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VANCOUVER, BC – TheNewswire – April 27, 2023 – AREV LIFE SCIENCES GLOBAL CORP. (CSE:AREV) (OTC:AREVF) (“AREV” or the “Company”) AREV Life Sciences Global Corporation announces today that it will miss its filing deadline of April 30, 2023, to file its audited annual financial statements and accompanying management’s discussion and analysis and related CEO and CFO certificates for the year ended December 31, 2022 (collectively, the “Annual Filings”), as required under applicable Canadian securities laws.
In connection with the Company’s inability to file the Annual Filings on time, the Company has applied for a Management Cease Trade Order (“MCTO”) under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”) and is waiting for the British Columbia Securities Commission approval. There is no guarantee that an MCTO will be granted. The Company is applying for a MCTO due to unexpected closing of the Company’s auditors, Harbourside CPA, LLP and the difficulty of finding an auditor for the Company having a year end of December 31, and the Company is unable to progress with its audit, within the time frame to file on or before April 30, 2023. This has impacted the Company’s ability to complete its audited annual financial statements and has consequently caused a delay in completion of the Annual Filings.
The Company has engaged BF Borgers CPA as its auditing firm to prepare the audited financial statements of the Company, which are expected to be completed on or before June 15, 2023. This measure has been taken in compliance with regulatory requirements and with the objective of upholding the Company’s financial reporting transparency and precision.
The Company expects to file the Annual Filings as soon as they are available, but in any event on or before June 15, 2023 (two-month period contemplated by NP 12-203).
Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in NP 12-203. The guidelines, among other things, require the Company to issue bi-weekly default status reports, in the form of news releases, for so long as the Annual Filings have not been filed.
During the MCTO, the general investing public will continue to be able to trade in the Company’s common shares listed on the Canadian Securities Exchange . However, the Company’s Chief Executive Officer and Chief Financial Officer and such other directors, officers and persons as determined by the applicable regulatory authorities will not be able to trade in the Company’s shares, nor will the Company be able to, directly or indirectly, issue securities to or acquire securities from an insider or employee of the Company until such time as the Annual Filings and all continuous disclosure requirements have been filed by the Company, and the MCTO has been lifted.
For further information, contact Mike Withrow, [email protected] 778-929-6536. For more information visit www.arevlifesciences.com.
On behalf of the Board,
Mike Withrow
CEO & Director
About AREV Life Sciences Global Corp.
The Company is a fully integrated enterprise with competencies in: 1) extraction of compounds for consumption and topical use. 2) Clinical Nutrition and 3) A technology platform called Medicine Merchant. The Company produces ingredients and formulates exclusive therapeutic interventions with plans to deliver innovation in clinical nutrition, proprietary supplements, topicals and rational drug design, based on science. The Company’s business model leverages its core competency of extraction to produce ingredients and compounds for its pipeline of products. The Company continues in the product development and pre-commercialization stage.
AREV is dedicated to designing and delivering innovation in rational drug design, driven by presenting global epidemiological characteristics of multiple challenges to international human and animal health. AREV is a member of both BIOTECanada and The Biotechnology Innovation Organization (BIO).
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FORWARD LOOKING INFORMATION
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required
under the applicable laws. This press release contains forward-looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements
address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks various risk factors discussed in the Company’s Management’s Discussion and Analysis under the Company’s profile on www.sedar.com.
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