SPoT Coffee Comments on Reinstatement Review
SPoT Coffee Comments on Reinstatement Review |
[24-October-2020] |
TORONTO, Oct. 24, 2020 /CNW/ - SPOT COFFEE (CANADA) LTD. (TSX-V: SPP) ("SPoT" or the "Company") is pleased to provide an update regarding the reinstatement review that has been conducted by the TSX Venture Exchange following the revocation of the Cease Trade Order that was imposed by the Ontario Securities Commission on June 22, 2020 and subsequently revoked on July 31, 2020. During the course of the foregoing review, it was determined that additional commentary should be provided to the public with respect to a Provision that was recorded in the Company's audited annual financial statements as at and for the year ended December 31, 2019. As noted in said statements, the amount of $1,746,615 was recorded as a "Provision on advances to related parties". Note 17 to such financials summarized certain items that were recorded as advances to related parties, consisting of "Advances to franchisees" in the amount of $1,237,307 and "Advances to associate" in the amount of $509,308. The Company wishes to provide the following additional commentary concerning these items:
About SPoT Coffee SPoT Coffee has been designing, building and operating company-owned and franchise community cafés in the northeastern United States for over 25 years. SPoT's cafés provide their customers with the highest quality service, signature made-to-order meals and award-winning micro-roasted coffee. Each SPoT café is distinctively designed to suit the local neighbourhood, creating a warm and friendly gathering place for the community. SPoT's commercial business focuses on the sale of roasted coffee beans to food service and grocery chains, business offices, and resellers such as universities and hospitals. We seek Safe Harbor. Forward Looking Statements Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements. Neither 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 the release. SOURCE Spot Coffee (Canada) Ltd. | ||||||||||||||
Company Codes: TorontoVE:SPP |
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