Latest news with #MCTO
Yahoo
2 days ago
- Business
- Yahoo
GENAI ANNOUNCES DELAY IN FILING ITS ANNUAL FINANCIAL STATEMENTS AND ISSUANCE OF MCTO
VANCOUVER, BC, June 3, 2025 /CNW/ - Generative AI Solutions Corp. ("GenAI" or the "Company") (CSE: AICO) (OTCQB: AICOF) announces that due to a delay in the completion of audit and financial reporting procedures, GenAI did not file its audited annual financial statements, management's discussion and analysis and related certifications for the financial year ended January 31, 2025 on or before June 2, 2025, as required (the "Annual Filings"). The delay in filing the Annual Filings is outside of the Company's control and primarily due to the external auditor's quality review of audit procedures, including matters related to the accounting treatment and presentation of certain Company acquisitions in the financial statements. The Company is assisting their external auditor by providing then with the supplementary information and additional documentation they need in order to finalize their audit procedures, and it is anticipated that the Annual Finings will be made on or about June 30, 2025. The Company confirms that there have been no material business developments or other material information relating to its affairs as of the date of this news release that have not been generally disclosed and is not subject to any insolvency proceedings. The Company requested the issuance of a management cease trade order ("MCTO") by the British Columbia Securities Commission (the "BCSC") under the provisions of National Policy 12-203 Management Cease Trade Orders ("NP 12-203"). Further to the Company's request, the MCTO was today granted by the BCSC. The MCTO prohibits the chief executive officer and the chief financial officer of the Company from trading in securities of the Company for so long as the Annual Filings are not filed. During this period, the Company has undertaken not to, directly or indirectly, issue or acquire securities from an insider or employee of the Company. The MCTO does not affect the ability of any shareholders who are not insiders of the Company to trade their securities of the Company, and the Company's common shares will continue to trade on the Canadian Securities Exchange. The Company confirms that it intends to satisfy the provisions of NP 12-203 and issue bi‑weekly default status reports for so long as the Company remains in default of the financial statement filing requirement, containing any material changes to the information in this release, all actions taken by the Company to remedy the default; particulars of any failure by the Company to fulfill these provisions, any subsequent defaults of the Company requiring a default announcement and any other material information concerning the affairs of the Company not previously disclosed. On Behalf of the Board, Patrick GrayCEO, Director and Chairman of the Board Generative AI Solutions Corp. Toll-free North America: +1-833-879-7632Outside North America: +1-406-879-7632info@ About Generative AI Solutions Corp. GenAI is a pioneering artificial intelligence company focused on developing a vertically integrated AI solutions business through its proprietary MAI Cloud™platform, with the development and commercialization of AI-powered tools and solutions for businesses and consumers across multiple industries. At GenAI, our mission is to harness the power of AI to create transformative products and services that benefit business and consumers across various sectors. Our team of talented AI professionals and engineers are dedicated to developing state-of-the-art AI- based solutions that have broad applicability and can be seamlessly integrated into diverse workflows. By leveraging our MAI Cloud™platform and our expertise in machine learning, natural language processing, and data analytics, we build versatile high-performance tools that redefine efficiency, productivity, and user experience. For more information on GenAI, please visit Forward-Looking Information and Statements This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company's ability to continue as a going concern; the Company's ability to continue to develop revenue generating applications; continued approval of the Company's activities by the relevant governmental and/or regulatory authorities; and the continued growth of the Company; and Company's ability to continue to meet the requirements of listing of the CSE. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. 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 and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law. The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. View original content to download multimedia: SOURCE GENERATIVE AI SOLUTIONS CORP. View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
2 days ago
- Business
