TORONTO, ON, June 01, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Tree of Knowledge International Corp. (CSE: TOKI) (the "Company" or “TOKI”) is pleased to announce the completion of an order of 100,000 medical gowns to a hospital in Canada facilitated by TOKI management.
Michael Caridi, the Company’s chairman, states, “TOKI is pleased to offer life saving personal protective equipment to hospitals and municipalities in need. We will continue to push forward and expedite the procurement of products in this ongoing fight against COVID-19. There are a lot of difficulties in procuring PPE and medical equipment that we have overcome and are confident in our ability to provide PPE and medical devices for the foreseeable future.”
The Company’s US division, Tree of Knowledge, Inc., has developed a strategic focus during these uncertain times to leverage its medical contacts and international relationships to procure medical equipment and personal protective equipment (PPE) to governments, municipalities, and healthcare distributors in Canada and the US. Tree of Knowledge understands the difficulty in supplying medical equipment and is hopeful this successful Canadian transaction offers the Company the ability and trust to supply many more municipalities, governments, and healthcare distributors in the US and Canada.
Notwithstanding the Company’s recent PPE transactions, the US division continues to concurrently build the Company’s ongoing clinical and CBD products business.
Timing of Annual Filings
In addition to the foregoing, the Company would like to provide an update on COVID-19 matters and the status of the filing of annual and interim financial statements, accompanying management discussion and analysis and related CEO and CFO certifications.
Due to the continued impact of COVID-19, the Company anticipates the filing of its audited annual financial statements and corresponding management’s discussion and analysis (collectively, the “Annual Filings”) for the financial year ended December 31, 2019 to be delayed beyond the required filing deadline: (i) under Parts 4 and 5 of National Instrument 51-102 – Continuous Disclosure Obligations and pursuant to National Instrument 52-109 – Certification of Disclosure in Issuer’s Annual and Interim Filings, being April 29, 2020; as extended by (ii) the temporary blanket relief implemented by the Ontario Securities Commission Ontario Instrument 51-502 (the “Blanket Relief”), being June 15, 2020 (the “Filing Deadline”).
The Company intends to continue to work diligently and expeditiously with its auditors and expects to file the Annual Filings as soon as possible, and in any event no later than July 10, 2020. The Company currently does not anticipate any delay in filing its interim financial statements, management’s discussion and analysis, and the related officer certifications for the financial period ended March 31, 2020, before its filing deadline under NI 51-102, as extended by the Blanket Relief, on July 14, 2020. Other than as previously disclosed by the Company and herein with this press release, the Company confirms that there have been no material business developments since the date of its third-quarter interim financial statements that were filed on November 21, 2019, other than as a result of the impact of restatement disclosed above.
Management Cease Trade Order
In light of the delay in filing of the Annual Filings prior to the Filing Deadline, the Company is providing this default announcement in accordance with National Policy 12-203 Management Cease Trade Orders (“NP 12-203”). The Company has made an application to the Ontario Securities Commission (the “OSC”), as principal regulator of the Company, for a management cease trade order (“MCTO”) under NP 12-203 in respect of the anticipated default regarding the Annual Filings. The granting of the MCTO is at the discretion of the Ontario Securities Commission. The issuance of the MCTO generally will not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in their securities. In the event that the MCTO is granted, it will be in effect until the default is remedied. The Company intends to follow the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases, for as long as the Company remains in default. The Company confirms as of the date of this news release that there is no insolvency proceeding against it and there is no other material information concerning the affairs of the Company that has not been generally disclosed.
For further information please visit: www.tokicorp.com
Or contact: Tree of Knowledge International Corp.
Ashley Villarruel, (647) 607-9044), ashley@tokicorp.com
About Tree of Knowledge
TOKI is a public company that delivers pathways to innovative, science-based health and wellness solutions. The Company is a leader in pain management, spanning from seed to patient. Built upon an extensive network of scientific and medical research, TOK is an advanced leader in the development, processing, and distribution of focused products and treatments for pain relief. Tree of Knowledge spans the globe with its multidisciplinary pain clinics, research partners, consumer CBD products, and education and advocacy programs – all working in harmony to bring health and wellness to the world, while creating value for shareholders and partners.
Forward-Looking Statements
Except for statements of historical fact relating to the Company, certain information contained herein relating to the timing of the filing of financial statements constitutes forward-looking statements. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance, or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.