TAAT(TM) Global Alternatives (CSE: TAAT) (OTCQX: TOBAF) (FRANKFURT: 2TP) has applied for and been granted a management cease trade order (“MCTO”) from the British Columbia Securities Commission. The company noted that, as a result of audit delays, its annual financial statements and accompanying management’s discussion and analysis for FY 2022, the period that ended Oct. 31, 2022, were not finalized by the deadline (Feb. 28, 2023) outlined by Canadian securities law requirements. TAAT changed its auditor last year, resulting in enhanced quality controls, additional audit procedures and added complexities of auditing certain transactions during the financial year; the auditor, BF Borgers CPA PC) and company officials were working closely together to complete the audit in a timely manner, and the company noted that it anticipates the annual filings will be complete on or before March 28, 2023. According to the announcement, during the MCTO, the general investing public will continue to be able to trade in the company’s listed common shares. “As our business grows in magnitude, it also becomes more complex from an accounting perspective,” said TAAT Global Alternatives CEO Michael Saxon in the press release. “The company’s management therefore made the decision to switch auditing firms, which prompted the need to obtain a filing date extension for our fiscal 2022 financial statements. In addition to the fairly standard lead time for a new auditor to onboard a publicly traded entity like TAAT as a client, a contributing factor to this extension is the addition of ADCO Distributors Inc. (‘ADCO’) to the company’s portfolio. In ADCO’s more than 60 years of operation, they have never undergone an audit on the scale of what is required for a public firm, which has required many things to be done for the first time. We thank TAAT’s investors for their patience and understanding, and we expect the financials to ultimately be filed in advance of the new deadline.”
To view the full press release, visit https://ibn.fm/QCGyX
About TAAT Global Alternatives Inc.
TAAT Global Alternatives is a vertically integrated consumer product and distribution company, generating more than C$90 million in overall gross revenue annually. TAAT is strategically expanding its product categories including tobacco and reduced-risk alternatives, hemp, kratom and other emerging CPG segments. TAAT has facilities to include a processing plant in Nevada as well as a distribution center in Canton, Ohio, leveraging existing retail shelf space and pipelines into national wholesale channels. For more information, please visit www.TAATGlobal.com.
NOTE TO INVESTORS: The latest news and updates relating to TOBAF are available in the company’s newsroom at https://ibn.fm/TOBAF
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