Tree of Knowledge International Corp Announces Completion of Canadian Medical Equipment Order and Provides Update on Filing o...
01 Juni 2020 - 1:00PM
via NEWMEDIAWIRE – Tree of Knowledge International Corp. (CSE:
TOKI) (the "Company" or “TOKI”) is pleased to announce the
completion of an order of 100,000 medical gowns to a hospital in
Canada facilitated by TOKI management.
Michael Caridi, the Company’s chairman, states, “TOKI is pleased
to offer life saving personal protective equipment to hospitals and
municipalities in need. We will continue to push forward and
expedite the procurement of products in this ongoing fight against
COVID-19. There are a lot of difficulties in procuring PPE and
medical equipment that we have overcome and are confident in our
ability to provide PPE and medical devices for the foreseeable
future.”
The Company’s US division, Tree of Knowledge, Inc., has
developed a strategic focus during these uncertain times to
leverage its medical contacts and international relationships to
procure medical equipment and personal protective equipment (PPE)
to governments, municipalities, and healthcare distributors in
Canada and the US. Tree of Knowledge understands the difficulty in
supplying medical equipment and is hopeful this successful Canadian
transaction offers the Company the ability and trust to supply many
more municipalities, governments, and healthcare distributors in
the US and Canada.
Notwithstanding the Company’s recent PPE transactions, the US
division continues to concurrently build the Company’s ongoing
clinical and CBD products business.
Timing of Annual Filings
In addition to the foregoing, the Company would like to provide
an update on COVID-19 matters and the status of the filing of
annual and interim financial statements, accompanying management
discussion and analysis and related CEO and CFO certifications.
Due to the continued impact of COVID-19, the Company anticipates
the filing of its audited annual financial statements and
corresponding management’s discussion and analysis (collectively,
the “Annual Filings”) for the financial year ended December 31,
2019 to be delayed beyond the required filing deadline: (i) under
Parts 4 and 5 of National Instrument 51-102 – Continuous Disclosure
Obligations and pursuant to National Instrument 52-109 –
Certification of Disclosure in Issuer’s Annual and Interim Filings,
being April 29, 2020; as extended by (ii) the temporary blanket
relief implemented by the Ontario Securities Commission Ontario
Instrument 51-502 (the “Blanket Relief”), being June 15, 2020 (the
“Filing Deadline”).
The Company intends to continue to work diligently and
expeditiously with its auditors and expects to file the Annual
Filings as soon as possible, and in any event no later than July
10, 2020. The Company currently does not anticipate any delay in
filing its interim financial statements, management’s discussion
and analysis, and the related officer certifications for the
financial period ended March 31, 2020, before its filing deadline
under NI 51-102, as extended by the Blanket Relief, on July 14,
2020. Other than as previously disclosed by the Company and herein
with this press release, the Company confirms that there have been
no material business developments since the date of its
third-quarter interim financial statements that were filed on
November 21, 2019, other than as a result of the impact of
restatement disclosed above.
Management Cease Trade Order
In light of the delay in filing of the Annual Filings prior to
the Filing Deadline, the Company is providing this default
announcement in accordance with National Policy 12-203 Management
Cease Trade Orders (“NP 12-203”). The Company has made an
application to the Ontario Securities Commission (the “OSC”), as
principal regulator of the Company, for a management cease trade
order (“MCTO”) under NP 12-203 in respect of the anticipated
default regarding the Annual Filings. The granting of the MCTO is
at the discretion of the Ontario Securities Commission. The
issuance of the MCTO generally will not affect the ability of
persons who have not been directors, officers or insiders of the
Company to trade in their securities. In the event that the MCTO is
granted, it will be in effect until the default is remedied. The
Company intends to follow the provisions of the Alternative
Information Guidelines set out in NP 12-203, including the issuance
of bi-weekly default status reports in the form of news releases,
for as long as the Company remains in default. The Company confirms
as of the date of this news release that there is no insolvency
proceeding against it and there is no other material information
concerning the affairs of the Company that has not been generally
disclosed.
For further information please visit: www.tokicorp.com
Or contact: Tree of Knowledge International Corp.Ashley
Villarruel, (647) 607-9044), ashley@tokicorp.com
About Tree of Knowledge
TOKI is a public company that delivers pathways to innovative,
science-based health and wellness solutions. The Company is a
leader in pain management, spanning from seed to patient. Built
upon an extensive network of scientific and medical research, TOK
is an advanced leader in the development, processing, and
distribution of focused products and treatments for pain relief.
Tree of Knowledge spans the globe with its multidisciplinary pain
clinics, research partners, consumer CBD products, and education
and advocacy programs – all working in harmony to bring health and
wellness to the world, while creating value for shareholders and
partners.
Forward-Looking Statements
Except for statements of historical fact relating to the
Company, certain information contained herein relating to the
timing of the filing of financial statements constitutes
forward-looking statements. Although we believe that the
expectations reflected in the forward-looking information are
reasonable, there can be no assurance that such expectations will
prove to be correct. We cannot guarantee future results,
performance, or achievements. Consequently, there is no
representation that the actual results achieved will be the same,
in whole or in part, as those set out in the forward-looking
information.
Forward-looking statements are based on the opinions and
estimates of management at the date the statements are made, and
are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements.
The forward-looking information contained in this news release is
expressly qualified by this cautionary statement. Except as
required by applicable securities laws, the Company undertakes no
obligation to update forward-looking statements if circumstances or
management's estimates or opinions should change. The reader is
cautioned not to place undue reliance on forward-looking
statements.
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