VANCOUVER, BC, Dec. 1, 2020 /CNW/ - GrowMax Resources Corp.
(TSXV: GRO) ("GrowMax" or the "Company") is pleased to announce
that it is changing its fiscal year-end to September 30, from its current fiscal year-end of
December 31. The notice for the
year-end change required under National Instrument 51-102 has been
filed under the Company's profile at www.sedar.com.
The reason for the change of year-end is in connection with the
Company's application to the TSXV concerning its proposed change of
business ("Proposed COB") previously announced on July 19, 2019, further described on August 27, 2019 and further updated on
September 2, 2020.
As a result, GrowMax will report audited financial results for a
nine-month transitional fiscal year from January 1, 2020 to September 30, 2020 ("Transitional Fiscal Year")
with a comparative of twelve-month audited financial statements
from January 1, 2019 to December 31, 2019. Afterwards, the Company will
revert to a customary quarterly reporting calendar based on a
September 30th financial
year-end, with fiscal quarters ending on the last day in December,
March, June and September each year.
With the filing of its audited financial results for its
Transitional Fiscal Year, the Company expects to complete its
Proposed COB in early 2021 as the Company has fulfilled all other
TSXV conditional approval requirements.
NEITHER THE 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 THIS RELEASE.
Forward-looking information:
This press release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation.
Generally, forward-looking information can be identified by the use
of forward-looking terminology such as "plans", "expects" or "does
not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved". Forward-looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of GrowMax, as the case may
be, to be materially different from those expressed or implied by
such forward-looking information. Although GrowMax has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. GrowMax does not undertake
to update any forward-looking information, except in accordance
with applicable securities laws.
Completion of the Proposed COB is subject to a number of
conditions, including but not limited to, Exchange
acceptance.
There can be no assurance that the Proposed COB will be
completed as proposed or at all. Investors are cautioned
that, except as disclosed in the management information circular or
filing statement to be prepared in connection with the transaction,
any information released or received with respect to the
transaction may not be accurate or complete and should not be
relied upon. Trading in the securities of the Company should be
considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the
merits of the proposed transaction and has neither approved nor
disapproved the contents of this news release.
SOURCE GrowMax Resources Corp.
