Edmonton, Alberta--(Newsfile Corp. - March 17, 2023) - Radient Technologies Inc. (TSXV: RTI) (OTC Pink: RDDTF) ("Radient" or the "Company") is pleased to provide the following status update regarding its press release dated March 6, 2023 (the "Default Announcement"), in which the Company announced that the Alberta Securities Commission ("ASC") notified the Company March 3, 2023 that its application for a management cease trade order ("MCTO") had been denied as it does not currently meet the eligibility criteria in NP 12-203 and that the ASC intends to issue a failure-to-file cease trade order ("FFCTO") on the trading of Radient's securities listed on the TSX Venture Exchange without further notice to the Company. The MCTO application was submitted by the Company for a failure to file its interim financial statements for the nine-month period ended December 31, 2022, and the related Management's Discussion and Analysis (collectively the "Required Filings") by March 1, 2023, the deadline set out in National Instrument 51-102 Continuous Disclosure Obligations.
In addition, the company announced that it believed that it would be able to complete the Required Filings by March 17, 2023, after which time the Company intends to work with the ASC to address concerns and have the anticipated FFCTO revoked. The Company now anticipates that it will be able to complete the Required Filings by no later than March 22, 2023.
The Company's management and board of directors wish to inform its investors, partners, and service and goods suppliers that it will continue working diligently and rapidly to finalize and file the Required Filings. The Company's management and other insiders will continue to respect the insider trading prohibitions under securities legislation before entering into any transaction involving securities of the Company and will endeavour to issue regular press releases to keep the investors apprised of the situation. The Company is also working diligently on its debt restructuring efforts and will keep the markets posted in a timely manner.
Radient is a commercial manufacturer of diverse, novel and high-quality cannabis extracts and packaged products. Radient develops specialty products and ingredients that contain a broad range of cannabinoid and terpene profiles while meeting the highest standards of quality and safety. Radient is focused on innovation with expertise in formulations and technologies offering unique solutions in the cannabis and wellness space. Please visit www.radientinc.com for more information.
For more information, please contact:
Steven Splinter, CEO & Director
Ph: 780 465 1318
Cautionary Note Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the FFCTO and the Company's efforts to make the Required Filings on or prior to March 21, 2023. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Radient, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with the anticipated issuance of the FFCTO by the ASC and other applicable securities regulatory authorities. Although Radient has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Radient does not undertake to update any forward-looking information, except in accordance with applicable laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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