Flowr will release first quarter earnings within the permitted 45-day extension period.
TORONTO, June 12, 2020 (GLOBE NEWSWIRE) -- The Flowr Corporation (tsx.v:FLWR) /zigman2/quotes/205237089/composite FLWPF -8.32% ("Flowr" or the "Company") announced that the Company has decided to utilize more time as allowed under temporary exemptions with respect to the filing of its first quarter 2020 interim financial statements and related management discussion and analysis for the period ended March 31, 2020 (collectively, the "Interim Filings"). Flowr had previously announced on May 29 [th] , 2020 that it expected to release first quarter Interim Filings on or before June 15 [th] , 2020. The Company will issue a subsequent press release announcing its first quarter earnings date in the near future.
On March 23 [rd] , 2020, the Canadian Securities Administrators published substantively harmonized temporary exemptions from certain regulatory filing requirements that provide issuers with a 45-day filing extension for filings required on or before June 1 [st] , 2020 to allow issuers the time needed to focus on the many other business and financial reporting implications of COVID-19. The Company will rely on these exemptions with respect to the Interim Filings as set out in Part 4 and Part 5 of NI 51-102.
All of the Company's management, directors and other insiders will remain subject to a blackout period under its Timely Disclosure, Confidentiality and Insider Trading Policy, which reflects the principles set out in section 9 of National Policy 11- 207: Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
About The Flowr Corporation
The Flowr Corporation is a Toronto-headquartered cannabis company with operations in Canada, Europe, and Australia. Its Canadian operating campus, located in Kelowna, BC, includes a purpose-built, GMP-designed indoor cultivation facility; an outdoor and greenhouse cultivation site; and a state-of-the-art R&D facility. From this campus, Flowr produces recreational and medicinal products. Internationally, Flowr intends to service the global medical cannabis market through its subsidiary Holigen, which has a license for cannabis cultivation in Portugal and operates GMP licensed facilities in both Portugal and Australia.
Flowr aims to support improving outcomes through responsible cannabis use and, as an established expert in cannabis cultivation, strives to be the brand of choice for consumers and patients seeking the highest-quality craftsmanship and product consistency across a portfolio of differentiated cannabis products.
For more information, please visit flowrcorp.com or follow Flowr on Twitter: @FlowrCanada and LinkedIn: The Flowr Corporation.
On behalf of The Flowr Corporation:
CEO and Director
INVESTORS & MEDIA:
Head of Capital Markets
(877) 356-9726 ext. 1528
Forward-Looking Information and Statements
This press release contains "forward-looking information" within the meaning of Canadian Securities laws, which may include but is not limited to: the postponement of the filing of the Interim Filings; the expected timeline for the Company to report and file first quarter 2020 earnings; the Company relying on exemptions with respect the Interim Filings; the Company's management, directors and other insiders remaining subject to a blackout period under its Timely Disclosure, Confidentiality and Insider Trading Policy; Flowr servicing the global medical cannabis market and operating GMP-designed manufacturing facilities in Portugal and Australia; Flowr supporting improving outcomes through responsible cannabis use and striving to be the brand of choice for consumers and patients seeking highest-quality craftsmanship and product consistency; and Flowr's business, production and products. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such information and statements are based on the current expectations of Flowr's management and are based on assumptions and subject to risks and uncertainties. Although Flowr's management believes that the assumptions underlying such information and statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this press release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting Flowr, including risks relating to: Flowr being unable to file the Interim Filings on the anticipated timeline, or at all; the Company being unable to satisfy the requirement for the applicable exemptions and relief it is relying on with respect to the Interim Filings, or such exemptions becoming otherwise unavailable to the Company; the inability of the Company to have its management, directors and other insiders adhere to its Timely Disclosure, Confidentiality and Insider Trading Policy; Flowr being unable to service the global medical cannabis market and/or operate GMP-designed manufacturing facilities in Portugal and Australia; Flowr being unable to support improving outcomes through responsible cannabis use and/or striving to be the brand of choice for consumers and patients seeking highest-quality craftsmanship and product consistency; the construction and development of the Company's cultivation and production facilities; general economic and stock market conditions; adverse industry events; loss of markets; future legislative and regulatory developments in Canada and elsewhere; the cannabis industry in Canada generally; the ability of Flowr to implement its business strategies; Flowr's inability to produce or sell premium quality cannabis, risks and uncertainties detailed from time to time in Flowr's filings with the Canadian Securities Administrators; the Company's inability to raise capital or have the liquidity to operate or advance its strategic initiatives and many other factors beyond the control of Flowr.
Although Flowr has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information or statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking information or statement can be guaranteed. Except as required by applicable securities laws, forward-looking information and statements speak only as of the date on which they are made and Flowr undertakes no obligation to publicly update or revise any forward-looking information or statements, whether as a result of new information, future events or otherwise. When considering such forward-looking information and statements, readers should keep in mind the risk factors and other cautionary statements in Flowr's Annual Information Form dated April 29, 2020 (the "AIF") and filed with the applicable securities regulatory authorities in Canada. The risk factors and other factors noted in the AIF could cause actual events or results to differ materially from those described in any forward-looking information or statements.
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.
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