Wayland Group Confirms Delay in Annual Filings; Expects Issuance of Cease Trade Order
TORONTO, ON, April 30, 2019 – Wayland Group Corp. (CSE:WAYL) (FRANKFURT: 75M) (OTCQB:MRRCF) (“Wayland” or the “Company”) announced today that it will be delayed 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 today’s filing deadline. The additional time is required to permit the Company and its auditors, MNP LLP, to complete work and enquiries in connection with the audit of the Company’s 2018 financial statements. The Company and its advisors are working diligently to complete such work and enquiries and the Company intends to make the Required Filings as soon as possible.
In connection with this delay, the Company expects that the Ontario Securities Commission (“OSC”) will be issuing a failure-to-file cease trade order (“FFCTO”) against the Company, rather than the management cease trade order (“MCTO”) originally sought by the Company. Despite the exercise of reasonable diligence in the circumstances, the Company has been advised by the OSC that its application for an MCTO was ultimately not successful because it was made less than two weeks before the deadline for making the Required Filings and that the OSC was of the view that the Company’s circumstances did not constitute a “rare situation” for the exercise of the OSC’s discretion in this regard. When issued, the Company expects the FFCTO to affect trading in all securities of the Company by securityholders of the Company, to apply in each jurisdiction in Canada in which the Company is a reporting issuer and to remain in effect until such time as the Company has made the Required Filings. Once the Required Filings are made within 90 days of the date of the FFCTO, such filings will constitute the Company’s application to have the FFCTO revoked.
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 Graham.Farrell@waylandgroup.com
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Corporate Headquarters (Canada) Wayland Group Corp. (Toronto) 845 Harrington Court, Unit 3 Burlington Ontario L7N 3P3 Canada 289-288-6274
European Headquarters (Germany) MaricannGmbH c/o Wayland Max Joseph Str. 7 80333 Munich