- Cision Canada
GENAI ANNOUNCES DELAY IN FILING ITS ANNUAL FINANCIAL STATEMENTS AND ISSUANCE OF MCTO
VANCOUVER, BC, June 3, 2025 /CNW/ - Generative AI Solutions Corp. ("GenAI" or the "Company") (CSE: AICO) (OTCQB: AICOF) announces that due to a delay in the completion of audit and financial reporting procedures, GenAI did not file its audited annual financial statements, management's discussion and analysis and related certifications for the financial year ended January 31, 2025 on or before June 2, 2025, as required (the " Annual Filings"). The delay in filing the Annual Filings is outside of the Company's control and primarily due to the external auditor's quality review of audit procedures, including matters related to the accounting treatment and presentation of certain Company acquisitions in the financial statements. The Company is assisting their external auditor by providing then with the supplementary information and additional documentation they need in order to finalize their audit procedures, and it is anticipated that the Annual Finings will be made on or about June 30, 2025. The Company confirms that there have been no material business developments or other material information relating to its affairs as of the date of this news release that have not been generally disclosed and is not subject to any insolvency proceedings. The Company requested the issuance of a management cease trade order (" MCTO") by the British Columbia Securities Commission (the " BCSC") under the provisions of National Policy 12-203 Management Cease Trade Orders (" NP 12-203"). Further to the Company's request, the MCTO was today granted by the BCSC. The MCTO prohibits the chief executive officer and the chief financial officer of the Company from trading in securities of the Company for so long as the Annual Filings are not filed. During this period, the Company has undertaken not to, directly or indirectly, issue or acquire securities from an insider or employee of the Company. The MCTO does not affect the ability of any shareholders who are not insiders of the Company to trade their securities of the Company, and the Company's common shares will continue to trade on the Canadian Securities Exchange. The Company confirms that it intends to satisfy the provisions of NP 12-203 and issue bi‑weekly default status reports for so long as the Company remains in default of the financial statement filing requirement, containing any material changes to the information in this release, all actions taken by the Company to remedy the default; particulars of any failure by the Company to fulfill these provisions, any subsequent defaults of the Company requiring a default announcement and any other material information concerning the affairs of the Company not previously disclosed. On Behalf of the Board, Patrick Gray CEO, Director and Chairman of the Board Generative AI Solutions Corp. Toll-free North America: +1-833-879-7632 Outside North America: +1-406-879-7632 [email protected] About Generative AI Solutions Corp. GenAI is a pioneering artificial intelligence company focused on developing a vertically integrated AI solutions business through its proprietary MAI Cloud ™ platform, with the development and commercialization of AI-powered tools and solutions for businesses and consumers across multiple industries. At GenAI, our mission is to harness the power of AI to create transformative products and services that benefit business and consumers across various sectors. Our team of talented AI professionals and engineers are dedicated to developing state-of-the-art AI- based solutions that have broad applicability and can be seamlessly integrated into diverse workflows. By leveraging our MAI Cloud ™ platform and our expertise in machine learning, natural language processing, and data analytics, we build versatile high-performance tools that redefine efficiency, productivity, and user experience. For more information on GenAI, please visit This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company's ability to continue as a going concern; the Company's ability to continue to develop revenue generating applications; continued approval of the Company's activities by the relevant governmental and/or regulatory authorities; and the continued growth of the Company; and Company's ability to continue to meet the requirements of listing of the CSE. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. 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 and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
Malaysian Reserve
2 days ago
- Business
- Malaysian Reserve
SIMPLY SOLVENTLESS FILES 2024 ANNUAL FINANCIALS AND PROVIDES UPDATES ON TIMING OF FILING Q1 2025 FINANCIALS AND MANAGEMENT CEASE TRADE ORDER
