TORONTO, March 18, 2019 /CNW/ – Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) wishes to announce the appointment of Baker Tilly WM LLP (“Baker Tilly”) as its auditor.
This follows Namaste’s prior announcement on March 5, 2019, announcing the resignation of PricewaterhouseCoopers, LLP as its former auditor. The Company’s audit committee and board have approved the appointment of Baker Tilly effective March 15, 2019.
Baker Tilly is a full-service accounting, tax and advisory firm with offices in Vancouver and Toronto. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 147 territories, with 33,600 professionals.
The filings required under Section 4.11(6) of National Instrument 51-102- Continuous Disclosure Obligations will be made publicly available at www.sedar.com.
The Company confirms that there were no “reportable events” (as such term is defined in NI 51-102) with respect to the Company since the appointment of its former auditor. Namaste also announces that it will not be in a position to file its audited annual financial statements for the fiscal year ended November 30, 2018 and the related management’s discussions and analysis (the “Annual Filings“) by the filing deadline of April 1, 2019, in order to permit sufficient time for Baker Tilly to complete its audit.
Accordingly, the Company will be making an application to the applicable regulatory authorities under National Policy 12-203 requesting that a management cease trade order (the “MCTO”) be granted in respect of the anticipated late filing of the Annual Filings. If the Company receives the MCTO, it is anticipated that the general investing public will continue to be able to trade in the Company’s listed common shares.
However, it is anticipated that for the duration of the MCTO, the Company’s Chief Executive Officer, Chief Financial Officer and such other directors, officers and persons as determined by the applicable regulatory authorities will not be able to trade the Company’s shares. There is no guarantee that a MCTO will be granted. If the MCTO is granted, the Company intends to comply with the provisions of the alternative information guidelines as set out in National Policy 12-203 – Management Cease Trade Orders for so long as it remains in default due to the late filing of the Annual Filings, including the issuance of bi-weekly default status reports, in the form of a news release.
The Company and its management are committed to working closely with Baker Tilley to complete the year-end audit as soon as possible.
About Namaste Technologies Inc.
Namaste Technologies powers the ultimate online customer experience for medicinal cannabis and related products. Beginning with NamasteMD.com, the Company’s integrated telemedicine application, we connect medical clients with health care practitioners to more readily issue and renew cannabis prescriptions online. Featuring the first Canadian Medical Sales-Only Licence, the Company’s own Cannmart.com is your ‘everything cannabis store’ offering clients a large variety of strains to fill their prescription needs. Namaste’s unique artificial intelligence (AI) engine incorporated in its platforms and related Uppy App, completes our ecosystem by identifying the right product and pairing to address specific medical cannabis requirements. Namaste also provides vaporizers and accessories across several platforms operating in more than 20 countries. Namaste’s global technology addresses local needs in a burgeoning cannabis industry requiring smart solutions. For more information about Namaste, please visit www.Namastetechnologies.com
Further information on the Company and its products can be accessed through the links below: