TORONTO, July 29, 2019 (GLOBE NEWSWIRE) -- Captor Capital Corp. (CSE:CPTR) (CPTRF) (“Captor” or the “Company”) reports that it expects to be late in filing its audited financial statements and management’s discussion and analysis for the year ended March 31, 2019 (the “Annual Financial Filings”). Although the Company’s audit is progressing to completion, the Company’s auditors are still reviewing the application of certain accounting standards with respect to the treatment of its investments. The Company was informed on July 26, 2019 that this issue will result in a delay in completing the audit. The issue in contention is related to the accounting for the investee companies and do not impact the actual revenues and cash flows of the investee companies. Captor has been working diligently with its auditors to seek a resolution to permit the audit to be completed as quickly as possible. Until resolution is reached, it will not be possible to complete the audit of the 2019 annual financial statements.
Captor has made an application for a management cease trade order and intends to follow the alternate information guidelines contained in National Policy 12-203 for so long as it has not filed the Annual Financial Filings. Captor expects to resolve these technical issues quickly so that it can file its 2019 financial statements as soon as possible, and in any event by August 31, 2019.
About Captor Capital Corp.
Captor Capital Corp. is a Canadian investment firm focused on the cannabis sector listed on the Canadian Securities Exchange, the OTC, and the Frankfurt and Stuttgart stock exchanges. A vertically integrated cannabis investment company, Captor’s investment portfolio of companies provide recreational and medical marijuana-based products to consumers via its leading brands and dispensary locations. The Company follows a strategy of acquiring cash flowing established companies and organizations with growth potential that require capital to scale. Captor currently has a number of revenue generating cannabis investments including the CHAI Cannabis Co. dispensaries in Santa Cruz and Monterey. The Company also owns Mellow Extracts, a highly regarded producer of cannabis extracts based in Costa Mesa, CA.
Captor Capital Corp.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains or refers to forward-looking information, including the timing for completion of the Annual Financial Filings and statements implying that the Company will receive a management cease trade order only, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to securities regulators not granting a management cease trade order and issuing a cease trade order instead, availability of investment opportunities, economic circumstances, market fluctuations and uncertainties, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, and the other risks involved in the investment industry and junior capital markets. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.