/Not for distribution to U.S. news wire services or for dissemination in the United States./ CALGARY, AB, June 2, 2025 /CNW/ – Simply Solventless Concentrates Ltd. (TSXV: HASH) ('SSC') announces that it has filed its annual audited financial statements and management's discussion and analysis for the year ended December 31, 2024 ('Annual Financials') on the Company's SEDAR+ profile at SSC also announces that due to delays incurred with filing these annual financial statements, the Company anticipates filing its first quarter results for the three months ended March 31, 2025 on or before June 20, 2025 pursuant to an extension from the Alberta Securities Commission (the 'ASC'), the Company's principal regulator, of its previously announced management cease trade order ('MCTO') under National Policy 12-203 – Management Cease Trade Orders ('NP 12-203') initially approved on May 5, 2025, and subsequently updated by SSC through press releases issued on April 30, 2025, May 14, 2025, and May 20, 2025. 2024 Highlights SSC achieved major milestones during 2024, including: SSC completed three acquisitions, including 1) the Lamplighter brand, 2) licenced producer CannMart Inc., and 3) leading preroll co-manufacturer ANC Inc. These three acquisitions buttressed SSC's infrastructure significantly, which is now comprised of strong extraction, formulation, prerolling, and cultivation abilities, providing a solid foundation for future growth. SSC closed two over subscribed non-brokered financings for total gross proceeds of $4.7 million, and $7.8 million was raised from the exercise of warrants. SSC significantly strengthened its team, which is now comprised of talented professionals across all disciplines. SSC's ability to attract top talent is stronger now than ever. Subsequent to December 31, 2024, SSC closed the acquisition of Delta 9 Bio-Tech and re-branded the operation to Humble Grow Co. ('Humble'), a licensed producer operating a 100,000 square foot cultivation facility in Winnipeg, Manitoba, and concurrently closed a non-brokered $6.0 million over subscribed convertible debenture offering. The acquisition of Humble vertically integrated SSC's operations upstream to include cultivation in a market where the demand for cannabis flower appears to be transitioning back into expansion mode. 2024 was a transformative year for SSC, and with a portfolio of assets providing manufacturing capability across the largest product categories, and the proven ability to close accretive acquisitions in a distressed market and industry, and to attract top talent, the Company is positioned for significant growth through 2025. 2024 Financial Highlights 2024 Gross Revenue: the Company generated gross revenue of $20,498,204 (2023 – $6,973,401), increase of 194% over the prior year. 2024 Net Revenue: the Company generated net revenue of $13,679,144 (2023 – $6,191,646), increase of 121% over the prior year. 2024 Gross Profit ($): the Company generated a gross profit of $1,181,189 (2023 – $3,497,279), a decrease of 66% over the prior year 2024 Adjusted EBITDA: the Company generated an adjusted EBITDA loss of $3,803,445 (2023 – $2,246,926), a decrease of 269% over prior period December 31, 2024 Working Capital: $1,626,131 (2023 – $3,693,879), a decrease of 56% over the prior year. SSC's gross revenue increased by approximately 194% from $7.0 million in 2023 to $20.5 million in 2024 due to its aggressive organic and acquisition based growth. During 2024, SSC's total assets increased 278% from $10.2 million at December 31, 2023 to $38.6 million at December 31, 2024. This increase in assets is primarily due to SSC closing several high-impact acquisitions during 2024. Subsequent to the year end, further substantial assets were added through the Humble acquisition that closed on February 28, 2025 (refer to Note 24 – Subsequent Events in the Annual Financial for further details.) Jeff Swainson, SSC's President & CEO stated: 'All things being equal, it is SSC's view that the non-cash changes to accounting treatment will positively impact future revenue, profitability, and cash flow. Gross margins remain strong, and the size and capability of our asset base improved significantly during 2024. We look forward to filing our Q1 2025 financial statements as soon as possible, and as we proceed through 2025, we are focused intently on maximizing cash flow from operations and on strengthening our balance sheet. We believe that SSC's positioning today is stronger than ever before, and that the continued execution of our highly impactful business plan is capable of delivering strong value to shareholders.' Q1 2025 Financials As announced on April 30, 2025, and further discussed in news releases dated May 14, 2025, and May 20, 2025, a MCTO was issued by the Company's principal regulator, the ASC on May 5, 2025 to accommodate additional time required to file the Company's Annual Financials. The ASC has approved