Tickers: XCNQ:FFT, PINX:FFRMF
Tags: #MedicinalMarijuana
Vancouver, British Columbia - TheNewswire - July 4, 2019 - Future Farm Technologies Inc. (the "Company" or "Future Farm") (CNX:FFT) (OTC:FFRMF) announces that the British Columbia Securities Commission has issued a management cease trade order ("MCTO") restricting trading in the Company's securities by insiders. The MCTO was granted in connection with the previously announced delay in the filing of the annual audited financial statements for the year ended February 28, 2019 and related management discussion and analysis (collectively, the "Annual Financial Filings").
The Company has prepared the Annual Financial Filings and the associated audit has been undertaken, but the Company was unable to file such materials by the regulatory filing deadline of June 28, 2019 ("Filing Deadline"). Although it was originally expected that the Annual Financial Filings would be completed prior to the Filing Deadline, the Company was recently notified by its auditor that last year's audit of the Company was selected for review by the Canadian Public Accountability Board ("CPAB"). The nature of this review relates to audit procedures utilized by the auditor during last year's audit, which prompted the Company's auditor to impose additional review procedures and request additional documentation during this year's audit. As a result, the auditor advised that they would be delayed in issuing their audit report.
The Company expects to be in a position to file the Annual Financial Filings no later than July 15, 2019. The MCTO will be in effect until the Annual Financial Filings are filed or until it is revoked or varied.
The Company has not taken any steps towards any insolvency proceeding and the Company has no material information to release to the public. The Company has made the foregoing representations in accordance with the requirements of applicable securities laws.
For further information about Future Farm Technologies, contact Investor Relations at investor@futurefarmtech.com or (888) 387-3761 ext. 710.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, CEO
About Future Farm Technologies Inc.
Future Farm is a Canadian company with holdings throughout North America including California, Massachusetts, Florida, Maine, Puerto Rico and Newfoundland. The Company's mission is to advance sustainable agriculture through production of wholesale and retail cannabis products, including hemp. As a leader in its field, Future Farm is committed to using only the highest quality processes and products. Towards this goal, the Company acquires or partners with licensed cannabis operators, and acquires or develops leading technologies in cannabis production, breeding, genetics, and Controlled Environment Agriculture (CEA). Future Farm's scalable, indoor CEA systems utilize minimal land, water and energy resources. The Company holds an exclusive, worldwide license to use a patented vertical farming technology that, when compared to traditional plant production methods, generates yields up to 10 times greater per square foot of land.
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Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. 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 or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
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