announces that further to its news release dated March
22, 2024 relating to change of auditor (the "Change of Auditor Announcement"), the
Company will be unable to meet the filing deadlines of April 29, 2024 , for filing of the
following continuous disclosure documents (collectively, the "Required Documents"):
the Company's Annual Audited Financial Statements for the year ended December
31, 2023, as required by section 4.2 of National Instrument 51-102 Continuous
Disclosure Obligations("NI 51-102");
the Company's Management Discussion & Analysis for the year ended December
31, 2023, as required by section 5.1(2) of NI 51-102; and
the certification of the Required Documents for the year ended December 31, 2023.
The delay is the result of:
Paul J. Rozek Professional Company, Chartered Professional Accountant
("Former Auditor") notifying the Company on February 28, 2024, that he cannot
feasibly do the audit of Maple Leaf due to an undertaking with CPA Alberta; and
time taken to engage GTA Accounting Professional Company, Chartered
Professional Accountants ("Successor Auditor") as the new auditor; and
commencement of audit field work by the Successor Auditor.
In response to the Required Documents delay, the Company has applied to the
Company's principal regulator, Alberta Securities Commission for a management cease
trade order ("MCTO") under National Policy 12-203 Management Cease Trade Orders
("NP 12-203") that will prohibit the management of the Company from trading in the
securities of the Company until such time as the Required Documents are filed. No
decision has yet been made by the Alberta Securities Commission on this application.
The Alberta Securities Commission may grant the application and issue the MCTO or it
may impose an issuer cease trade order if the Required Documents are not filed in a
timely fashion.
The Company continues to work to complete the Company's annual financial statements
and expects to file the Required Documents as soon as they are available, but in any event
no later than June 15, 2024, and will issue a news release once the Required Documents
have been filed. Maple Leaf has made all efforts and allocated all available resources to
the preparation, completion and filing of the Required Documents. Until the Company files
the Required Documents, it will comply with the alternative information guidelines set out
in NP 12-203. The guidelines, among other things, require the Company to issue bi-weekly
default status reports, in the form of news releases, for so long as the Required
Documents have not been filed.
Until the Company has filed the Required Documents, members of the Company's
management and other insiders are subject to an insider trading black-out policy as per
its internal Insider Trading Policy that is consistent with the principles in National Policy
12-203 section 9 Alternative Information Guidelines - Default Announcements.
The Company's Board of Directors and management confirm that they are working
expeditiously to file the Required Documents and confirm that since the filing on
November 28, 2023, of the Company's interim financial reports for the period ended
September 30, 2023:
There have been no material changes to the information contained in the Default
Announcement that would reasonably be expected to be material to an investor;
There have been no failures by the Company to fulfill its stated intentions with
respect to satisfying the provisions of the alternative information reporting
guidelines under NP 12-203;
There has not been, nor is there anticipated to be, any specified default subsequent
to the default which is the subject of the DefaultAnnouncement;
There has been no material information concerning the Company's affairs that has
not been generally disclosed; and
There are no insolvency proceedings involving the Company.
For as long as the Company is in default for its continuous disclosure obligations, the
Company intends to continue to satisfy the provisions of the alternative information
guidelines specified in section 10 of NP 12-203 by issuing default status reports in the
form of further press releases every two weeks.
For further information and updates regarding the Company, please visit
https://www.mlgreenworld.com/.
About Maple Leaf Green World Inc.
Maple Leaf is a public Canadian company that is focused on the health and wellness
industry in North America and China. With a strong commitment to promoting holistic
well-being and sustainable practices, Maple Leaf is dedicated to driving positive change
in the industry. The Company's portfolio includes a plant-based health and wellness
project in Southern California, an essential oil project in China, and investments in
renewable energy initiatives. With a long-term vision to expand its renewable energy
portfolio, Maple Leaf aims to contribute to a greener and more sustainable future. The
Company's common shares are listed for trading on the Canadian Securities Exchange
("CSE") under the symbol "MGW" and on the OTCQB market under the symbol "MGWFF."
Forward Looking and Cautionary Statements
This news release may include forward-looking statements including opinions, assumptions, estimates, the
Company's assessment of future plans and operations, and, more particularly, statements concerning: the
Proposed Transaction and the timing thereof; When used in this document, the words "will," "anticipate,"
"believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to
be among the statements that identify forward-looking statements. The forward-looking statements are
founded on the basis of expectations and assumptions made by the Company that include, but are not limited
to, the timely receipt of all required regulatory and third-party approvals, including approvals from the CSE
and from the shareholders of Maple Leaf. Forward-looking statements are subject to a wide range of risks
and uncertainties, and although the Company believes that the expectations represented by such forward-
looking statements are reasonable, there can be no assurance that such expectations will be realized. Any
number of important factors could cause actual results to differ materially from those in the forward-looking
statements including, but not limited to: regulatory and third party approvals, including approvals from the
CSE and from the shareholders of Maple Leaf, not being obtained in the manner or timing anticipated; the
ability to implement corporate strategies; the state of domestic capital markets; the ability to obtain
financing; changes in general market conditions; industry conditions and events; and other factors more
fully described from time to time in the reports and filings made by the Company with securities regulatory
authorities. Please refer to the Company's annual information form ("AIF") for the year ended December
31, 2022 and management's discussion and analysis ("MD&A") thereof for additional risk factors relating
to the Company. The AIF and MD&A can be accessed under the Company's profile on www.sedar.com.
Except as required by applicable laws, the Company does not undertake any obligation to publicly update or
revise any forward-looking statements.
For further information, please contact:
Maple Leaf Green World Inc.
Raymond Lai, Chairman, President & CEO
rlai@mlgreenworld.com
(403) 907-3715
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