Mr. Andrew Alvis reports
ISODIOL INTERNATIONAL INC. DEFAULT ANNOUNCEMENT PURSUANT TO NATIONAL POLICY 12-203; MANAGEMENT CEASE TRADE ORDER ISSUED
Isodiol International Inc.
has not been able to file its audited annual financial statements for the fiscal year ended March 31, 2020, and its management's discussion and analysis relating thereto before the deadline of Sept. 14, 2020.
The prescribed deadline for the required annual filings was initially July 29, 2020; however, the company relied on the blanket relief provided by the Canadian Securities Administrators (the CSA), under B.C. Instrument 51-517 and similar orders in the company's other reporting jurisdictions. On May 20, 2020, the CSA issued a notice stating that securities regulators will be providing co-ordinated relief consisting of a 45-day extension for certain periodic filings required to be made between June 2, 2020, and Aug. 31, 2020, as a result of the COVID-19 pandemic. The relief extended the deadline from July 29, 2020, to Sept. 14, 2020.
The company is working expeditiously with its auditor and making every effort to file the required annual filings on or before Oct. 14, 2020.
In connection with the late filing, the company applied to the B.C. Securities Commission and other applicable securities regulators under National Policy 12-203 (Cease Trade Orders for Continuous Disclosure Defaults), requesting that a management cease trade order (an MCTO) related to the company's securities be imposed against some or all persons who have been directors, officers or insiders of the company. The MCTO would prohibit such specified persons from trading in the securities of the company for such time as the required annual filings are not filed and the MCTO remains in force. The issuance of an MCTO does not generally affect the ability of persons who are not directors, officers or other insiders of the company to trade in the company's securities.
The BCSC approved the company's MCTO application and issued the MCTO on today's date.
The company confirms that it intends to satisfy the provisions of Section 4.4 of National Policy 12-203 and issue biweekly default status reports for so long as the company remains in default of the financial statement filing requirement. Such report will disclose any material changes to the information in this release, all actions taken by the company to remedy the default, particulars of any failure by the company to fulfill these provisions, any subsequent defaults of the company requiring a default announcement and any other material information concerning the affairs of the company not previously disclosed.
About Isodiol International Inc.
Isodiol is focused on the nutritional health benefits that are derived from hemp and is a product development, sales, marketing and distribution company of hemp-based consumer packaged goods (CPG) and solutions. Isodiol has commercialized a 99 plus per cent pure, naturally isolated CBD (cannabidiol), including microencapsulations, and nanotechnology for quality consumable and topical skin
care products. Isodiol's growth strategy includes the development of over-the-counter and pharmaceutical drugs and continued international expansion into Latin America, Asia and Europe.
We seek Safe Harbor.
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