Vext Announces Delay of Annual Filings and Postponement of Conference Call

Rhea-AI Summary

• English
• French
• German
• Italian
• Korean
• Spanish

Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) announces a delay in the filing of its annual financial statements for 2023, related management discussions, and officer certifications. The delay is due to a recent auditor change and complex accounting treatment of Q4 2023 transactions. The company has postponed its conference call scheduled for April 25, 2024, until the filings are complete. Vext is actively working with auditors to complete the filings by May 10, 2024, and has applied for a management cease trade order to restrict trading until filings are submitted.

Vancouver, British Columbia--(Newsfile Corp. - April 24, 2024) - Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) ("Vext" or the "Company"), a U.S.-based cannabis operator with vertical operations in Arizona and Ohio, announces that its annual financial statements for the year ended December 31, 2023, the related management's discussion and analysis and officer certifications (collectively, the "Annual Filings") are not expected to be filed by April 25, 2024, as originally anticipated, or by the required filing deadline of April 29, 2024 (the "Filing Deadline"). As a result of the expected delay in filing the Annual Filings, the Company's previously announced conference call and webcast originally scheduled for April 25, 2024, at 8:00 a.m. ET (the "Conference Call") is postponed until the Annual Filings are completed.

The Annual Filings are not expected to be filed on or before the Filing Deadline due to the Company's recent change of auditors from BF Borgers CPA PC to Reliant CPA and the complex accounting treatment of certain transactions that occurred in Q4 of 2023. Q4 of 2023 was a very active quarter for Vext, with: the closing of the acquisition of Appalachian Pharm Processing, LLC and related entities in Ohio; the signing of definitive agreements to acquire two additional Ohio dispensaries; the sale of the Company's Prescott Valley cultivation facility; the closing of a private placement; and the signing of definitive agreements to exchange certain debt obligations for shares.

The Company is working diligently with its accounting staff and external auditors to complete its Annual Filings and expects to be able to file the Annual Filings on or before May 10, 2024. Additionally, the Company has applied to the applicable securities regulatory authorities for a management cease trade order (the "MCTO"), which, if granted, would restrict the Company's Chief Executive Officer and Chief Financial Officer from trading in securities of the Company, whether direct or indirect, until the Annual Filings are filed. There is no guarantee that an MCTO will be granted.

The Company will provide updates as further information relating to the Annual Filings, the Conference Call and the MCTO becomes available. Until the Annual Filings are filed, the Company intends to comply with the provisions of the alternative information guidelines as set out in National Policy 12-203 Management Cease Trade Orders for as long as the Annual Filings remain outstanding, including the issuance of bi-weekly default status reports in the form of a news release, if applicable.

About Vext Science, Inc.

Vext Science, Inc. is a U.S.-based cannabis operator with vertical operations in Arizona and Ohio. Vext's expertise spans from cultivation through to retail operations in its key markets. Based out of Arizona, Vext owns and operates state-of-the-art cultivation facilities, fully built-out manufacturing facilities as well as dispensaries in both Arizona and Ohio. The Company manufactures Vapen™, one of the leading THC concentrates, edibles, and distillate cartridge brands in Arizona. Its selection of award-winning products are created with Vext's in-house, high-quality flower and distributed across Arizona and Ohio, as well as through Vext's partnerships in other states. Vext's leadership team brings a proven track record of building and operating profitable multi-state operations, with the Company having operated profitably since 2016. The Company's primary focus is to continue growing in its core states of Arizona and Ohio, bringing together cutting-edge science, manufacturing, and marketing to provide a reliable and valuable customer experience while generating shareholder value.

Vext Science, Inc. is listed on the Canadian Securities Exchange under the symbol VEXT and trades on the OTCQX market under the symbol VEXTF. Learn more at www.vextscience.com and connect with Vext on Twitter/X and LinkedIn.

For more details on the Vapen brand:
Vapen website: VapenBrands.com
Instagram: @vapen
Facebook: @vapenbrands

Forward-Looking Statements

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", will", "would", "may", "could" or "should" and other similar expressions. Forward-looking statements in this news release include, without limitation, statements regarding: the timing of the filing of the Annual Filings; the timing of the Conference Call; the timing and duration of the MCTO and the uncertainty in the MCTO being granted; and the provision of updates by the Company. 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 may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Readers are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.

Eric Offenberger
Chief Executive Officer
844-211-3725

For further information:
Jonathan Ross, Vext Investor Relations
jon.ross@loderockadvisors.com
416-244-9851

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/206738

FAQ

Why has Vext Science delayed its annual filings for 2023?

Vext Science has delayed its annual filings for 2023 due to a recent change in auditors and the complex accounting treatment of transactions in Q4 2023.

What events occurred in Q4 of 2023 for Vext Science?

In Q4 of 2023, Vext Science experienced significant events including the acquisition of Appalachian Pharm Processing, and related entities in Ohio, the signing of definitive agreements for two additional Ohio dispensaries, the sale of the Prescott Valley cultivation facility, closing a private placement, and signing agreements to exchange debt obligations for shares.

When does Vext Science expect to file its annual filings?

Vext Science expects to file its annual financial statements for 2023, management discussions, and officer certifications on or before May 10, 2024.

Why has Vext Science applied for a management cease trade order?

Vext Science has applied for a management cease trade order to restrict trading by its Chief Executive Officer and Chief Financial Officer until the annual filings are submitted.

What is the reason for postponing the conference call?

The conference call scheduled for April 25, 2024, has been postponed by Vext Science until the completion of the annual filings.