Isodiol International Inc. Provides Bi-Weekly Status Report

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(TheNewswire)



Vancouver, BC - TheNewswire - October 15, 2020 – Isodiol International Inc. (CSE:ISOL) (OTC:ISOLF) (FSE:LB6B.F) (the “Company” or “Isodiol”) provides this bi-weekly default status report in accordance with National Policy 12-203, Management Cease Trade Orders (“NP 12-203”).

 

As mentioned in its news release dated September 29, 2020, the Company had previously advised it would be unable to file its audited annual financial statements for the year ended March 31, 2020 (the “Annual Financial Statements”), and its interim financial statements for the three months ended June 30, 2020 (the “Interim Financial Statements”), by the prescribed deadlines of July 29, 2020, and August 31, 2020, respectively, due to impacts arising from the COVID-19 pandemic. Therefore, the Company had relied on the coordinated relief provided by the Canadian Securities Administrators consisting of a 45-day extension for certain periodic filings required to be made between June 2, 2020 and August 31, 2020.

 

As the Company was not able to file the Annual Financial Statements by the extended deadline of September 14, 2020, it applied for and was granted a temporary management cease trade order (the “MCTO”) by the British Columbia Securities Commission (the “BCSC”) as announced on September 15, 2020. The MCTO prohibits specified insiders of the Company from trading in the securities of the Company while the MCTO remains in force.

 

Pursuant to NP 12-203, the Company must file bi-weekly default status reports in the form of further news releases during the period of the MCTO. The Company continues to work with its auditor on the audit of the Annual Financial Statements, and on the production of the Interim Financial Statements. The Company reports that since its news release of September 29, 2020, the Company was unable to file its Annual Financial Statements by the anticipated filing date of October 14, 2020, and will not be in a position to file its Interim Financial Statements today, being the 45th day of the extended deadline period. Except as noted herein, there have been no material changes regarding the information contained in the Company’s prior news release.

 

The Company confirms there have been no failures by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines under NP 12-203, and, other than the disclosure set forth above relating to the late filing of the Annual Financial Statements and Interim Financial Statements, there has not been, nor is there anticipated to be, any other specified default subsequent to the default announced in the Company's news release of September 29, 2020. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this news release.

 

Sincerely,

 

Andrew S. Alvis                                       

President, Interim Chief Financial Officer                       

and Director                                                       

Isodiol International Inc.                               

 

Marcos Agramont

Chief Executive Officer and Director

Isodiol International Inc.

  

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 Packaged Goods (CPG) 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. Isodiol’s growth strategy includes the development of over-the-counter and pharmaceutical drugs and continued international expansion into Latin America, Asia, and Europe.

 

ON BEHALF OF THE BOARD

 

ANDREW S. ALVIS

 

PRESIDENT, INTERIM CHIEF FINANCIAL OFFICER & DIRECTOR

  

INVESTOR RELATIONS:

[email protected]

604-409-4409

 

MEDIA CONTACT:

[email protected]

 

Forward-Looking Information: This news release may contain certain forward-looking information and statements. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company’s disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.

 

The CSE has not reviewed, approved or disapproved the content of this news release.

 

Copyright (c) 2020 TheNewswire - All rights reserved.