a further extension of the MCTO to June 20, 2025 to provide the Company with adequate time to prepare the Q1, 2025 financial results due to the delays incurred in filing the Annual Financials. Pursuant to the MCTO, management of the Company may not trade in securities of the Company until such time as the Company files the March 31, 2025 financial statements and the MCTO is revoked. The MCTO does not affect the ability of other shareholders of the Company to trade in securities of the Company. The Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing biweekly default status reports in the form of news releases for so long as it remains in default of the above-noted filing requirements. The Company confirms that (a) there have been no failures by the Company to fulfill its stated intentions with respect to satisfying the provisions of the alternative reporting guidelines under NP 12-203; (b) there has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the default announcement; and (c) there is no other material information concerning the affairs of the Company that has not been generally disclosed. The Company will issue required bi-weekly updated regarding the MCTO until it is revoked. About Simply Solventless Concentrates Ltd. SSC is a public company incorporated under the Business Corporations Act (Alberta). SSC's mission is to provide pure, potent, terpene-rich ready to consume cannabis products to discerning cannabis consumers. For more information regarding SSC, please see Notice on Forward Looking Information This press release contains forward-looking statements and forward-looking information (collectively, 'forward-looking statements') within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as 'may', 'should', 'anticipate', 'will', 'estimates', 'believes', 'intends', 'expects', 'projected', 'approximately' and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward looking statements concerning the release date of its March 31, 2024 quarterly financials, SSC's ability to attract talent, SSC's foundation for future growth, SSC's future revenue, profitability, and cash flow, and strengthening SSC's balance sheet. SSC cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of SSC, including expectations and assumptions concerning SSC, the timing and market acceptance of products, competition in SSC's markets, SSC's reliance on customers, fluctuations in interest rates, SSC's ability to maintain good relations with its customers, employees and other stakeholders, changes in law or regulations, SSC's ability to protect its intellectual property, as well as other risks and uncertainties, including those described in SSC's filings available on SEDAR+ at including its most recent annual information form. The reader is cautioned that assumptions used in the preparation of any forward-looking statements 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 SSC. The reader is cautioned not to place undue reliance on any forward-looking statements. 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 press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release, and SSC does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cision Canada
2 days ago
- Business
- Cision Canada
SIMPLY SOLVENTLESS FILES 2024 ANNUAL FINANCIALS AND PROVIDES UPDATES ON TIMING OF FILING Q1 2025 FINANCIALS AND MANAGEMENT CEASE TRADE ORDER
CALGARY, AB, June 2, 2025 /CNW/ - Simply Solventless Concentrates Ltd. (TSXV: HASH) (" SSC") announces that it has filed its annual audited financial statements and management's discussion and analysis for the year ended December 31, 2024 (" Annual Financials") on the Company's SEDAR+ profile at SSC also announces that due to delays incurred with filing these annual financial statements, the Company anticipates filing its first quarter results for the three months ended March 31, 2025 on or before June 20, 2025 pursuant to an extension from the Alberta Securities Commission (the " ASC"), the Company's principal regulator, of its previously announced management cease trade order (" MCTO") under National Policy 12-203 – Management Cease Trade Orders (" NP 12-203") initially approved on May 5, 2025, and subsequently updated by SSC through press releases issued on April 30, 2025, May 14, 2025, and May 20, 2025. 2024 Highlights SSC achieved major milestones during 2024, including: SSC completed three acquisitions, including 1) the Lamplighter brand, 2) licenced producer CannMart Inc., and 3) leading preroll co-manufacturer ANC Inc. These three acquisitions buttressed SSC's infrastructure significantly, which is now comprised of strong extraction, formulation, prerolling, and cultivation abilities, providing a solid foundation for future growth. SSC closed two over subscribed non-brokered financings for total gross proceeds of $4.7 million, and $7.8 million was raised from the exercise of warrants. SSC significantly strengthened its team, which is now comprised of talented professionals across all disciplines. SSC's ability to attract top talent is stronger now than ever. Subsequent to December 31, 2024, SSC closed the acquisition of Delta 9 Bio-Tech and re-branded the operation to Humble Grow Co. (" Humble"), a licensed producer operating a 100,000 square foot cultivation facility in Winnipeg, Manitoba, and concurrently closed a non-brokered $6.0 million over subscribed convertible debenture offering. The acquisition of Humble vertically integrated SSC's operations upstream to include cultivation in a market where the demand for cannabis flower appears to be transitioning back into expansion mode. 2024 was a transformative year for SSC, and with a portfolio of assets providing manufacturing capability across the largest product categories, and the proven ability to close accretive acquisitions in a distressed market and industry, and to attract top talent, the Company is positioned for significant growth through 2025. 2024 Financial Highlights 2024 Gross Revenue: the Company generated gross revenue of $20,498,204 (2023 - $6,973,401), increase of 194% over the prior year. 2024 Net Revenue: the Company generated net revenue of $13,679,144 (2023 - $6,191,646), increase of 121% over the prior year. 2024 Gross Profit ($): the Company generated a gross profit of $1,181,189 (2023 - $3,497,279), a decrease of 66% over the prior yea r 2024 Adjusted EBITDA: the Company generated an adjusted EBITDA loss of $3,803,445 (2023 - $2,246,926), a decrease of 269% over prior period December 31, 2024 Working Capital: $1,626,131 (2023 - $3,693,879), a decrease of 56% over the prior year. SSC's gross revenue increased by approximately 194% from $7.0 million in 2023 to $20.5 million in 2024 due to its aggressive organic and acquisition based growth. During 2024, SSC's total assets increased 278% from $10.2 million at December 31, 2023 to $38.6 million at December 31, 2024. This increase in assets is primarily due to SSC closing several high-impact acquisitions during 2024. Subsequent to the year end, further substantial assets were added through the Humble acquisition that closed on February 28, 2025 (refer to Note 24 – Subsequent Events in the Annual Financial for further details.) Jeff Swainson, SSC's President & CEO stated: "All things being equal, it is SSC's view that the non-cash changes to accounting treatment will positively impact future revenue, profitability, and cash flow. Gross margins remain strong, and the size and capability of our asset base improved significantly during 2024. We look forward to filing our Q1 2025 financial statements as soon as possible, and as we proceed through 2025, we are focused intently on maximizing cash flow from operations and on strengthening our balance sheet. We believe that SSC's positioning today is stronger than ever before, and that the continued execution of our highly impactful business plan is capable of delivering strong value to shareholders." Q1 2025 Financials As announced on April 30, 2025, and further discussed in news releases dated May 14, 2025, and May 20, 2025, a MCTO was issued by the Company's principal regulator, the ASC on May 5, 2025 to accommodate additional time required to file the Company's Annual Financials. The ASC has approved a further extension of the MCTO to June 20, 2025 to provide the Company with adequate time to prepare the Q1, 2025 financial results due to the delays incurred in filing the Annual Financials. Pursuant to the MCTO, management of the Company may not trade in securities of the Company until such time as the Company files the March 31, 2025 financial statements and the MCTO is revoked. The MCTO does not affect the ability of other shareholders of the Company to trade in securities of the Company. The Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing biweekly default status reports in the form of news releases for so long as it remains in default of the above-noted filing requirements. The Company confirms that (a) there have been no failures by the Company to fulfill its stated intentions with respect to satisfying the provisions of the alternative reporting guidelines under NP 12-203; (b) there has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the default announcement; and (c) there is no other material information concerning the affairs of the Company that has not been generally disclosed. The Company will issue required bi-weekly updated regarding the MCTO until it is revoked. About Simply Solventless Concentrates Ltd. SSC is a public company incorporated under the Business Corporations Act (Alberta). SSC's mission is to provide pure, potent, terpene-rich ready to consume cannabis products to discerning cannabis consumers. For