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TORONTO, Oct. 30, 2017 (GLOBE NEWSWIRE) — Canada House Wellness Group Inc. (CSE:CHV) (“Canada House” or the “Company”) is pleased to report the financial results and accompanying management discussion and analysis for the fiscal year ended April 30, 2017. Copies are available on the Company’s website (www.canadahouse.ca) and have been filed with SEDAR (www.sedar.com).
The Company is pleased to report that revenue for the year ended April 30, 2017, increased to $6,207,294 from $3,085,864 for the year ended April 30, 2016. During the year ended April 30, 2017, the Company incurred a net loss of $14,453,068. Included in this loss, however, are non-cash expenses of $11,023,430 which include, amortization, bad debts, costs associated with acquisitions of subsidiaries and various asset impairment charges, the majority of which are not expected to reoccur.
As the Company has not yet filed its interim unaudited financial statements for the quarter ended July 31, 2017 and related management’s discussion and analysis and Chief Executive Officer and Chief Financial Officer certificates, the Company also wishes to provide a bi-weekly status update further to the management cease trade order (“MCTO”) issued by the Ontario Securities Commission in respect of the Company’s securities under National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults (“NP 12-203”). The MCTO only prohibits the interim Chief Executive Officer and the Chief Financial Officer from trading in or purchasing the securities of the Company until two business days after all filings are brought up to date. The Company also has imposed a blackout on trading by all other directors, officers and insiders.
The MCTO was issued in respect of the Company’s inability to file its audited financial statements for the year ended April 30, 2017, and the management’s discussion and analysis and related Chief Executive Officer and Chief Financial Officer certificates for this period (collectively, the “Required Filings”) before the August 28, 2017 filing deadline. The Required Filings have now been filed, however, the MCTO will remain in place until such time as the Company files its interim unaudited financial statements for the quarter ended July 31, 2017, and related management’s discussion and analysis and Chief Executive Officer and Chief Financial Officer certificates.
The Company anticipates effecting the filing of its interim unaudited financial statements for the quarter ended July 31, 2017 and related management’s discussion and analysis and Chief Executive Officer and Chief Financial Officer certificates within approximately fifteen to twenty days.
The MCTO will be in effect until two business days after all filings are up to date.
Until such time as all filings are up to date, the Company will continue to provide bi-weekly status reports to its shareholders and in so doing, comply with the provisions of the alternative information guidelines set out in Sections 9 and 10 of NP 12-203.
Canada House Wellness Group Inc.
Canada House is the parent company of Marijuana for Trauma Inc., Knalysis Technologies and Abba Medix Corp. The Company’s goal is to become a marketplace leader through strategic partnerships, mergers, and acquisitions to create a fully integrated cannabis therapy company. For more information please visit https://www.canadahouse.ca. or www.sedar.com
For further information, please contact:
Boom Capital Markets
Canada House Wellness Group, Inc.
Cautionary Statement Regarding Forward‐Looking Information. Certain statements within this news release pertaining to the Company constitute “forward‐looking statements”, within the meaning of applicable securities laws, including without limitation, statements regarding future estimates, business plans and/or objectives, sales programs, forecasts and projections, assumptions, expectations, and/or beliefs of future performance, are “forward‐looking statements”. Such “forward‐looking statements” involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements. Forward‐looking statements include, but are not limited to, statements with respect to the anticipated effects of the financing, regulatory changes, timeliness of government approvals for the granting of permits and licenses, changes in medical marijuana prices, actual operating performance of facilities, competition and other risks affecting the Company in particular and the medical marijuana industry generally, including those set out in the Company’s public disclosure record. The Company assumes no responsibility to update or revise forward‐looking information to reflect new events or circumstances unless required by law.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.