Tree of Knowledge International Corp. Announces Application for Management Cease Trade Order
Tuesday, 7 May 2019 Calgary, Alberta, May 07, 2019 (GLOBE NEWSWIRE) -- *via NEWMEDIAWIRE* -- Tree of Knowledge International Corp. (the "*Corporation*") (CSE: TOKI) announces that it made an application to the Ontario Securities Commission to approve a temporary management cease trade order ("MCTO") under National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"), which, if granted, will prohibit trading in securities of the Corporation by certain insiders of the Corporation, whether direct or indirect. The Corporation was unable to file its audited financial statements for the year ended December 31, 2018, and the management’s discussion and analysis and related Chief Executive Officer and Chief Financial Officer certificates for this period (collectively, the "Required Filings") before the April 30, 2019 filing deadline (the "Filing Deadline"). The Corporation's failure to file its Required Filings by the Filing Deadline is due to the time required to obtain a valuation for Asterion Bio Med Inc. as part of its own Audit for the year ended December 31, 2018, and the complexity of consolidating its results with Asterion Bio Med Inc. and its subsidiaries.
The Corporation anticipates that it will be a position to remedy the default by filing the Required Filings on or about May 21, 2019. The MCTO will be in effect until the Required Filings are filed.
The Corporation intends to satisfy the provisions of the alternative information guidelines set out in sections 9 and 10 of NP 12-203 so long as the Required Filings are outstanding.
*ABOUT TREE OF KNOWLEDGE*
With its head office in Toronto and operations in North York, Ontario and Spokane, Washington, TOK currently has three primary business segments: (1) Multidisciplinary specialty pain clinics with a focus on the treatment of chronic pain, including controlled applications of medical cannabis in Canada, (2) Development of formulated products for therapeutic purposes and natural health product alternatives at its manufacturing facility in Spokane, which provides formulations for the Company’s products and for third parties equivalent to GMP standards, and (3) Distribution and sale of hemp-based cannabidiol (“CBD”) products in the United States, Canada, Europe, Brazil and China. Through its Toronto Poly Clinic, the Company has gleaned extensive expertise from being involved in one of the largest observational clinical trials on medical cannabis and from its ongoing direct patient experience. The Company has developed and implemented MCERP (Medical Cannabis Education, Research and Best Practice Platform) and MCORP (Medical Cannabis Opioid Reduction Program) with great success. Currently the Company has research agreements with multiple universities for medical cannabis research and new medical grade products development. TOK’s CBD product line contains EVR Premium Hemp Oil, which is an organically grown and handled, gluten-free, vegan, non-GMO, synergistic compound that is derived from U.S. Department of Agriculture (USDA) approved industrial hemp grown in the United States. TOK currently offers several CBD products, which may be used in connection with the treatment of a number of ailments and for general wellness purposes.
For further information please visit: www.tok.ca
or contact: *Tree of Knowledge International Corp.:*
Michael Caridi, Director of Business Development Tel: +1 (917) 295-1374, [email protected]
THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
*Forward Looking Statements*
This news release contains forward-looking statements relating to the expected timing of the filing of the Annual Audited Financial Statements and related Management’s Discussion and Analysis for the year ended December 31, 2018. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from TOK's expectations are risks detailed from time to time in the filings made by TOK with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of TOK. As a result, TOK cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and TOK will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
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