VANCOUVER, July 26, 2022 – World-Class Extractions Inc. (CSE: PUMP) (FRA:WCF) (OTCQB:WCEXF) (the “Company” or “World-Class”) reports that in connection with a recent review of the condensed interim consolidated financial statements, certain errors in the accounting for the Company’s sale of its equity interest in Pineapple Express Delivery Inc. (“PED”) were discovered. As a result, the Company has refiled its condensed interim consolidated financial statements for the nine-month period ended January 31, 2022 (“Restated Interim FS”) together with an amended corresponding management’s discussion and analysis; collectively, the “Amended Financial Reports”) as they have been restated to reflect certain adjustments resulting from a review by the Company’s auditors.
The Amended Financial Reports have been restated primarily to amend for what management determined and the auditors agreed to be a deficiency in accounting for the Company’s sale of its equity interest in PED. Subsequent to filing of the condensed interim consolidated financial statements for the period ended January 31, 2022, PED provided an amended trial balance, resulting in the loss from discontinued operations decreasing by $121,216 to $1,732,441 (Note 32 of the Restated Interim FS) and the loss on sale of PED increasing by $30,692 to $5,369,667 (Note 4 of the Restated Interim FS).
There is no material impact to the loss per share and no impact to the interim condensed consolidated statement of financial position as at January 31, 2022.
The Amended Financial Reports are available under the Company’s profile on SEDAR at www.sedar.com. Each of the Amended Financial Reports replace and supersede the respective previously filed original financial statements and related management discussion and analysis. Such previously filed original financial statements and management discussion and analyses should be disregarded.
About World Class Extractions Inc.
World Class is an innovation-driven company and has been approved by its shareholders to change its business from a company focused on the cannabis industry to that of an investment issuer with a focus on the life sciences industries. Specifically, and subject to regulatory and securities exchange approval of a change of business, World Class intends to focus on investing in private and public companies with strong intellectual property, exceptional management and high growth potential that may be strategically positioned in the global market. World Class recently disposed of its wholly owned subsidiary Soma Labs Scientific Inc., a designer, manufacturer, and supplier of extraction and processing equipment and solutions.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “project” and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking statements in this press release include, but are not limited to, statements in respect of the Company’s ability to obtain approval from the Canadian Securities Exchange for the Change of Business of the Company or to complete such change of business.
Forward-looking statements are based on the opinions and estimates of management of the Company at the date the statements are made based on information then available to the Company. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown variables, risks and uncertainties, many of which are beyond the control of the Company. Such factors, among other things, include regulatory and other approvals or consents; fluctuations in general macroeconomic conditions; fluctuations in securities markets; impact of the COVID-19 pandemic and political and social uncertainties.
No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. Additional information regarding risks and uncertainties relating to the Company’s business are contained in the Company’s management discussion and analysis filed on its issuer profile on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.