Toronto, Ontario, Canada – May 15, 2020 Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF), an online platform for cannabis products, accessories, and responsible education, today reports that activities impacted by COVID-19 have resulted in an extension in the preparation and filing of the Company’s interim financial statements for the quarter ended February 29, 2020 and the related management’s discussion and analysis. With global offices, warehouses and related production, the Company is taking extensive essential employee safety measures which have required more time. Further to the news release of April 30, 2020 which referred to COVID-19 Regulatory Relief, Namaste currently expects to file its interim filings for the first quarter ended February 29th on or before June 13, 2020.
This news release is being issued in accordance with the blanket relief of a 45-day extension, provided by Canadian Securities Administrators and Ontario Instrument 51-502: Temporary Exemption from Certain Corporate Finance Requirements, for periodic filings normally required to be made by issuers during the period from March 23, 2020 to June 1, 2020.
The Company’s board of directors and its management confirm that they are continuing to work expeditiously to meet the Company’s obligations relating to the filing of the first quarter filings.
Other than as previously disclosed by the Company, there have been no material business developments since the date of the Company’s most recent filing of its annual financial reports and the associate management discussion and analysis.
About Namaste Technologies Inc.
With headquarters in Toronto, ON, and offices in both B.C. and around the globe, Namaste Technologies is a leading online platform for cannabis products, accessories, and responsible education. The company’s ‘everything cannabis store’, CannMart.com, provides customers with a diverse selection of hand-picked products from a multitude of federally-licensed cultivators, all on one convenient site. Namaste’s global technology and continuous innovation address local needs in a burgeoning cannabis industry requiring smart solutions.
Information on the Company and its many products can be accessed through the links below:
For more information please contact:
Incite Capital Markets
Eric Negraeff / Darren Seed
For Meni Morim, CEO
Email: [email protected]
FORWARD-LOOKING INFORMATION – This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as “may”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen. The forward-looking information contained herein is made as of the date of this press release and is based on assumptions management believed to be reasonable at the time such statements were made, including management’s perceptions of Namaste’s standing in the online marketplace for cannabis products, the Company’s transition into a growth phase with a focus on increasing revenues and gross margins while reducing costs, the Company’s goal of becoming a leading procurement, processing and distribution company focusing on the Canadian cannabis market, Namaste’s beliefs regarding the quality of its management, the strides the Company has taken in its operations and the quality of the brands offered by CannMart, the Company’s focus on growing the business profitably, reducing operational burn and continuing to master the mechanism of moving cannabis into the market, safely and reliably, Namaste’s beliefs with respect to the timing of its Interim Filings and the results of operations, operational matters, historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation: risks relating to the Company’s ability to execute its business strategy and the benefits realizable therefrom, risks specifically related to the Company’s international operations, and risks relating to the market price of Namaste common shares. Additional risk factors can also be found in the Company’s current MD&A and annual information form, both of which have been filed under the Company’s SEDAR profile at www.sedar.com. Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither the 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 or has in any way approved or disapproved of the contents of this press release.