Wildpack Beverage Inc. Announces Late Filing of Annual Financial Statements and Related Documents
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES
VANCOUVER, BC / ACCESSWIRE / April 18, 2023 / Wildpack Beverage Inc. (TSXV:CANS)(OTC PINK:WLDPF), ("Wildpack" or the "Company") today announced the Company's potential delay in filing its annual financial statements for the year ended December 31, 2022 and related management discussion and analysis and certifications (collectively, the "Financial Statements"), and the CEO and CFO certificates delating to the Financial Statements (the "Required Filings") beyond the prescribed filing deadlines.
The Company's potential delay in filing its Required Filings on time is due to the Company's recent change of auditor, whereby a successor auditor has not yet been appointed. The Company is in the process of appointing a successor auditor, and upon appointment of such successor auditor the Company intends to promptly coordinate the financial audit of its annual financial statements and associated filings with the successor auditor.
Considering the foregoing, it is the Company's view that should the Required Filings not be filed by May 1, 2023, then, the present circumstances warrant the imposition of a management cease trade order ("MCTO") as contemplated under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"). The Company has applied for a MCTO, however there is no assurance that it will be granted.
The Company's board of directors and its management are working expeditiously to meet the Company's obligations to file the Required Filings. The Audit Committee is working diligently to appoint a successor auditor, and to work with such successor auditor to complete the Financial Statements. The Company expects to be in a position to issue and file the Required Filings by no later than June 30, 2023.
Until then, the Company has confirmed that it intends to satisfy the provisions of the alternative information guidelines described in sections 9 and 10 of NP 12-203 for so long as it remains in default for failure to file the Required Filings. Should the Company fail to file the appropriate Default Status Reports as prescribed by NP 12-203, the securities commissions or regulators may, as a result of such failure, impose an Issuer Cease Trade Order.
The Company confirms that it is not subject to any insolvency proceeding as of the date hereof. The Company also confirms that there is no other material information concerning the affairs of the Company that have not been generally disclosed as of the date herein.
About Wildpack
Wildpack is engaged in beverage manufacturing and packaging, operating in the middle market by providing sustainable aluminum can filling and ecofriendly decorating services to brands throughout the United States. Wildpack currently operates indirectly through its wholly owned subsidiaries and out of facilities in Baltimore, Maryland, Atlanta, Georgia, Longmont, Colorado, Sacramento, California and Las Vegas, Nevada with a focus on digital innovation and green ready-to-drink packaging. Wildpack commenced trading on May 19, 2021 on the TSX Venture Exchange under the symbol "CANS.V".
Per: "Mitch Barnard"
Mitch Barnard
Chief Executive Officer and Director
For further information, please contact us at:
invest@wildpackbev.com
or
Elijah Clare
VP, Investor Relations
elijah@wildpackbev.com
Advisors
Fasken Martineau DuMoulin LLP is the legal advisor to Wildpack Beverage Inc.
Visit our investor website at:
https://investor.wildpackbev.com
Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws, including, without limitation, statements with respect to: statements regarding the timing, review, completion and filing of the Required Filings; application and grant of an MCTO, and the Company's ability to appoint a successor auditor. Such statements involve known and unknown risks, uncertainties, and other factors and assumptions which may cause the actual results, performance, or achievements of Wildpack Beverage Inc., or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements or information including, without limitation, the risk of the Company being unable to appoint a successor auditor on its proposed timeline and the risk of the Company not obtaining the MCTO or filing the Required Filings on time. Such statements can be identified by the use of words such as "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict", and other similar terminology, or state that certain actions, events, or results "may", "can", "could", "would", "might", or "will" be taken, occur, or be achieved.
These statements reflect the Company's current expectations regarding future events, performance, and results and speak only as of the date of this news release. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except as required by securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if the Company's expectations regarding future events, performance, or results change.
Neither the 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.
SOURCE: Wildpack Beverage Inc.
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