VANCOUVER, BC, Canada – PlantX Life Inc. has announced the continuation of its successful live event initiative to support its retail locations and to bolster its growing reputation as the leader in the plant-based lifestyle.
This past weekend, PlantX hosted the following events in its two of its Chicagoland area retail locations:
- On Saturday, August 27, at the Peter Rubi location on Montrose Avenue, PlantX partnered with Good2Go Veggies to offer free samples of Shock’n Shrimp and Blaz’n Bacon. Both products sold out due to the sampling session.
- On Sunday, August 28, at the XMarket Uptown location, PlantX partnered with Chicago Vegan Test Kitchen to host a farmers market style event with 18 local vendors participating. The event, called ‘Vegan Paradise’, resulting in record foot traffic at the store. Participating vendors included Kitchen 17 (Chicago’s first vegan deep dish pizza), Cheeze + Thank you, Libby’s Corner, Glow Superfood, Snackie Chan, Tart Pie, Kind Kitchen, Bravo Vegan, Mindful Baking, Tubby’s Taste, Theo’s Plant-Based, The Chunky Scone, Dr. Herbal’s Organic & Vegan Hair Care, Foxship Bakery, Aztec Sweets and Treats, Butter Café, XPressive Mocha Café, and Ayurvedic Elements.
“This past weekend’s live vegan event activations were a huge success for PlantX and our brand partners,” said PlantX CEO, Lorne Rapkin. “At both Chicagoland locations, we drove a measurable impact on the sell-through of these great products and a lift in store sales overall at both locations.
Continued Rapkin, “For PlantX, this is further evidence of the power of events and community engagement. Vegans, people looking for a healthier diet, and simply those that are curious are joining us at these live events to learn about plant-based and healthy lifestyles, and to try new products. Meanwhile, brands are recognizing us as a valued partner to gain wider exposure and to accelerate their sales. We plan to continue to host regular events as a way to continue to build the PlantX community and partner with brands all at the same time.”
PlantX: Update on Status of Financial Statements
PlantX is also providing an update with respect to its previously announced management cease trade order (the “MCTO”) issued by the British Columbia Securities Commission on August 2, 2022. The MCTO was issued in connection with the delay by the Company in filing its audited annual financial statements, management’s discussion and analysis and related officer certifications for the fiscal year ended March 31, 2022 (collectively, the “Annual Filings”) before the prescribed deadline of July 29, 2022.
The MCTO was granted pursuant to the Company’s application made under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”). The Company requested and received an extension relating to the Annual Filings due to additional time needed to complete the Company’s previously announced restatement of its annual audited comparative financial statements for the fiscal year ended March 31, 2021, and to implement additional internal control procedures as a result of the restatement process.
The Company is working diligently with its auditors and expects to have the audit of the Annual Filings completed, and the Annual Filings filed, no later than September 27, 2022.
In addition to the late filing of the Annual Filings, the Company has not filed its financial statements, management’s discussion and analysis and related officer certifications for the three-month period ended June 30, 2022 (collectively, the “Interim Filings”) before the prescribed deadline of August 29, 2022. The Company expects the Interim Filings to be filed concurrently with the filing of the Annual Filings on or shortly after September 27, 2022, subject to unforeseen delays.
The Company is providing this status update in accordance with NP 12-203. The Company reports that: (i) there are no changes to the information contained in its default announcement on July 11, 2022, that would reasonably be expected to be material to an investor; (ii) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines set out under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Annual Filings and Interim Filings is continuing, which will be issued in the form of a news release; (iii) there has not been any other specified default by the Company under NP 12-203 (other than the failure to file the Annual Filings and Interim Filings) and no such other default is anticipated; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities. However, the applicable Canadian securities regulatory authorities could determine, in their discretion, that it would be appropriate to issue a general cease trade order against the Company affecting all of the securities of the Company.
