Mr. Jeremy South reports
ASCENT INDUSTRIES PROVIDES UPDATE ON THE SUPREME COURT OF BRITISH COLUMBIA IN THE MATTER OF THE COMPANIES CREDITOR ARRANGEMENT ACT
Ascent Industries Corp. is providing an update on the Supreme Court of British Columbia hearing in the matter of the Companies' Creditor Arrangement Act, which was held July 11, 2019. Pursuant to the hearing, the court has granted the company a stay extension order to extend the relief granted under the previous order made May 31, 2019, to July 26, 2019.
Biweekly default status report
The company is also providing this biweekly default status report in accordance with National Policy 12-203 (Cease Trade Orders for Continuous Disclosure Defaults).
On May 16, 2019, the company announced that its financial statements for the year ended Dec. 31, 2018, including the related management's discussion and analysis, and chief executive officer and chief financial officer certifications, were not filed by the required filing deadline of April 30, 2019.
As previously reported, Ascent is currently involved in proceedings under the Companies' Creditors Arrangement Act. Ascent is required to file biweekly default status reports in accordance with NP 12-203 until such time that the CCAA proceeding is concluded or until the default in making the annual filings is remedied.
The company reports that since its news release of June 26, 2019, there have been no material changes regarding the information contained in that news release. Further, there is no other material information concerning the affairs of the company that has not been generally disclosed. The company confirms that, since its news release of June 26, 2019, there have been no failures by it in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines under NP 12-203, and the company intends to file the annual filings as soon as possible.
About Ascent Industries Corp.
The company's operations currently include facilities in Oregon and Nevada in the United States. In the United States, the company holds licences in Oregon (for processing and for distribution of cannabis to any licensed entity in the state) and in Nevada (for cultivation and for production, processing and wholesale distribution of cannabis). In Europe, Agrima ApS, a Danish company and wholly owned subsidiary of Ascent, has been established, and the company is currently assessing its future role as it continues to formulate its business plan.
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