Xebra Announces Issuance of Management Cease Trade Order
VANCOUVER, British Columbia, June 29, 2023 (GLOBE NEWSWIRE) — Xebra Brands Ltd. (“Xebra”) (XBRA: CSE) (XBRAF: OTCQB) (9YC: FSE), announces today that it was not in a position to file its audited annual financial statements, management’s discussion and analysis and related officer certifications for the fiscal year ended February 28, 2023 (collectively the “Annual Filings”) on or before the filing deadline of June 28, 2023, as required under applicable Canadian securities laws.
Xebra has been delayed in meeting the deadline for its Annual Filings due to recent management changes. As a result, the Company applied for a management cease trade order (“MCTO“) under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“). An MCTO has been granted by the Company’s principal regulator, the British Columbia Securities Commission.
Xebra is working diligently with its auditors, Dale Matheson Carr-Hilton LaBonte LLP (“DMCL, LLP”) and expects to have the audit of the Annual Filings completed no later than July 15, 2023. Xebra will issue a news release once the Annual Filings have been filed. Now that the management changes have concluded, Xebra does not expect to experience delays with future filings. Until Xebra files the Annual Filings, it will comply with the alternative information guidelines set out in NP 12-203 by issuing bi-weekly default status reports, in the form of news releases, for so long as the Annual Filings have not been filed.
About Xebra Brands Ltd.
Xebra is an international cannabis cultivation and product company, with global brands and intellectual property. Our focus includes beverages, wellness and leisure. Xebra is an absolute first mover in the Mexican cannabis sector with the first ever granted authorization to a corporation by the COFEPRIS. In Canada, Xebra retails its unique Vicious Citrus THC/CBN Lemonades.
On Behalf of Xebra Brands Ltd.
“Jay Garnett”
Chief Executive Officer
For further information please contact:
Tel: (833) XEBRA 88
Email: ir@xebrabrands.com
Forward-Looking Information
Except for the statements of historical fact, this news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. “Forward-looking information” in this news release includes, but is not limited to, business goals and objectives of the Company; statements and information regarding the timing for the filings of the Annual Filings; the Company’s ability to be a first mover in a country, or to obtain or retain government licenses, permits, or authorizations in general, or specifically in Mexico, Canada or elsewhere, including cannabis authorizations from the Mexican Health Regulatory Agency (COFEPRIS); the Company’s ability to satisfy the conditions of authorizations granted by COFEPRIS; any continuing uniqueness of any of the Company’s products; and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the reliance of the Company on its auditors and management with respect to the Annual Filings; Such factors include, but are not limited to, the inability of the Company to retain the authorizations granted by COFEPRIS; the inability to generate sufficient revenues or to raise sufficient funds to carry out its business plan; changes in government legislation, taxation, controls, regulations and political or economic developments in various countries; risks associated with agriculture and cultivation activities generally, including inclement weather, access to supply of seeds, poor crop yields, and spoilage; compliance with import and export laws of various countries; significant fluctuations in cannabis prices and transportation costs; the risk of obtaining necessary licenses and permits; inability to identify, negotiate and complete potential acquisitions, dispositions or joint ventures for any reason; the ability to retain key employees; dependence on third parties for services and supplies; non-performance by contractual counter-parties; general economic conditions; the continued growth in global demand for cannabis products and the continued increase in jurisdictions legalizing cannabis; the timely receipt of regulatory approvals for license applications on terms satisfactory to the Company; and other related risks as more fully set out in the registration statement of Company and other documents disclosed under the Company’s filings at www.sedar.com. In addition, there is no assurance that the Company will: be a low-cost producer or exporter; obtain a dominant market position in any jurisdiction; or have products that will be unique.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company’s objectives, goals or future plans, the timing thereof and related matters. The Company has also assumed that no significant events occur outside of the Company’s normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
