Diamond Estates Wines & Spirits Announces Delay in Filing of Year End 2025 Financial Statements and MD&A
Rhea-AI Summary
Diamond Estates Wines & Spirits (TSXV: DWS) has announced a delay in filing its financial statements, MD&A, and executive certificates for the year ended March 31, 2025. The delay is attributed to additional audit procedures required by external auditors regarding certain transactions and estimates in the financial statements.
As a consequence, the company expects to be noted in default by Canadian securities regulators, leading to a 'failure-to-file' cease trade order (CTO). This order will prohibit trading of company securities across Canadian jurisdictions and result in a suspension of trading on the TSX Venture Exchange until the required filings are completed and the CTO is revoked.
Positive
- None.
Negative
- Delay in filing year-end 2025 financial statements and MD&A beyond regulatory deadline
- Expected issuance of cease trade order (CTO) prohibiting trading of company securities
- Imminent suspension of trading on TSX Venture Exchange
- Need for additional audit procedures suggesting potential accounting complexities
News Market Reaction
On the day this news was published, DWWEF declined 25.00%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Niagara-on-the-Lake, Ontario--(Newsfile Corp. - July 30, 2025) - Diamond Estates Wines & Spirits Inc. (TSXV: DWS) ("Diamond Estates", or the "Company") announces today a delay in the filing of its financial statements, its management's discussion and analysis, and chief executive officer and chief financial officer certificates for the year ended March 31, 2025 (the "Required Filings"), which were due to be filed by July 30, 2025 under applicable Canadian securities law requirements.
The delay in filing is due to the need for additional audit procedures required by the Company's external auditor in connection with certain transactions and estimates included in the financial statements. These additional procedures are necessary to ensure that the financial statements present fairly, in all material respects, the financial position and results of operations of the Company in accordance with applicable accounting standards.
The Company is working diligently with its auditors to complete the audit and expects to file the Required Filings as soon as practicable. The Company looks forward to providing further updates when available.
As a result of the delay, the Company expects to be noted in default by applicable securities regulatory authorities in Canada and that the Ontario Securities Commission, as principal regulator, will issue a 'failure-to-file' cease trade order ("CTO") in accordance with the principles and guidance set out in National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions of the Canadian Securities Administrators. The CTO is expected to prohibit any trading in securities of the Company for so long as it remains in effect, in all Canadian jurisdictions in which the Company is a reporting issuer as well as certain other Canadian jurisdictions based on the provisions of local securities legislation and is anticipated to remain in effect until after the Required Filings have been filed. The CTO is also expected to result in a suspension of the Company's shares from trading on the TSX Venture Exchange ("TSXV"), which will continue until the CTO is revoked and all TSXV requirements are satisfied.
About Diamond Estates Wines and Spirits Inc.
Diamond Estates Wines and Spirits Inc. is a producer of high-quality wines and ciders as well as a sales agent for over 120 beverage alcohol brands across Canada. The Company operates four production facilities, three in Ontario and one in British Columbia, that produce predominantly VQA wines under such well-known brand names as 20 Bees, Creekside, D'Ont Poke the Bear, EastDell, Lakeview Cellars, Mindful, Shiny Apple Cider, Fresh Wines, Red Tractor, Seasons, Serenity and Backyard Vineyards.
Through its commercial division, Trajectory Beverage Partners, the Company is the sales agent for many leading international brands in all regions of the country. These recognizable brands include Fat Bastard, and Gabriel Meffre wines from France, Brimoncourt Champagne from France, Kaiken wines from Argentina, Kings of Prohibition and McWilliams Wines from Australia, Yealands Family Wines and Joiy Sparkling wine from New Zealand, Cofradia Tequilas from Mexico, Maverick Distillery spirits (including Tag Vodka, Ginslinger Gin and Barnburner Whisky) from Ontario, Talamonti and Cielo wines from Italy, Porta 6, Julia Florista, Catedral and Cabeca de Toiro wines from Portugal, Glen Breton Canadian whiskies, C.K Mondavi & Family, Line 39, Harken, FitVine and Rabble wines from California & Charles Krug wines from Napa Valley, Hounds Vodka from Canada, Bols Vodka from Amsterdam, Koyle Family Wines from Chile, Bench Brewery from Niagara, Rodenbach beer from Belgium, La Trappe beer from the Netherlands, and Tequila Rose Strawberry Cream, Five Farms Irish Cream Liqueur, Broker's Gin, Hussong's Tequila, 360 Vodka and Holladay Bourbon from McCormick Distilling International.
For more information, please contact:
Andrew Howard
President & CEO
Diamond Estates Wines & Spirits Inc.
ahoward@diamondwines.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/260764
FAQ
Why is Diamond Estates Wines & Spirits (DWWEF) delaying its 2025 financial statements?
What are the consequences of Diamond Estates' delayed financial filing?
When will Diamond Estates (DWWEF) file its 2025 financial statements?
What financial documents is Diamond Estates delayed in filing?
