September 30, 2020 – Vancouver, BC – Geyser Brands Inc. (TSX-V: GYSR)(“Geyser Brands” or the “Company”) wishes to that as a result of the Cease Trade Order dated September 17, 2020, as further particularized in the Company’s news release dated September 22, 2020, the Company’s shares have been formally suspended from trading by the TSX Venture Exchange (the “Exchange”), effective September 17, 2020.
The Cease Trade Order was issued in connection with the Company’s delay to file its annual financial statements and accompanying management discussions and analysis for the year ended March 31, 2020 (the “Annual Documents”) by the extended deadline of September 14, 2020. The delay in filing the Annual Documents is attributable to the challenges associated with completing year-end accounting tasks during the COVID-19 pandemic, coupled with the work-from-home conditions of those persons responsible for the preparation of the Annual Documents and certain complex accounting issues related to the preparation of financial statements of the Company and its various subsidiaries on a consolidated basis. The Company and its management are continuing to work expeditiously with the Company’s auditors to finalize the Annual Documents.
Once the Annual Documents have been filed, the Company will seek to apply for a revocation of the Cease Trade Order, after which the Company will apply to the Exchange for the reinstatement of trading of the Company’s shares.
In addition, further to the Company’s news release dated September 1, 2020, the Company and its management are continuing to work diligently on the finalization of the Company’s interim financial statements and accompanying management discussions and analysis for the quarter ended June 30, 2020 (the “Interim Filings”), together with related CEO and CFO certifications. The Company, as a reporting issuer in the Provinces of British Columbia and Alberta, continues to rely on BC Instrument 51-517 – Temporary Exemption from Certain Corporate Financial Requirements with Deadlines during the Period of June 2 to August 3, 2020 (“BCI 51-517”) enacted by the British Columbia Securities Commission and corresponding exemptions enacted by the Alberta Securities Commission. BCI 51-517 grants relief consisting of a 45-day extension for filing the Interim Filings from August 31, 2020 to October 14, 2020. Notwithstanding the Cease Trade Order, or any subsequent revocation of it, the Company confirms, that until such time as the Interim Filings have been filed, the Company’s management and other insiders are subject to an insider trading black-out that reflects the principles of Section 9 of National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdiction.
Other than as disclosed herein or as previous disclosed by the Company, there have been no material business developments since the date of the Company’s most recent filing of its interim filings and accompanying management discussions and analysis.
For more information, visit the company’s website at www.geyserbrands.com.
On Behalf of the Board of Directors
Director and CEO