Business
Aegis Brands Announces Deferral of Filing First Quarter Results Following Temporary Relief by the CSA
Aegis Brands Announces Deferral of Filing First Quarter Results Following Temporary Relief...
About this update from Aegis Brands Inc
[{"type":"text","content":"\n\n\n\nAegis Brands Announces Deferral of Filing First Quarter Results Following Temporary Relief by the CSA\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMISSISSAUGA, ON, May 11, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n MISSISSAUGA, ON, May 11, 2020 /CNW/ - The Second Cup Ltd. (\"Aegis Brands\" or the \"Company\") (TSX: SCU) announced today that will rely on the blanket relief provided by the Canadian Securities Administrators and Ontario Instrument 51-102 – Temporary Exemption from Certain Corporate Finance Requirements of the Ontario Securities Commission to postpone the filing of its interim financial report for the first quarter of 2020, the associated management's discussion & analysis and related certification filings (collectively, the \"Interim Documents\") due to logistical issues arising from remote working arrangements of key personnel as a result of the COVID-19 pandemic.  The blanket relief provides for up to a 45-day extension for periodic filings normally required to be made by reporting issuers during the period from March 23, 2020 to June 1, 2020.  At this time, the Company anticipates being able to complete and file the Interim Documents on or before June 19, 2020.  \nThe following material developments of the Company have occurred since March 12, 2020, being the date of filing of its annual financial statements. Certain of these developments were previously disclosed by the Company in its March 30, 2020 press release: \n130 of the Company's 244 Second Cup cafés and all 19 Bridgehead coffeehouses have temporarily suspended operations in response to the COVID-19 pandemic. In addition, four Second Cup cafés have closed pending conversion of those locations to cannabis retail stores and four other locations have closed permanently.The Company has deferred the collection from franchisees of the accrued royalties and cooperative advertising fund contributions for the periods of February 23 to March...