Vancouver, British Columbia--(Newsfile Corp. - May 25, 2020) - Following its press release dated on April 27, 2020, Sunshine Agri-Tech Inc. (NEX: SAI.H) (the "Company") is providing a further update on the status of filing its annual consolidated financial statements, accompanying management's discussion and analysis and related CEO and CFO certifications for the year ended December 31, 2019 (collectively, the "Annual Filings").
On March 18, 2020, the Canadian Securities Administrators announced that they would provide issuers with a 45-day filing extension for filings required on or before June 1, 2020 as a result of COVID-19 pandemic. As such, the British Columbia Securities Commission has enacted BC Instrument 51-515 Temporary Exemption From Certain Corporate Finance Requirements ("BCI 51-515").
In the April 27 press release, the Company announced its reliance on the exemption with respect to extending the deadline of the required filings pursuant to BCI 51-515. The Company currently still expects to file the Annual Filings on or prior to June 15, 2020.
The Company will also rely on BCI 51-515 to extend the deadline of filing its first-quarter consolidated interim financial statements, accompanying management's discussion and analysis, and related CEO and CFO certificates for the three months ended March 31, 2020 (collectively, the "First-Quarter Filings"), which are required to be filed by June 1, 2020 under Sections 4.3 and 4.4 of National Instrument 51-102 - Continuous Disclosure Obligations. The Company is continuing to work diligently and currently expects to have the First-Quarter Filings filed on or prior to the extended filing deadline of July 16, 2020.
Until such time as the Annual Filings and First Quarter Filings are filed, the management and other insiders of the Company are subject to a trading black-out that reflects the principles in section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
The Company confirms there have been no material developments, other than those disclosed through news releases, since the filing of its interim financial statements for the period ended September 30, 2019.
About Sunshine Agri-Tech Inc.:
Sunshine Agri-Tech Inc. is a Canadian publicly-listed company. It is currently engaged in the research, development, production and sales of microbial feed additives and related products that aim to improve the health and performance of animals. The Company is based in the city of Dalian, Liaoning Province, in the People's Republic of China.
On Behalf of the Board of Directors
SUNSHINE AGRI-TECH INC.
Baojun Zhang, PhD
Neither NEX 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. Statements made in this press release that are not historical facts are "forward-looking statements" and readers are cautioned that any such statements are not guarantees of future performance, and the actual developments of results, may vary materially from those in these "forward-looking" statement.
Sunshine Agri-Tech Inc.
Chief Financial Officer
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