PlantX Announces Trade Restraint Order


VANCOUVER, BC, October 19, 2022 /PRNewswire/ – PlantX Life Inc. (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) (“PlantX“or the”Company“) today announced that the British Columbia Securities Commission (the “BCSC“) issued a blanket cease trade order for “failure to file” pursuant to National Policy 11-207 – Failure to file cease trade orders and revocations in multiple jurisdictions date October 18, 2022 (there “CTO“). The CTO was issued as a result of the company’s failure to file its annual audited financial statements, management’s report and related certifications for the year ended March 31, 2022 (collectively, the “Annual deposits“) before the prescribed period of July 29, 2022and the Company’s failure to file its financial statements, MD&A and related management certificates for the three-month period ended June 30, 2022 (collectively, the “Provisional documents“) before the prescribed period of August 29, 2022as required by applicable securities laws.

The Company’s 2022 audit is currently in progress and, as previously disclosed, is experiencing delays caused by the need to complete the previously announced restatement of the Company’s annual audited financial statements for the year ended March 31, 2021 and the implementation of additional internal control procedures following the restatement process.

The CTO, among other things, supersedes the management cease trade order, which was issued by the BCSC on August 2, 2022 and extended to October 14, 2022against the Company’s Chief Executive Officer and Chief Financial Officer, which prohibited such officers from trading in the Company’s securities until the Company had cured its disclosure failures .

The CTO prohibits the trading by any person of any securities of the Company in any jurisdiction of Canada in which the Company is a reporting issuer, including transactions in the common shares of the Company effected through the Canadian Securities Exchange while the OTC remains in effect. However, the OTC provides an exception for holders of beneficial securities of the Company who are not currently (and were not as of October 18, 2022) insiders or control persons of the Company and who sell securities of the Company acquired before October 18, 2022if both of the following criteria are met: (i) the sale is made through a “foreign organized regulated market”, as defined in section 1.1 of the Regulator’s Universal Market Integrity Rules of the investment industry Canada and (ii) the sale is made through a registered investment dealer in a jurisdiction of Canada in accordance with applicable securities laws.

The Company is working diligently with the auditors to complete and file the annual filings and interim filings and expects the audit of the annual filings to be completed and the annual filings to be filed no later than November 15, 2022. The Company expects the interim filings to be filed concurrently with or shortly after the filing of the annual filings. There can be no assurance that the Company will be able to remedy its failure to file and have the CTO lifted in a timely manner or at all.

The Company is not currently the subject of any insolvency proceedings and there is no other material information concerning the affairs of the Company that has not generally been disclosed.

About PlantX Life Inc.

As the digital face of the plant community, the PlantX platform is the one-stop-shop for everything plant-related. With its fast-growing vertical categories, the company offers its customers across North America over 5,000 plant-based products. As well as offering meal and houseplant deliveries, the company is currently planning to expand its product lines to include cosmetics, clothing and its own brand of water – but the company is not limiting itself. to an e-commerce platform. The company uses its digital platform to create a community of like-minded consumers and, most importantly, to provide education. His successful business is built and strengthened on partnerships with the best nutritionists, chefs and brands. The company is eliminating barriers to entry for anyone interested in living a plant-based lifestyle and thriving in a longer, healthier and happier life.

The Company’s website is http://investor.PlantX.com/.

Forward-looking information

This press release contains “forward-looking information” within the meaning of applicable securities laws. Any statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information may be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, ” anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative form of these terms, or other similar words, phrases and grammatical variations, or statements that certain events or conditions “can” or “will” happen, or through policy discussions. Forward-looking information contained herein includes, but is not limited to, the expected filing date of annual filings and interim filings.

By its nature, forward-looking information is subject to inherent risks and uncertainties which may be general or specific and which give rise to the possibility that the expectations, forecasts, predictions, projections or conclusions will not prove to be accurate; that the assumptions may not be correct; and that the objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information contained in this press release, including, without limitation: risks that additional information may arise from and internal review by its audit committee, the risk that the process of preparing and auditing restated financial statements or other subsequent events may require the Company to make additional adjustments , the time and effort required to complete the restatement of its financial statements, the Company’s inability to file annual and interim filings within the proposed timeframe, reliance on key personnel and other risks described in greater detail in the Company’s filings which have been filed on SEDAR.

Readers are cautioned to carefully consider these factors, as well as other factors, uncertainties and potential events, and not to place undue reliance on any forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management as of the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise, or to explain any material differences between subsequent actual events and such forward-looking information, except as required by applicable law.

SOURCE PlantX Life Inc.

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