CINCINNATI, OH – May 1, 2019 – Callitas Health Inc. (“Callitas” or the “Company”) (CSE: LILY, OTCQB: MPHMF, FWB: T3F3) today announced that the filing of its audited annual financial statements, management’s discussion and analysis and related CEO and CFO certifications for the financial year ended December 31, 2018 (the “Required Filings”), will be delayed beyond the filing deadline of April 30, 2019. The delay in the completion of the Required Filings is a result of the resignation of BDO Canada LLP as the auditors of the Company on April 9, 2019.
The Company has made an application to the British Columbia Securities Commission (the “BCSC”) for a management cease trade order (the “MCTO”), which would restrict all trading in securities of the Company, whether direct or indirect, by management of the Company. The MCTO would not affect the ability of shareholders who are not insiders of the Company to trade their securities. There is no certainty that the MCTO will be granted. If the MCTO is not issued by the BCSC, the applicable Canadian securities regulatory authorities could issue a general cease trade order against the Company for failure to file the Required Filings within the prescribed time period.
The Company is working expeditiously with its successor auditor, Marcum LLP, Accountants, to complete the audit as soon as possible. Callitas expects the Required Filings to occur prior to July 2, 2019. The Company also intends to satisfy the provisions of the alternate information guidelines of section 10 of National Policy 12-203 – Management Cease Trade Orders as long as it is in default of the Filing Requirements.
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 Callitas Health
Callitas Health Inc. is a clinical-stage pharmaceutical development, OTC consumer goods marketing and cannabis delivery development company, focused on developing innovative technologies for weight management, female sexual health and wellness, cannabis delivery technologies and other proprietary drugs. For more information, visit www.callitas.com.
For more information contact:
James Thompson, CEO, or
Callitas Investor Relations
Investor Relations – Kevin McGrath, Managing Director
Notice regarding Forward Looking Statements:Certain statements in this news release are “forward-looking statements”, which reflect management’s expectations regarding the issuance of the MCTO and timing of the filing of the Required Filings. All statements other than statements of historical fact contained in this news release are forward-looking statements. Such forward-looking statements involve risks and uncertainties, as they reflect management’s current beliefs and are based on information currently available to management. Actual results may differ materially from those anticipated in the statements made. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements are made as of the date of this news release and Callitas assumes no obligation to update or revise them to reflect new events or circumstances except as expressly required by applicable securities law. Further information regarding the uncertainties and risks can be found in the disclosure documents filed by Callitas with the securities regulatory authorities, available at www.sedar.com.