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VANCOUVER, British Columbia, Jan. 18, 2024 (GLOBE NEWSWIRE) — Premier Diversified Holdings Inc. (“PDH” or the “Company”) (TSXV: PDH) is announcing that it has completed the filing of an application seeking a management cease trade order (the “MCTO”) under National Policy 12-203, from the British Columbia Securities Commission (“BCSC”).
The Company has filed an application seeking an order for a MCTO from the BCSC because the Company may be unable to file its annual financial statements for the year ending September 30, 2023, including the related management’s discussion and analysis and certifications from the CEO and CFO (the “Annual Filings”), in time to meet the January 29, 2024, filing deadline. The delay in filing the Annual Filings is largely related to the impending and previously announced acquisition, by way of reverse takeover, of AJA Health and Wellness Inc. (the “Target”) by the Issuer (the “RTO Transaction”) and the special procedure audit required as part of the financial disclosure.
While the MCTO restricts all trading in securities of the Company by the Chief Executive Officer and Chief Financial Officer of the Company until the MCTO is no longer in effect, regular trading by current and future investors outside the Company, continues as normal. However, trading of the shares of the Issuer is currently halted as a result of the RTO transaction. The MCTO will be in effect until the Annuals Filings are filed.
Until the Annual Filings are filed, the Company intends to satisfy the provisions of the Alternative Information Guidelines set out in National Policy 12-203 – Management Cease Trade Orders. The Company confirms that, other than what was disclosed in prior press releases, there have been no material business developments since the filing of the Company’s latest interim financial report.
PDH confirms that there are no insolvency proceeding to which it is subject. PDH intends to file with the CSA regulators throughout the period in which it is in default, the same information it provides to its creditors when the information is provided to the creditors and in the same manner as it would file a material change report under part 7 of National Instrument 51-102 Continuous Disclosure Obligations.
About Premier Diversified Holdings Inc.
PDH participates in diversified industries through its acquisitions of securities and/or assets of public and private entities which it believes have potential for significant returns. It may act as a holding company (either directly or through a subsidiary) and may participate in management of subsidiary entities to varying degrees.
Trading in the listed securities will remain halted pursuant to section 2.5 of the Policy 5.2.
On behalf of the Board of Directors
“Sanjeev Parsad“
Sanjeev Parsad
President, CEO and Director
This above may contain “forward-looking information” within the meaning of applicable securities laws. When used in this address, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although the Corporation believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, readers are cautioned to not place undue reliance on forward-looking information because the Corporation can give no assurance that they will prove to be correct. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date of publication of this information and the Corporation undertakes no obligation to update such forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Furthermore, the Corporation undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Corporation. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither 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.
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