more information regarding SSC, please see Notice on Forward Looking Information This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends", "expects", "projected", "approximately" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward looking statements concerning the release date of its March 31, 2024 quarterly financials, SSC's ability to attract talent, SSC's foundation for future growth, SSC's future revenue, profitability, and cash flow, and strengthening SSC's balance sheet. SSC cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of SSC, including expectations and assumptions concerning SSC, the timing and market acceptance of products, competition in SSC's markets, SSC's reliance on customers, fluctuations in interest rates, SSC's ability to maintain good relations with its customers, employees and other stakeholders, changes in law or regulations, SSC's ability to protect its intellectual property, as well as other risks and uncertainties, including those described in SSC's filings available on SEDAR+ at including its most recent annual information form. The reader is cautioned that assumptions used in the preparation of any forward-looking statements 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 SSC. The reader is cautioned not to place undue reliance on any forward-looking statements. 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 press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release, and SSC does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Yahoo
2 days ago
- Business
- Yahoo
SIMPLY SOLVENTLESS FILES 2024 ANNUAL FINANCIALS AND PROVIDES UPDATES ON TIMING OF FILING Q1 2025 FINANCIALS AND MANAGEMENT CEASE TRADE ORDER
/Not for distribution to U.S. news wire services or for dissemination in the United States./ CALGARY, AB, June 2, 2025 /CNW/ - Simply Solventless Concentrates Ltd. (TSXV: HASH) ("SSC") announces that it has filed its annual audited financial statements and management's discussion and analysis for the year ended December 31, 2024 ("Annual Financials") on the Company's SEDAR+ profile at SSC also announces that due to delays incurred with filing these annual financial statements, the Company anticipates filing its first quarter results for the three months ended March 31, 2025 on or before June 20, 2025 pursuant to an extension from the Alberta Securities Commission (the "ASC"), the Company's principal regulator, of its previously announced management cease trade order ("MCTO") under National Policy 12-203 – Management Cease Trade Orders ("NP 12-203") initially approved on May 5, 2025, and subsequently updated by SSC through press releases issued on April 30, 2025, May 14, 2025, and May 20, 2025. 2024 Highlights SSC achieved major milestones during 2024, including: SSC completed three acquisitions, including 1) the Lamplighter brand, 2) licenced producer CannMart Inc., and 3) leading preroll co-manufacturer ANC Inc. These three acquisitions buttressed SSC's infrastructure significantly, which is now comprised of strong extraction, formulation, prerolling, and cultivation abilities, providing a solid foundation for future growth. SSC closed two over subscribed non-brokered financings for total gross proceeds of $4.7 million, and $7.8 million was raised from the exercise of warrants. SSC significantly strengthened its team, which is now comprised of talented professionals across all disciplines. SSC's ability to attract top talent is stronger now than ever. Subsequent to December 31, 2024, SSC closed the acquisition of Delta 9 Bio-Tech and re-branded the operation to Humble Grow Co. ("Humble"), a licensed producer operating a 100,000 square foot cultivation facility in Winnipeg, Manitoba, and concurrently closed a non-brokered $6.0 million over subscribed convertible debenture offering. The acquisition of Humble vertically integrated SSC's operations upstream to include cultivation in a market where the demand for cannabis flower appears to be transitioning back into expansion mode. 2024 was a transformative year for SSC, and with a portfolio of assets providing manufacturing capability across the largest product categories, and the proven ability to close accretive acquisitions in a distressed market and industry, and to attract top talent, the Company is positioned for significant growth through 2025. 