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True Leaf Brands shuffles management team as Darcy Bomford reclaims CEO role

The company also said it missed the deadline to file its annual financial statements due to the coronavirus pandemic

Boardroom with three people
During the cease trade order, the public will continue to be able to trade the common shares listed on the CSE, but the company’s executives will not.

True Leaf Brands Inc (CSE:MJ) (OTCPINK:TRLFF) announced Wednesday that it is reshuffling its management team, with former CEO Darcy Bomford stepping into the role once again on an interim basis.

The Vancouver-based firm said it missed the September 14 filing deadline for its annual financial statements due to the coronavirus pandemic but was granted a management cease trade order (MCTO) with the British Columbia Securities Commission (BCSC) on Wednesday as well.

The company expects to complete the filing as soon as they are available and no later than October 14. Until that point, True Leaf will comply with BCSC guidelines. 

READ: True Leaf Brands updates status on filing financial results for fiscal year ended March 31 and for 1Q ended June 30

During the cease trade order, the public will continue to be able to trade the common shares listed on the CSE, but the company’s executives will not. True Leaf will also not be able to issue securities to or acquire securities.

Additionally, True Leaf announced that on August 28 the Supreme Court of British Columbia has extended the stay of proceedings regarding the company’s restructuring proceedings under Canada’s Bankruptcy and Insolvency Act. 

The court also approved the sale agreement for the company’s True Leaf Pet operation.

Front office changes

Lastly, Allen Fujimoto has resigned as interim CEO, effective September 10. Melissa Vettoretti also resigned as corporate secretary. Darcy Bomford, who founded the company and served as CEO until May, will fill both those roles on an interim basis, the company said. 

Sylvain Toutant, Michael Mardy and Jodi Watson resigned from the company's board of directors. Jennifer Pace was appointed to the board, effective September 13. Michael Harcourt will stay on as chairman.

UPDATES that BCSC approved a management cease trade order

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com

Follow him on Twitter @andrew_kessel

Quick facts: True Leaf Brands Inc.

Price: 0.03 CAD

CSE:MJ
Market: CSE
Market Cap: $3.01 m
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