VANCOUVER, BC, Nov. 22, 2021 /CNW/ - Sunniva Inc. ("Sunniva", the "Company") (CSE: SNN) (OTC Pink Sheets: SNNVF) provides an update on several corporate related items.
Sunniva has applied to the relevant securities commissions for a partial revocation of the cease trade order applicable to securities of the Company issued on June 22, 2020, for failure to file certain financial documents (the "Cease Trade Order") to permit a private placement financing to raise sufficient funds to cover the Company's expenses, including expenses in connection with the audit of the Company's financial statements, in compliance with applicable securities laws. There is no certainty that the securities commissions will grant such an order. Trading of the Company's shares will continue to be suspended until the Cease Trade Order has been fully revoked.
Additionally, the Company would like to provide clarification on an inquiry from the shareholder call on October 25, 2021. Under the dispute resolution provisions of the Lease, any arbitration award issued by the Tribunal is binding on the parties and may be entered as a judgment by filing an action to confirm the award in Federal or California state court. In either forum, ordinarily appeal rights are very limited and do not extend to a review of the merits, but rather to other claims of severe prejudice, such as bias or misconduct of the Tribunal or procedural rulings that materially prejudice a party. Here, however, the parties agreed in the Lease to expand the statutory appeal rights somewhat. Specifically, the Tribunal's ruling can be appealed and vacated should it commit errors of law or legal reasoning, as the Tribunal will be considered to have exceeded its powers by committing such an error.
Sunniva also announces the resignation of Interim CFO David Weinmann in his current full-time capacity. David has agreed to continue working with the Company in a part-time consulting role. David will continue to support and assist with the audit, arbitration and other corporate matters in his new role as a part-time consultant.
Cautionary Note Regarding Forward-Looking Information or Statements
This press release contains forward-looking information or statements. All statements that are, or information which is, not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, the application for a partial revocation of the Cease Trade Order to permit a private placement financing, and Mr. Weinmann's role with the Company on a go-forward basis, are "forward-looking information or statements". Forward-looking information or statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. With respect to forward-looking information and statements contained herein, Sunniva has made numerous assumptions including, among other things, assumptions about general business and economic conditions. Such forward-looking statements are based on assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking information or statements. Such risks and uncertainties include, among others, the risk factors included in the Sunniva's continuous disclosure documents available on www.sedar.com. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking information or statements. Although Sunniva has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking information or statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking information or statements. Sunniva assumes no obligation to update any forward-looking information or statements, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.
SOURCE Sunniva Inc.
Released November 22, 2021