VANCOUVER, B.C. – Marapharm Ventures Inc. (CSE: MDM) (“Marapharm” or the “Company”) announces that, as a result of a review by the British Columbia Securities Commission, we are issuing the following press release to clarify our disclosure for certain items related to the previously filed financial statements, related management’s discussion and analysis (“MD&A”) for the six months ending September 30, 2017. The Company has filed amended and restated Financial Statements and MD&A, copies of which are available and can be viewed at www.sedar.com.
The restatement does not affect Current Assets, Total Assets, Total Liabilities, Total Shareholders’ Equity or Net Comprehensive Loss. The effect of the restatement for material items is detailed as follows:
Additional information and clarification was added to the financial statements as follows:
- A notice to the reader was added indicating that the auditors had not performed a review of the condensed consolidated interim financial statements.
- Revised disclosure in Note 12 that units in Veritas were subscribed for in September 2017 however shares not received until subsequent to the quarter end as referenced in Note 21
- Revised disclosure in Note 9 describing the addition’s to intangible assets.
- Revised disclosure in Note 13 to clarify the exercise between share warrants exercised and the $0.10 warrant offering (warrants issued).
- Revised disclosure in Note 16 to reclassify segmented information for current period land additions from Canada to USA.
Management Discussion & Analysis:
- Clarified for the reader that the ‘Arms-Length Party’ is Pinto Ventures Inc., a company owned by Brian Lovig.
- Revised the Quarterly Information to reflect the reclassification of California land assets from Investment in Associates to Property, Plant and Equipment.
- Revised disclosure in Discussion of Operations to clarify and provide more information on the change in consulting fees, professional fees, commissions and shareholder and investor relations.
- Added disclosure for Related Party subsequent event transactions.
About Marapharm Ventures Inc.
Marapharm Ventures Inc., is uniquely positioned in the cannabis space as the Company currently holds cultivation and production licenses. These licenses allow for the purchase of plants and product from other licensed growers and has been approved for recreational use in the State of Nevada
The Company’s growth strategy is to build facilities and acquire licenses in both Canada and the United States.
Additional information on the operations or financial results of Marapharm are included in reports on file with applicable securities regulatory authorities and may be accessed through the CSE website (www.thecse.com), the OTC website (www.otcmarkets.com), and the SEDAR website (www.sedar.com) under the profile for Marapharm Ventures Inc.
Marapharm trades in Canada, ticker symbol MDM on the CSE, in the United States, ticker symbol MRPHF on the OTCQB, in Europe, ticker symbol 2M0 on the FSE.
The Investment Industry Regulatory Organization of Canada (IIROC) has approved the contents of this news release.
Neither the CSE, the FSE nor the OTCQB® has approved nor disapproved the contents of this press release. Neither the CSE, the FSE nor the OTCQB® accepts responsibility for the adequacy or accuracy of this release.
This news 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 “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”, “forecast”, “project”, “budget”, “schedule”, “may”, “will”, “could”, “might”, “should” or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by Mission Ready Services Inc. as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Mission Ready Services Inc. to be materially different from those expressed or implied by such forward-looking information.
Forward-looking statements are based on assumptions management believes to be reasonable. Although Mission Ready Services Inc. 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 information. Accordingly, readers should not place undue reliance on forward-looking information. Mission Ready Services Inc. does not undertake to update any forward-looking information that is included herein, except in accordance with applicable securities laws.