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Vancouver, British Columbia - TheNewswire - January 28, 2020 - Future Farm Technologies Inc. (the "Company" or "Future Farm") (CSE:FFT) (CNSX:FFT.CN) (OTC:FFRMF) announces that it is anticipating a delay in filing its unaudited financial statements for the nine month period ended November 30, 2019 (the "2020 Q3 FS"), and the related management's discussion and analysis (the "2020 Q3 MD&A"), and CEO and CFO certifications (collectively, the "Required Filings"), which are required to be filed on or before January 29, 2020.
In connection with the anticipated delay, the Company has applied to the applicable Canadian securities regulators requesting that a voluntary management cease trade order ("MCTO") be imposed to restrict trading in the Company's securities by insiders of the Company, as opposed to a general cease trade order, which would restrict all trading in the Company's securities. If granted, the MCTO will be in effect until the Required Filings are filed or until it is revoked or varied.
The majority of the Required FIlings have been prepared, but the Company is unable to complete and file such materials as a result of complexities that have arisen in the accounting required for White Sand Nurseries, the Company's operating ornamental plant business located in Apopka, Florida ("WSN"). In 2018, the Company acquired WSN, a U.S. company with over 50 years of historical financial records. These financial records conformed to U.S. GAAP accounting principles. The WSN accounting is complex and requires detailed plant inventory counts, and this data continues to be accounted for using U.S. GAAP. In order to comply with filing requirements, the WSN records must first be converted from U.S. GAAP into IFRS, the accounting standard under which the Company reports. Both the WSN accounting team and the Company's Canadian accounting team are working diligently to finalize the conversion. The Company expects being in a position to file the Required Filings no later than Friday, February 7, 2020.
The Company confirms that it intends to satisfy the provisions of the alternative information guidelines described in sections 9 and 10 of National Policy 12-203 - Management Cease Trade Orders for so long as it remains in default of the requirement to file the Required Filings on or before January 29, 2020. The Company has not taken any steps towards any insolvency proceeding and the Company has no material information to release to the public. The Company has made the foregoing representations in accordance with the requirements of applicable securities laws.
Investors and members of the media seeking more information about Future Farm, or any aspect of its business, should contact Renmark as follows:
Renmark Financial Communications Inc.
Investor Relations - Daniel Gordon: dgordon@renmarkfinancial.com
Media - D. Elizabeth (Liz) Culley-Sullo: dculley-sullo@renmarkfinancial.com
Tel: (416) 644-2020 or (212) 812-7680
www.renmarkfinancial.com
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, CEO
About Future Farm Technologies Inc.
Future Farm Technologies is a Canadian public company that is poised to be a leading supplier of pharma-grade health and wellness products, including those made from hemp, to meet the burgeoning demand in the U.S. and global markets.
Future Farm's seasoned management team brings a deep understanding of operations and agriculture with the financial and regulatory expertise needed to become an industry leader in the rapidly growing market for health and wellness products made from hemp and other plants.
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Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
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