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Lift & Co. Announces Delay in Filing Annual Financial Statements

Lift & Co. Corp.
·4 min read

TORONTO, July 24, 2020 (GLOBE NEWSWIRE) -- Lift & Co. Corp. (TSXV: LIFT) (OTCQB: LFCOF) (“Lift & Co.” or the “Company”) announces that due to circumstances created by the COVID-19 global pandemic, the Company will not be filing its audited financial statements, related management discussion and analysis and certifications of the financial statements for the fiscal year ended March 31, 2020, by the scheduled due date of July 29, 2020, as required under section 4.2(b) and section 5.1(1) of National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”). Lift & Co. will also not be filing its June 30, 2020, quarterly report and management discussion and analysis which is due August 29, 2020.

On May 20, 2020, the Canadian Securities Administrators ("CSA") issued a notice stating that securities regulators will be providing coordinated relief consisting of a 45-day extension for certain periodic filings required to be made between June 2, 2020 and August 31, 2020, as a result of the COVID-19 pandemic. As such the Ontario Securities Commission ("OSC") has enacted Instrument 51-505 - Temporary Exemption from Certain Corporate Finance Requirements with Deadlines during the Period from June 2 to August 31, 2020 ("OSC Instrument 51-505"). The Company will be relying on this extension period due to delays experienced as result of the COVID-19 pandemic.

As required by OSC Instrument 51-505, BC Instrument 51-515 Temporary Exemption from Certain Corporate Finance Requirements (“BC Instrument 51-515”) and Blanket Order 51-517 Temporary Exemption from Certain Corporate Finance Requirements (“ASC Blanket Order 51-517”), the Company discloses the following:

  • The Company expects to file its audited financial statements, related management discussion and analysis and certifications of financial statements for the fiscal year ended March 31, 2020 on or about September 14, 2020, and the quarterly report along with the management discussion and analysis on or about October 15, 2020; and

  • In the interim, the Company's management and other insiders will be subject to a trading black-out policy that reflects the principles in Section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders.

The Company confirms that since the filing of its financial statements and related management discussion and analysis for the period ended December 31st, 2019, there have been no material business developments other than those disclosed through news releases.

About Lift & Co.
Lift & Co. (TSXV: LIFT) (OTCQB: LFCOF) is a publicly traded technology company modernizing the cannabis industry.

Forward Looking Statements

This news release and each of the documents referred to herein contains “forward-looking information” within the meaning of applicable Canadian and United States securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of management and are based on assumptions and subject to risks and uncertainties. Although management believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this press release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company.

Although Lift & Co. has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended.

There can be no assurance that such forward-looking statements will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release, and subject to change after such date. The Company disclaims any intention or obligation to update or revise such information, except as required by applicable law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

For further information:

Lift & Co.:

Kasia Malz
Chief Financial Officer

Matei Olaru
Chief Executive Officer