Vancouver BC / NEWSWIRE / January 15, 2021 /TNW/ - Agrios Global Holdings Ltd. (CSE: AGRO) (OTCQB: AGGHF) (FSE: ØSA - WKN-A2N62K) ("Agrios" or the "Company") announces change to its Board of Directors and filing update.
Mr. J. F. Foster, Chairman of the Board of Directors, has resigned as Chairman, and Director of the Board of Agrios Global effective immediately. The Board wishes to thank Mr. Foster for his contributions to the Board and Company during his tenure.
On September 15, 2020, the British Columbia Securities Commission, as principal regulator, granted the Company temporary management cease trade order (the "MCTO"). As previously announced, the Company requires additional time to file the Annual Filings due to unforeseen impacts arising from the COVID-19 pandemic, which have continued to delay the audit of the Company's annual financial statements. The Company has been unable to file its Annual Audit statements, its June 30, 2020, Quarterly statements, September 30, 2020, Quarterly statements, and December 31, 2020 Quarterly statements and all related materials such as MD&A's which accompany such statements. The delays in filing these statements continue to be related to COVID-19.
Additionally, the Company has failed to meet its interest payment obligations payable to the Convertible Noteholders of both the Convertible Debenture announced in the Company’s News Release dated June 13, 2019, and the Convertible Credit Facility Noteholders announced in the Company’s News Release dated August 30, 2019, both payable on December 31, 2020. Agrios will be in direct communication with each noteholder to inform of the situation and next steps.
About Agrios Global Holdings Ltd.
Agrios Global Holdings is a data analytics-driven agriculture technology and services company advancing the latest innovations in indoor growing science. The Company owns, leases and manages properties and equipment for eco-sustainable agronomy and provides advisory services to support all aspects of aeroponic cultivation in the cannabis sector. Agrios is actively pursuing new opportunities to expand its portfolio of tenant growers and infrastructure assets in strategic licensed jurisdictions. Based in Vancouver, BC. Agrios is managed by a highly accomplished team of experienced industry and capital markets experts who are committed to the growth of the Company.
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This news release was prepared by management of Agrios, which takes full responsibility for its contents. The Canadian Securities Exchange ("CSE") has not reviewed and does not accept responsibility for the adequacy of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Agrios' periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward-looking statements.
Forward-looking statements may include, without limitation, statements related the timing of the filing of the Annual Financial Statements and the filing of the bi-weekly default status reports.
Although Agrios has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US Federal laws; change in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Because of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. Agrios disclaims any intention or obligation to update or revise such information, except as required by applicable law, and Agrios does not assume any liability for disclosure relating to any other company mentioned herein.