VANCOUVER, BC, DENVER, SEPTEMBER 29, 2022 (GLOBE NEWSWIRE) — Koios Beverage Corp. (CSE: FIT; OTC: FITSF) (“We” or “Koios”) As a result of audit delays, the Company’s annual financial statements for the fiscal year ended May 31, 2022 and accompanying management’s discussion and analysis (the “Annual Filings”) were not available in September 2022. We are announcing today that it was not finalized by the 28th. The date on which such submission is due, under the requirements of applicable Canadian securities laws. We have applied for and been granted a Controlled Trading Order (“MCTO”) by the British Columbia Securities Commission.
The reason for the expected delay is due to the company completing the acquisition during the calendar year and the increased complexity of auditing this information, in addition to enhanced quality control by the company’s auditors. Auditors have requested more time to review partners and consultants as part of these enhanced measures. We strive to complete audits in a timely manner in cooperation with our auditors (DMCL Certified Public Accountants).
The Company currently plans to file its annual returns by October 28, 2022 and will issue a news release announcing the completion of such returns at that time. National Policy 12-203 – Management Cease for any issuer that fails to comply with the continuous disclosure requirements specified by applicable securities laws until the time the Company files its annual report. Adhere to the Substitute Information Guidelines set forth in the Trade Order. The guidelines require, among other things, companies to publish biweekly default status reports as news releases unless an annual report has been filed.
During the MCTO period, general investors will continue to be able to trade our publicly traded common stock. However, our Chief Executive Officer and Chief Financial Officer cannot trade our common stock.
On behalf of our Board of Directors,
Koios Beverage Co., Ltd.
Chris Miller, CEO, Interim CFO, Director
For more information, please contact:
The Canadian Stock Exchange (CSE) has not reviewed and is not responsible for the accuracy or adequacy of this release.
About Koios Beverage
The Company is an emerging functional beverage company with access to a distribution network of more than 4,400 retailers nationwide to market its products. Koios has relationships with some of the largest and most reputable distributors in the United States, including Europa Sports, Muscle Foods USA, KeHE and Wishing-U-Well. Koios uses a proprietary blend of nootropics and natural organic compounds to enhance human productivity without the use of harmful chemicals or stimulants. It has been shown to increase mental performance, memory retention, cognitive function, alertness, brain capacity, and produce mental clarity throughout the day. Specifically designed to target brain function by increasing
Koios makes one of the only beverages in the world that is infused with MCT oil. MCT oil is derived from coconuts and helps the body burn fat more effectively, produce sustained energy from natural food sources, and produce ketones in the brain, enhancing brain function and clarity and promoting a healthy It has been shown to support hormone production and help improve immunity.. For more information, please visit our website (https://www.koiosbeveragecorp.com).
This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws. In many cases, but not always, forward-looking information and information are referred to as “plans,” “expects,” “does not expect,” “anticipates,” “estimates,” “intends,” ” anticipate, “unexpect,” or “believe,” or variations of such words or phrases, or that a particular action, event, or outcome “could,” “could,” “could,” Saying “could”, “could”, or “could” be taken, occurred or achieved. Forward-looking information in this news release includes statements regarding the Company’s intention to issue bonus warrants and the expiration of the applicable holding period for securities issued in connection with private placements. Forward-looking information reflects management’s current expectations based on information currently available and includes many statements that could cause results to differ materially from those described in the forward-looking information. Subject to risk and uncertainty. Although we believe that the assumptions and factors used in preparing our forward-looking information are reasonable, we should not place undue reliance on such information and we may not be able to predict the future within the time frame disclosed. There is no guarantee that such events will occur or that they will not occur at all. Factors that could cause actual results or events to differ materially from current expectations include: (ii) growth and changing size of the functional beverage market; (iii) other factors beyond our control. We operate in a rapidly evolving environment. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors, and we cannot predict the impact that all factors will have on our business, or what factors or combinations of factors may be. It is also not possible to assess the extent to which it is affected. Actual results may differ from those contained in forward-looking information. The forward-looking information contained in this news release is made as of the date of this news release, and the Company may not make any forward-looking information as a result of new information, future events or otherwise. We expressly disclaim any intention or obligation to update or revise. except where required by applicable law.
Statements in this news release have not been evaluated by Health Canada or the US Food and Drug Administration. Because each individual is different, the benefits, if any, of taking our products will vary from person to person. We cannot make any claims or warranties regarding the effects of our products on your personal health and well-being. Our products are not intended to diagnose, treat, cure, or prevent disease.
This news release generally contains information about (i) Koios’ relationship with the third parties mentioned in this release and/or (ii) the client/vendor/vendor whose relationship with Koios is mentioned in this release. Service Provider Party. All rights to such trademarks are reserved by their respective owners or licensees.
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Koios Announces Delay in Filing Annual Financial Statements and Management Stop Trading Order, The Canadian Business Journal
Source link Koios Announces Delay in Filing Annual Financial Statements and Management Stop Trading Order, The Canadian Business Journal