VANCOUVER, BC / ACCESSWIRE / October 29, 2021 / Orchid Ventures, Inc. (the "Company" or "Orchid") (CSE:ORCD)(OTC PINK:ORVRF) announces that its annual financial statements for the year ended June 30, 2021, including the related management discussion and analysis, and CEO and CFO certifications (collectively, the "Annual Financial Filings") were not filed by the required filing deadline of October 28, 2021 (the "Filing Deadline").
The Annual Financial Filings were not filed on or before the Filing Deadline due to the nature of business of the Company, location of the Company's subsidiaries and the COVID-19 pandemic. The Company has been advised by its auditors, DMCL LLP, that they need more time to complete the audit.
The Company is working on the steps required to complete the Annual Financial Filings and is required to file the Annual Financial Filings by December 27, 2021. The Company currently expects that it will be in position to file on or prior to November 5, 2021. The Company will provide updates as further information relating to the Annual Financial Filings becomes available.
The Company has applied to the applicable securities regulatory authorities and received a management cease trade order ("MCTO") imposed against the Chief Executive Officer and Chief Financial Officer of the Company precluding them from trading securities of the Company. The MCTO will be in effect until the Annual Financial Filings are filed, and requires that the Annual Financial Filings be filed on or before December 27, 2021.
Until the Annual Financial Filings are filed, the Company intends to issue bi-weekly default status reports in accordance with National Policy 12-203 - Management Cease Trade Orders. The Company intends to satisfy the provisions of the Alternative Information Guidelines during the period it remains in default of the filing requirements. The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed.
About Orchid Ventures, Inc.
Orchid Essentials is a California-based cannabis innovation company that has developed a mass-market brand and loyal consumer following with its premium cannabis products and unique vape hardware delivery systems. Orchid also owns 100% of PurTec Delivery Systems, a company that produces, markets and sells clean vaporizer hardware that has been emissions tested against the most stringent standards in the world set forth by the EU and has unrivaled product quality and value pricing. Orchid's management brings significant branding, product development and distribution experience with a proven track record of scaling businesses and building sustainable revenue growth through value-generating partnerships and innovation that creates enterprise value. Learn more at https://orchidessentials.com/
ON BEHALF OF THE BOARD OF DIRECTORS - ORCHID VENTURES, INC.
CEO and Director
CAUTIONARY STATEMENT REGARDING "FORWARD‐LOOKING" INFORMATION: This news release contains forward‐looking statements. The Company has provided the forward‐looking statements in reliance on assumptions that it believes are reasonable at this time. The reader is cautioned that the assumptions used in the preparation of the forward‐looking statements may prove to be incorrect. All such forward‐looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, delays resulting from or inability to obtain required regulatory approval. The actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward‐looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward‐looking statements will transpire or occur, or if any of them do, what benefits, including the amount of proceeds, the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
SOURCE: Orchid Ventures, Inc.