Ms. Margot Micallef reports
COMPANY ADVISES ON FILING OF FISCAL 2019 AND 2020 Q1 RESULTS
Gaby Inc. has provided an update with respect to the management cease trade order (the MCTO) issued by the Alberta Securities Commission on June 17, 2020. The MCTO was issued in connection with the filing of the company's annual financial statements, management's discussion and analysis, and related officer certifications for the financial year ended Dec. 31, 2019. The MCTO does not affect the ability of shareholders who are not insiders of the company to trade their securities.
The company continues to work diligently and expeditiously with its auditor on the steps required to complete the annual filings and continues to use its best efforts to file the annual filings on or about July 15, 2020. The audit process is taking longer than usual due to the continued impact of COVID-19, including restrictions on border crossings.
The company is also working on the steps required to complete the interim financial statements, management's discussion and analysis, and related officer certifications for the three-month period ended March 31, 2020, and expects to file the interim filings by the extended filing deadline of July 15, 2020.
The company is providing this status update in accordance with the provisions of the alternative information guidelines set out in National Policy 12-203 (Management Cease Trade Orders).
The company continues to monitor public health directives and recommendations relating to the COVID-19 pandemic, including continued restrictions on in-person gatherings, and looks forward to being able to hold its annual meeting of shareholders without having to limit physical attendance by shareholders and guests. In the circumstances, the company has determined to defer its annual meeting until the second half of the year and, in connection therewith, the filing of proxy materials containing disclosure on director nominees, the company's auditor, executive compensation and corporate governance, in reliance on temporary relief issued by the Canadian Securities Exchange and the Canadian Securities Administrators as a result of the pandemic. In particular, the company relies on the exemption in ASC blanket order 51-518 (Temporary Exemptions from Certain Requirements to File or Send Securityholder Materials (and similar exemptions provided by the other Canadian securities regulators)) with respect to the filing of executive compensation disclosure, which is included in the information circular for annual shareholders meetings. The requisite shareholder communications and other actions necessary to call the meeting will be undertaken when the meeting date is decided.
The company confirms, as of the date of this news release, that there has been no material change in the information contained in the announcement issued on June 3, 2020, and there is no other material information concerning the affairs of the company that has not been generally disclosed.
About Gaby Inc.
Gaby is a United States-focused, consumer packaged goods company, operating a family of brands in the cannabis industry and in the mainstream grocery channel. Through its subsidiaries, Gaby indirectly holds licences and permits issued by the California Department of Health, the California Bureau of Cannabis Control and the County of Sonoma for manufacturing, distribution and licence applications pending for cultivation, and nursery licences with the California Department of Food and Agriculture. With these licences and permits to operate in the cannabis channel, its existing infrastructure of major retailers, and an extensive broker and distribution network in the mainstream channel, Gaby has brought a number of its proprietary, acquired and third party brands to market in both the licensed and mainstream market.
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