LONDON, ON, Feb. 13, 2024 /CNW/ - Odd Burger Corporation ("Odd Burger" or the "Company") (TSXV: ODD) (OTCQB: ODDAF) (FSE: IA9) The Company is pleased to provide a bi-weekly update on the status of the management cease trade order granted on January 30, 2024 (the "MCTO") by its principal regulator, the Ontario Securities Commission, under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"), following the Company's announcement on January 15, 2024 (the "Default Announcement") that it was unable to file its audited annual financial statements, management's discussion and analysis and related certifications for the year ended September 30, 2023 (the "Documents") on or before January 29, 2024, as required under applicable securities laws. The Company still expects to file the Documents by February 29, 2024.
Odd Burger Corporation Logo (CNW Group/Odd Burger Corporation)
There are no material changes to the information contained in the Default Announcement. In addition: (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Documents is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Documents; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
The Company also announces that due to insufficient availability, Murtaza Chevel has resigned as the Chief Financial Officer of the Company effective February 14, 2024. James McInnes has been appointed interim CFO, effective February 14, 2024, and the Company has hired a financial services firm to assist with the transition. The Company does not believe that Mr. Cheval's departure will affect the timely filing of its Documents and the Board expects to embark on an extensive search for a permanent CFO in due course.
About Odd Burger Corporation
Odd Burger Corporation is a franchised vegan fast-food restaurant chain and food technology company that manufactures a proprietary line of plant-based protein and dairy alternatives. Its manufactured products are distributed to Odd Burger restaurant locations through its foodservice line and also sold at grocery retailers through its consumer-packaged goods (CPG) line. Odd Burger restaurants operate as smart kitchens, which use state-of-the art cooking technology and automation solutions to deliver a delicious food experience to customers craving healthier and more sustainable fast food. With small store footprints optimized for delivery and takeout, advanced cooking technology, competitive pricing, a vertically integrated supply chain along with healthier ingredients, Odd Burger is revolutionizing the fast-food industry by creating guilt-free fast food that can be enjoyed at its restaurant locations or at home though its CPG line. Odd Burger Corporation is traded on the TSX Venture Exchange under the symbol "ODD" and on the OTCQB under the symbol "ODDAF". For more information visit https://www.oddburger.com.
Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information regarding: the search for a permanent CFO, and the filing of the Documents, including the timing for the filing of the Documents. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects Odd Burger's current beliefs and is based on information currently available to Odd Burger and on assumptions Odd Burger believes are reasonable. These assumptions include, but are not limited to: the ability of Odd Burger to complete the search for a permanent CFO and the ability of Odd Burger to complete the filing of Documents in the noted timeframe. 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 Odd Burger to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board or regulatory approvals; the actual results of future operations; competition; changes in legislation affecting Odd Burger; the timing and availability of external financing on acceptable terms; long-term capital requirements and future developments in the Company's markets and the markets in which it expects to compete; lack of qualified, skilled labour or loss of key individuals. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in Odd Burger's disclosure documents on the SEDAR+ website at www.sedarplus.com. Although Odd Burger 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. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Odd Burger as of the date of this news release and, accordingly, is subject to change after such date. However, Odd Burger expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. 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 news release.