2024 Financial Highlights 2024 Gross Revenue: the Company generated gross revenue of $20,498,204 (2023 - $6,973,401), increase of 194% over the prior year. 2024 Net Revenue: the Company generated net revenue of $13,679,144 (2023 - $6,191,646), increase of 121% over the prior year. 2024 Gross Profit ($): the Company generated a gross profit of $1,181,189 (2023 - $3,497,279), a decrease of 66% over the prior year 2024 Adjusted EBITDA: the Company generated an adjusted EBITDA loss of $3,803,445 (2023 - $2,246,926), a decrease of 269% over prior period December 31, 2024 Working Capital: $1,626,131 (2023 - $3,693,879), a decrease of 56% over the prior year. SSC's gross revenue increased by approximately 194% from $7.0 million in 2023 to $20.5 million in 2024 due to its aggressive organic and acquisition based growth. During 2024, SSC's total assets increased 278% from $10.2 million at December 31, 2023 to $38.6 million at December 31, 2024. This increase in assets is primarily due to SSC closing several high-impact acquisitions during 2024. Subsequent to the year end, further substantial assets were added through the Humble acquisition that closed on February 28, 2025 (refer to Note 24 – Subsequent Events in the Annual Financial for further details.) Jeff Swainson, SSC's President & CEO stated: "All things being equal, it is SSC's view that the non-cash changes to accounting treatment will positively impact future revenue, profitability, and cash flow. Gross margins remain strong, and the size and capability of our asset base improved significantly during 2024. We look forward to filing our Q1 2025 financial statements as soon as possible, and as we proceed through 2025, we are focused intently on maximizing cash flow from operations and on strengthening our balance sheet. We believe that SSC's positioning today is stronger than ever before, and that the continued execution of our highly impactful business plan is capable of delivering strong value to shareholders." Q1 2025 Financials As announced on April 30, 2025, and further discussed in news releases dated May 14, 2025, and May 20, 2025, a MCTO was issued by the Company's principal regulator, the ASC on May 5, 2025 to accommodate additional time required to file the Company's Annual Financials. The ASC has approved a further extension of the MCTO to June 20, 2025 to provide the Company with adequate time to prepare the Q1, 2025 financial results due to the delays incurred in filing the Annual Financials. Pursuant to the MCTO, management of the Company may not trade in securities of the Company until such time as the Company files the March 31, 2025 financial statements and the MCTO is revoked. The MCTO does not affect the ability of other shareholders of the Company to trade in securities of the Company. The Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing biweekly default status reports in the form of news releases for so long as it remains in default of the above-noted filing requirements. The Company confirms that (a) there have been no failures by the Company to fulfill its stated intentions with respect to satisfying the provisions of the alternative reporting guidelines under NP 12-203; (b) there has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the default announcement; and (c) there is no other material information concerning the affairs of the Company that has not been generally disclosed. The Company will issue required bi-weekly updated regarding the MCTO until it is revoked. About Simply Solventless Concentrates Ltd. SSC is a public company incorporated under the Business Corporations Act (Alberta). SSC's mission is to provide pure, potent, terpene-rich ready to consume cannabis products to discerning cannabis consumers. For more information regarding SSC, please see Notice on Forward Looking Information This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends", "expects", "projected", "approximately" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward looking statements concerning the release date of its March 31, 2024 quarterly financials, SSC's ability to attract talent, SSC's foundation for future growth, SSC's future revenue, profitability, and cash flow, and strengthening SSC's balance sheet. SSC cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of SSC, including expectations and assumptions concerning SSC, the timing and market acceptance of products, competition in SSC's markets, SSC's reliance on customers, fluctuations in interest rates, SSC's ability to maintain good relations with its customers, employees and other stakeholders, changes in law or regulations, SSC's ability to protect its intellectual property, as well as other risks and uncertainties, including those described in SSC's filings available on SEDAR+ at including its most recent annual information form. The reader is cautioned that assumptions used in the preparation of any forward-looking statements 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 SSC. The reader is cautioned not to place undue reliance on any forward-looking statements. 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 press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release, and SSC does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE Simply Solventless Concentrates Ltd. View original content to download multimedia:
