Future Farm Technologies Inc. (“Future Farm”) (CSE: FFT) (OTCQB: FFRMF) wishes to advise its valued shareholders that the management team (“Management”) is currently working diligently to finalize its audited financial statements and the related managements discussion and analysis (MD&A) for the year-ended February 29, 2020. With the majority of the Companys operations being located in the United States, COVID-19 has caused delays to the audit that are beyond Managements control due to the ongoing border closure with the United States and other travel restrictions arising from the ongoing pandemic.
Management was able to address certain areas of the audit which required immediate attention, such as inventories of biological assets, earlier this year before travel restrictions were in place. All resources available to Future Farm are being used to expedite this process and ensure that shareholder value is not lost due to a prolonged cease trade.
The Company confirms that it has the financial resources necessary to complete the audit, and now anticipates being in a position to file the audited financial statements for the year-ended February 29, 2020, and their related MD&A (collectively, the Required Filings), by October 15, 2020.
Our recent merger with High Purity Natural Products added an important, revenue generating operating asset which will be key in achieving our goal to be a leading supplier of top-quality health and wellness products, including those made from hemp. We are in a strong position to grow the business and create shareholder value even as we manage through this challenge, said Bill Gildea, CEO of Future Farm.
The Company is now subject a general cease trade order issued by the British Columbia Securities Commission (BCSC). It is anticipated that the general cease trade order will remain in effect, and trading in the securities of the Company will be suspended, until the Required Filings are completed.
For further information about Future Farm Technologies Inc., contact Investor Relations at investor@FutureFarmTech.com or via telephone at (888) 387-3761 x710.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, CEO & Chairman
About Future Farm Technologies Inc. and High Purity Natural Products, LLC
Future Farm Technologies is a Canadian public company that, following its merger with High Purity Natural Products, is now a leading supplier of top quality health and wellness products, including those made from hemp, to meet the burgeoning demand in the U.S. and global markets.
Future Farms seasoned management team, now joined by the High Purity Natural Products management team, brings a deep understanding of manufacturing, formulation, marketing, sales and operations with the financial and regulatory expertise needed to become a significant participant in the rapidly growing market for health and wellness products made from hemp and other plants.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. There is no guarantee that the Company will be successful in its efforts to further develop its existing hemp operations, or that the Company will be able to raise sufficient capital to execute on its intended business plan and objectives. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.