CALGARY,
AB, May 1, 2024 /CNW/ -
The Hempshire Group, Inc. (TSXV: HMPG)
("Hempshire" or the
"Company"), a California-based non-tobacco and non-nicotine
smokables alternatives company that formulates and sells its own
proprietary brand of cannabidiol hemp smokes ("CBD Hemp Smokes")
under the MOUNTAIN® Smokes label,
announces that due to recent management changes it will not be in a
position to file its audited annual financial statements for the
year ended December 31, 2023, the
related management's discussion and analysis and related CEO and
CFO certificates by the required deadline of April 29, 2024. The Company is working diligently
and expeditiously with its auditors and expects to file its 2023
annual financial statements and related management's discussion and
analysis on or before May 29,
2024.
The Company has applied to the Alberta
Securities Commission, as principal regulator for the Company, for
the imposition of a management cease trade order under National
Policy 12-203 – Management Cease Trade Orders ("NP 12-203")
throughout the duration of the default.
The management cease trade order, if
approved, will generally not affect the ability of persons who are
not or have not been management of the Company to trade in its
securities.
As previously announced, the Company's
Chief Executive Officer and Chief Financial Officer were replaced
on February 14, 2024. For a start-up
company with a small staff, the recent management changes caused a
late start to the year end audit and other timing issues. The
Company has engaged additional accounting assistance on a
consulting basis to complete the financial statements by
May 29, 2024.
The Company confirms that it will satisfy
the provisions of the alternative information guidelines under NP
12-203 by issuing biweekly default status reports in the form of
news releases for so long as it remains in default of the
above-noted filing requirements.
The Company confirms that it is not subject
to any insolvency proceedings and there is no other material
information relating to its affairs that has not been generally
disclosed.
Other than as disclosed herein, the Company
is up to date in its filing obligations.
About
Hempshire
Hempshire formulates and markets its own
proprietary brands under the MOUNTAIN®
Smokes brand name, including
MOUNTAIN® Originals hemp smokes
("Hemp Smokes") with <0.3% THC.
Information about the Company's
MOUNTAIN® Smokes line of Hemp Smokes
can be found at the Company's ecommerce website at
https://mountainsmokes.com.
Reader
Advisory
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Forward-Looking
Statements
This news release contains
forward-looking statements and forward-looking information within
the meaning of applicable securities laws. The use of any of the
words "expect", "anticipate", "continue", "estimate", "objective",
"ongoing", "may", "will", "project", "should", "believe", "plans",
"intends" and similar expressions are intended to identify
forward-looking information or statements. More particularly, and
without limitation, this news release contains forward-looking
statements and information concerning the anticipated filing of the
financial statements and the approval of the management cease trade
order by the ASC.
Hempshire believes that the expectations
and assumptions on which such forward-looking statements and
information are based are reasonable, undue reliance should not be
placed on the forward-looking statements and information because
Hempshire can give no assurance that they will prove to be correct.
By its nature, such forward-looking information is subject to
inherent risks and uncertainties, which could cause the actual
results and expectations to differ materially from the anticipated
results or expectations expressed.
Neither the TSXV nor its Regulation
Services Provider accepts responsibility for the adequacy or
accuracy of this release.
SOURCE The Hempshire Group, Inc.