Edmonton, Alberta--(Newsfile Corp. - February 28, 2023) - Radient Technologies Inc. (TSXV: RTI) (OTC Pink: RDDTF) ("Radient" or the "Company") announces today that it anticipates that it may be delayed in filing its interim financial statements (the "Statements") for the nine-month period ended December 31, 2022 and the related Management's Discussion and Analysis and Certifications by the Chief Executive Officer and Chief Financial Officer (collectively the "Required Filings"). Under National Instrument 51-102 of the Canadian Securities Administrators, the Required Filings are required to be made not later than March 1, 2023 (the "Deadline"). While every effort is being made to make the Required Filings as soon as possible, the Issuer is concerned that the Required Filings may not be made by the Deadline.
Out of an abundance of caution in the event that the Company is unable to make the Required Filings by the Deadline, the Company applied to the Alberta Securities Commission (the "Principal Regulator"), British Columbia Securities Commission, Ontario Securities Commission, Manitoba Securities Commission, Saskatchewan Financial and Consumer Affairs Authority, Newfoundland and Labrador, Director of Securities, New Brunswick Financial and Consumer Services Commission, Autorité des marchés financiers, and Nova Scotia Securities Commission pursuant to Part 3 of National Policy 12-203 ("NP 12-203") for a Management Cease Trade Order ("MCTO") as an alternative to a general Cease Trade Order in connection with the possible late filing (the "Default") of the Required Filings. In the event that the MCTO is granted, it will remain in effect until the Default is remedied. The issuance of a management cease trade order generally does not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in their securities.
The Issuer has experienced delays in completing the Required Filings due to a lack of adequate resources to complete the reconciliation of new programs that the Issuer launched in previous quarters, resources being diverted to manage the sale of certain real estate assets and to deal with accounting reconciliation with lenders, and unexpected delays to asset evaluation and valuation, including inventory and related appraisals. The Company anticipates that it will be able to complete the Required Filings by March 17, 2023.
The Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains in default of the filing requirements described above.
The Company has not taken any steps towards any insolvency proceeding and the Company confirms that there is no material information relating to its affairs that has not been generally disclosed.
In the last few weeks significant progress has been made in collecting the requisite information to prepare and file the Required Filings prior to the Deadline.
The MCTO prohibits trading in securities of the Company, whether direct or indirect, by:
(a) the Company's Chief Executive Officer; and
(b) the Company's Chief Financial Officer.
Should the Company fail to make its Required Filings on or before March 17, 2023, the Principal Regulator can impose a cease trade order that all trading in securities of the Company cease for such period of time as the Principal Regulator may deem appropriate.
About Radient
Radient Technologies is a commercial manufacturer of diverse, novel and high-quality cannabis extracts and packaged products. Radient develops specialty products and ingredients that contain a broad range of cannabinoid and terpene profiles while meeting the highest standards of quality and safety. Radient is focused on innovation with expertise in formulations and technologies offering unique solutions in the cannabis and wellness space. Please visit www.radientinc.com for more information.
Cautionary Note Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the potential Default, including the Company's ability to make the Required Filings on or prior to March 17, 2023. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or 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". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Radient, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with the MCTO issued by the applicable securities regulatory authorities. Although Radient has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Radient does not undertake to update any forward-looking information, except in accordance with applicable laws.
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