Mr. Mike Withrow reports
AREV NANOTEC BRANDS INC. FILING FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED DECEMBER 31, 2019 AND THE 3 MONTH PERIOD ENDED MARCH 31, 2020 AFTER DUE DATE
Arev Nanotec Brands Inc.
will not be able to file its audited annual financial statements for the period ended Dec. 31, 2019, and its management discussion and analysis by the filing deadline of June 15, 2020, in reliance of British Columbia Instrument 51-515 --
Temporary Exemption from Certain Corporate Finance Requirements,
and may not be able to file its interim financial statement for the period ended March 31, 2020, and its MD&A by the filing deadline of July 14, 2020, in reliance of B.C. Instrument 51-517 --
Temporary Exemption from Certain Corporate Finance Requirements with Deadlines during the Period from June 2 to Aug. 31, 2020,
and as a result will be in default of its obligations under National Instrument 51-102 --
Continuous Disclosure Obligations:
The company has encountered difficulties in completing the audit for the aforementioned financial statements due to COVID-19-pandemic-induced short staffing of the company and its auditors.
The company intends to satisfy the alternative information guidelines set out in National Policy 12 -- 203
Cease Trade Orders for Continuous Disclosure Default
by filing biweekly default status reports, as required, until such time as the financial statements and MD&A are filed.
The company advises that there are no insolvency proceedings to which the company is subject and there is no material information concerning the affairs of the company that has not been generally disclosed.
The company has requested from the applicable Canadian securities regulators that a management cease trade order related to the company's securities be imposed against some or all of the persons who have been directors, officers or insiders of the company. If granted, such an order would not generally affect the ability of persons who have not been directors, officers or insiders of the company to trade the company's securities.
Canadian securities regulators may impose an order that all trading in securities of the company cease, either permanently, or for such period as is specified in the order, if the company does not file its annual financial statement and MD&A by July 15, 2020. The company further acknowledges that an issuer cease trade order may be imposed prior to July 15, 2020,
if the company fails to file its biweekly default status reports on time.
About Arev Nanotec Brands Inc.
Arev produces and sells functional ingredients produced by its proprietary extraction systems.
We seek Safe Harbor.
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