May 4th, 2015 – Toronto, Ontario – Matica Enterprises Inc. (MMJ – CSE) (39N – Frankfurt) (MQPXF – OTC) (“Matica” or the “Company”) is pleased to announce that it has been granted a management cease trade order (the “MCTO”) by its principal regulator, the Ontario Securities Commission (the “OSC”), and as such, the OSC has accepted the Company’s request for such MCTO. As previously announced on April 29, 2015 by way of press release, the application for the MCTO was made by the Company in respect to the late filing of the Company’s annual financial statements, accompanying management’s discussion and analysis and related CEO and CFO certifications for the financial year ended December 31, 2014 (collectively, the “2014 Annual Financial Statements”), which were to be filed at the latest on April 30, 2015.
The MCTO restricts all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer and the Chief Financial Officer until such time as the 2014 Annual Financial Statements have been filed by the Company. The MCTO does not affect the ability of shareholders to trade their securities. However, the applicable Canadian securities regulatory authorities could in future determine, in their discretion, that it would be appropriate to issue a general cease trade order against the Company affecting all of the securities of the Company.
As previously announced, the Company was not in a position to timely file the 2014 Annual Financial Statements, primarily as a result of unanticipated delays associated with compiling the requisite financial information to prepare the 2014 Annual Financial Statements. Matica’s board of directors and its management confirm that they are working expeditiously to meet Matica’s obligations relating to the filing of the 2014 Annual Financial Statements and the Corporation continues to expect to file the 2014 Annual Financial Statements on or about May 23, 2015.
The Company confirms that it will satisfy the provisions of the alternative information guidelines under Policy Statement 12-203 respecting Cease Trade Orders for Continuous Disclosure Defaults for so long as it remains in default as a result of the late filing of the 2014 Annual Financial Statements. During the period of default, Matica will issue bi-weekly default status reports in the form of further press releases, which will also be filed on SEDAR. The Company confirms that there are no insolvency proceedings against it as of the date of this press release. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this press release.
About Matica Enterprises Inc.
Matica has signed a definitive agreement for a fifty percent interest in THC Dispensaries, Inc (“THCD”), a Nova Scotia applicant under the Marijuana for Medical Purposes Regulation (“MMPR”). THC Dispensaries has received a “Ready To Build” letter from Health Canada and is awaiting the pre-licence inspection to become a Licenced Producer under MMPR. The facility is located in a rural setting near the town of Antigonish with 35 acres on which to expand. For more information on Matica Enterprises please visit the website at: www.westislandbrands.com.
On behalf of the Board of Directors
MATICA ENTERPRISES INC.
Boris Ziger, CEO & Chairman
The Company’s filings are available for review at www.sedar.com and www.thecse.com.
For further information, please contact Boris Ziger, Chief Executive Officer, at:
Telephone: 416-304-9935
E-mail: info@westislandbrands.com
Website: www.westislandbrands.com
Disclaimer for Forward-Looking Information
This news release contains statements about the Company’s information that will be made available on the S&P Capital IQ Corporation Records Listing Program and the business of Matica, specifically any potential licensing under the MMPR, that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include failure to receive its Licensed Producer designation for any reason whatsoever. The forward-looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.
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. We seek Safe Harbor.