VANCOUVER, BC / ACCESSWIRE / April 28, 2020 / ELSE NUTRITION HOLDINGS INC. (BABY.V) (OTCQB:BABYF) ("Else" or the "Company"), a developer of novel plant-based infant and toddler nutrition, is announcing its reliance in connection with its annual audited financial statements for the period ended December 31, 2019 and the interim unaudited financial statements for the period ended March 31, 2020.
Else is providing an update on the timing to report its annual audited financial statements for the fiscal year ended December 31, 2019 ("Annual Financial Statements") and its first-quarter interim condensed financial statements for the period ended March 31, 2020 ("Interim Statements") and related management's discussion and analysis accompanying the respective Annual Financial Statements and Interim Statements (collectively, the "Disclosure Documents").
In light of recent COVID-19 developments and its potential impact on market participants, the securities commissions of British Columbia and Alberta implemented temporary relief from certain regulatory filings required to be made on or before June 1, 2020. This blanket relief provides a 45-day extension for periodic filings, including the Disclosure Documents.
Accordingly, Else will be utilizing the extension period provided for the filing of its Annual Financial Statements, which would otherwise have a filing deadline of April 29, 2020 in accordance with sections 4.2 and 5.1 of National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102"). The Annual Financial Statements are expected to be filed on SEDAR on or before June 12, 2020.
In addition, Else will also use the extension period provided for the filing of its Interim Statements, which would otherwise have a filing deadline of June 1, 2020 in accordance with sections 4.4 and 5.1 of NI 51-102. The Interim Statements are expected to be filed on SEDAR on or before July 16, 2020.
Until such time as the Disclosure Documents are filed, management and other insiders of the Company will be subject to an insider trading black-out policy that reflects the principles in section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
Else confirms that since the filing of its interim condensed consolidated financial statements for the period ended September 30, 2019, there have been no material business developments other than as disclosed in press releases of Else.
About Else Nutrition Holdings Inc.
Else Nutrition GH Ltd. is an Israel-based food and nutrition company focused on developing innovative, clean and plant-based food and nutrition products for infants, toddlers, children, and adults. Its revolutionary, plant-based, non-soy, formula is a clean-ingredient alternative to dairy-based formula. Else Nutrition (formerly INDI) won the "2017 Best Health and Diet Solutions" award at the Global Food Innovation Summit in Milan. The holding company, Else Nutrition Holdings Inc, is a publicly-traded company, listed as TSX Venture Exchange under the trading symbol BABY and is quoted on the US OTC Markets QB board under the trading symbol BABYF. Else's Executive and Advisory Board includes leaders hailing from Abbott Nutrition, Mead Johnson, Boston Children's Hospital, ESPHGAN (European Society for Pediatric Gastroenterology, Hepatology and Nutrition). Plum Organics, Tel Aviv University's Sackler Faculty of Medicine, and Gastroenterology & Nutrition Institute of RAMBAM Medical Center.
For further information, please contact:
Ms. Hamutal Yitzhak
CEO of Else Nutrition
Mr. Sokhie Puar
Director of Else Nutrition
TSX Venture Exchange
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.
Caution Regarding Forward-Looking Statements
This press release contains statements that, to the extent they are not recitations of historical fact, constitute "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as "will", "expect" or similar expressions. Forward-looking statements in this press release include, but are not limited to, statements with respect to the impact of the COVID-19 pandemic on the Company's business and anticipated dates for filing the Company's financial disclosure documents.
Such forward-looking statements reflect current estimates, beliefs and assumptions, which are based on management's perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. No assurance can be given that the foregoing will prove to be correct.
Forward-looking statements made in this press release assume, among others, the successful completion of Else's proposed scale-up for its products, and such statements are intended to apply only to the infant formula market for ages 12 months and above, and having all necessary regulatory approval as required by each target market.
Numerous risks and uncertainties could cause the Company's actual results to differ materially from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements, including, but not limited to: consumer demand for the Company's products, whether the Company's current and future products achieve commercialization, uncertainty regarding material changes in laws and regulations, retention of key personnel, maintenance of the Company's supply and distribution channels, the Company's ability to expand into global markets and competitive developments.
In addition, the Company is subject to risks and uncertainties caused by the COVID-19 pandemic which has resulted in governments worldwide enacting emergency measures to combat the spread of the virus including travel bans, self-imposed quarantine periods and social distancing. The outbreak of COVID-19 can impact our operations in a number of ways including quarantined employees, travel restrictions, temporary closure of our office, as well as interruptions to our manufacturing and supply chains.
The foregoing list of factors is not exhaustive, and other risks and uncertainties not presently known, or believed to be material, to management and other factors that could affect the operations or financial results of the Company are set out in the Company's Filing Statement dated May 14, 2019 under the heading "Risk Factors" and may be accessed through the SEDAR website (www.sedar.com).
Readers are cautioned not to place undue reliance on any forward-looking statements, which reflect management's expectations only as of the date of this press release. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: ELSE Nutrition Holdings
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