Wayland Group Announces Anticipated Delay in Annual Filings

TORONTO, April 23, 2019 (GLOBE NEWSWIRE) -- Wayland Group Corp. (CSE:WAYL) (FRANKFURT: 75M) (OTCQB:MRRCF) (“Wayland” or the “Company”) announced today that it anticipates a delay in filing its audited annual financial statements for the year ended December 31, 2018, the related management’s discussion and analysis and certificates of its CEO and CFO (collectively, the “Required Filings”) with Canadian securities regulators until after the April 30, 2019 filing deadline. The additional time is required to permit the Company’s auditors, MNP LLP, to complete its review and inquiries in connection with the audit of the Company’s 2018 financial statements. The Company and its auditors are working diligently, and the Company intends to make the Required Filings as soon as possible and it expects to make these filings by no later than June 14, 2019.

In connection with this anticipated delay, the Company has applied for a customary management cease trade order (the “MCTO”) relating to the trading by the Company’s CEO and CFO and each other member of the Company’s board in securities of the Company from the Ontario Securities Commission, the Company’s principal regulator in Canada. If granted, the MCTO should not affect the ability of other shareholders to trade in the securities of the Company.

If the MCTO is granted, the Company intends to comply with the provisions of the alternative information guidelines set out in Canadian National Policy 12-203 Management Cease Trade Orders (“NP 12-203”) by providing bi-weekly updates by way of news release until the Required Filings have been made.

About Wayland Group

Wayland is a vertically integrated cultivator and processor of cannabis. The Company was founded in 2013 and is based in Burlington, Ontario, Canada and Munich, Germany, with production facilities in Langton, Ontario where it operates a cannabis cultivation, extraction, formulation, and distribution business under federal licenses from the Government of Canada. The Company also has production operations in Dresden, Saxony, Germany, Regensdorf, Switzerland and, Allesandria, Piedmont, Italy. Wayland will continue to pursue new opportunities globally, including the consummation of its previously announced transactions in the United Kingdom, Australia, Colombia, and Argentina, in its effort to enhance lives through cannabis.

The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.

For more information about Wayland, please visit our website at www.waylandgroup.com

Contact Information:
Investor Relations
Graham Farrell
VP, Communications

Media Inquiries: media@waylandgroup.com

Corporate Headquarters (Canada)
Wayland Group Corp. (Toronto)
845 Harrington Court, Unit 3
Burlington Ontario L7N 3P3

European Headquarters (Germany)
c/o Wayland
Max Joseph Str. 7
80333 Munich