Vancouver, British Columbia--(Newsfile Corp. - April 29, 2020) - Mountain China Resorts (Holding) Limited (TSXV: MCG) ("MCR", or the "Company") announces that, due to the COVID-19 pandemic, the Company intends to rely on the temporary blanket relief ("Relief") for market participants published by the Canadian Securities Administrators, which Relief provides issuers with a 45-day filing extension for filings required on or before June 1, 2020, to allow issuers the time needed to focus on the many other business and financial reporting implications of the COVID-19 pandemic.
The Company will rely on the Relief, in accordance with BC Instrument 51-515 - Temporary Exemption from Certain Corporate Finance Requirements, with respect to the filing of its audited annual consolidated financial statements and accompanying management's discussion and analysis and related CEO and CFO certificates for the fiscal year ended December 31, 2019 (collectively, the "Annual Filings") and the quarterly consolidated financial statements and accompanying management's discussion and analysis and related CEO and CFO certificates for the financial period for the period ended March 31, 2020 (the "Q1 Filings"), which are required to be filed under Sections 4.2, 4.3 and 5.1(2) of National Instrument 51-102 - Continuous Disclosure Obligations.
The Company is continuing to work diligently and expeditiously to file the Annual Filings and the Q1 Filings and expects to have them filed on or prior to the extended filing deadline of June 15, 2020.
Until the Annual Filings and the Q1 Filings are filed, management and other insiders of the Company are subject to a trading black-out policy that reflects the principles in section 9 of National Policy 11-207 - Failure to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
The Company confirms that since the filing of its consolidated interim financial statements for the period ended September 30, 2019, there have been no material business developments other than those that have been publicly disclosed as required under applicable securities laws.
For further information:
Mountain China Resorts (Holding) Limited
Gang Han
Chief Executive Officer
Cautionary Statement Regarding Forward-Looking Information
This news release may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Forward-looking statements herein include but are not limited to statements relating to the expected date for filing of the Annual Filings and the Q1 Filings, and are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements. Readers are cautioned not to put undue reliance on these forward-looking statements.
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.
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