VANCOUVER, British Columbia, Sept. 11, 2018 (GLOBE NEWSWIRE) -- Isodiol International Inc. (CSE: ISOL) (OTCQB: ISOLF) (FSE: LB6A.F) (the “Company” or “Isodiol”), announces as a result of a review by the British Columbia Securities Commission, the Company is issuing the following press release to clarify our disclosure.
The Company announces that it has filed revised Audited Annual Financial Statements and managements discussion and analysis (“MD&A”) for the year ended March 31, 2018, as originally filed on July 30, 2018.
Material revisions to the annual financial statements are summarized as follows:
- Included significant accounting policies for Goodwill and Intangible assets;
- Inclusion of the required disclosures surrounding significant acquisitions made during the year to meet the primary requirements of: IFRS 3 Business Combinations; IFRS 2 Share-based payments; IAS 10 Events after the reporting period and IAS 38 Intangible assets;;
- Include disclosure over the nature and classification of inventory held by the Company;
- Include disclosure over the terms and components of loans receivable held by the Company;
- Include enhanced disclosure of major classes and dollar values of trademarks held;
The Company notes that the changes did not have an impact over the consolidated statement of financial position, consolidated statement of profit and loss, consolidated statement of cash flows and the consolidated statement of shareholders’ equity.
To meet the requirements of National Instrument 51-102 Management’s Discussion & Analysis, the Company has revised and re-filed its MD&A for the year ended March 31, 2018. Material revisions to the MD&A are summarized as follows:
- Removal of any promotional language included in the document;
- The description of business and the Company’s industry;
- Disclosure requirements of companies involved with marketing and distribution of cannabis-based products in the US;
- Forward-looking information in accordance with Item 4A.3;
- Changes to results of operations as required by Item 1.4:
- Include detailed analysis of revenues, cost of sales and gross profits and by reportable segment;
- Include greater details over the significant changes relating to consulting fees, advisory fees and use of proceeds from previous filings;
- Increase in the detail and quality of Forth Quarter results as required by Item 1.10;
- Increase disclosures surrounding related party transactions in accordance with Item 1.9;
The Company also wishes to retract and clarify the following statement as previously disclosed in the Company’s March 1, 2018 news release, as follows:
| Press release title | Retraction | Comments | ||
| Isodiol International Inc. Reports Profitable Q3 financial statements | “[the Company] reports unaudited Q3 revenues for the period ended December 31, 2017 of $5.89 million CDN a for net operational profit of $202,254 CDN” | Management notes that net operational profit does not have a standardized meaning under IFRS. The sentence should be understood to mean: “[the Company] reports unaudited Q3 revenues for the three months ended December 31, 2017 of $5.89 million CDN and income from operations for the three months ended December 31, 2017 of $202,254 CDN” |
For more information on Isodiol, please visit www.isodiol.com
About Isodiol International Inc.
Isodiol International Inc. is focused on the nutritional health benefits that are derived from hemp and is a product development, sales, marketing and distribution company of hemp-based consumer products and solutions.
Isodiol has commercialized a 99%+ pure, naturally isolated CBD, including micro-encapsulations, and nano-technology for quality consumable and topical skin care products. Most recently, the Company received approval for its CBD designated as an Active Pharmaceutical Ingredient for use in Finished Pharmaceutical Products, as was announced on April 26, 2018.
Isodiol’s growth strategy includes the development of over-the-counter and pharmaceutical drugs and continued international expansion into Latin America, Asia, and Europe.
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ON BEHALF OF THE BOARD
Marcos Agramont, CEO & Director
INVESTOR RELATIONS:
Ir@isodiol.com
www.isodiol.com
Forward-Looking Information: This news release contains "forward-looking information" within the meaning of applicable securities laws relating to statements regarding the Company's business, products and future the Company’s business, its product offerings and plans for sales and marketing. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, the risks that the Company's products and plan will vary from those stated in this news release and the Company may not be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation and does not intend, to update any forward-looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct and makes no reference to profitability based on sales reported. The statements in this news release are made as of the date of this release.
The CSE has not reviewed, approved or disapproved the content of this press release.