MONTREAL, July 17, 2020 (GLOBE NEWSWIRE) -- Le Château Inc. (the “Company”) (TSX VENTURE: CTU) today provided an update on the status of the filing of its interim financial statements and management’s discussion and analysis, and related CEO and CFO certificates, for its first quarter ended April 25, 2020 (the “Q1 Documents”).
On May 20, 2020, the Canadian securities administrators (“CSA”) announced that they would provide issuers with a 45-day filing extension for filings due or required to be made during the period from June 2, 2020 to August 31, 2020 to allow issuers the time needed to focus on the many other business and financial reporting implications of the COVID-19 pandemic.
As previously announced on June 19, 2020, the Company is relying on the 45‑day blanket extension granted by the CSA for the filing of the Q1 Documents. The Company is continuing to work diligently and expeditiously to file the Q1 Documents and currently expects to have them filed on or prior to the extended filing deadline of August 7, 2020. The Company confirms that until the Q1 Documents are filed, its management and other insiders are subject to an insider trading black-out policy that reflects the principles in section 9 of Canadian National Policy 11-207 - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
The Company confirms that since June 19, 2020 (the date of the Company’s news release announcing the delay in filing of the Q1 Documents), there have been no material business developments other than those that have been publicly disclosed as required under applicable securities laws (including the filing of the Company’s annual audited consolidated financial statements for the year ended January 25, 2020 on July 6, 2020) and except for the potential impact of the COVID-19 pandemic.
While it is still too early to assess the impact of the current pandemic, the Company is actively monitoring the business environment in each of the markets in which it operates. As of the date hereof, the Company has re-opened all of its 124 stores in accordance with provincial and regional governmental guidelines.
Profile
Le Château is a Canadian specialty retailer and manufacturer of exclusively designed apparel, footwear and accessories for contemporary and style-conscious women and men, with an extensive network of 124 prime locations across Canada and an e-com platform servicing Canada and the U.S. Le Château, committed to research, design and product development, manufactures approximately 30% of the Company’s apparel in its own Canadian production facilities.
Forward-Looking Statements
This news release includes forward-looking statements relating to the Company and/or the environment in which it operates, including, without limitation, statements relating to the delay of the filing of the Q1 Documents and the expected timing of filing in the future. These forward-looking statements are based on, among other things, the Company’s current expectations, estimates and forecasts. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and/or are beyond the Company’s control. A number of factors may cause actual outcomes and results to differ materially from those expressed.
These factors include the ability of the Company to file the Q1 Documents; the ability of the Company to continue as a going concern; public health crises & economic downturn (including the magnitude and length of economic disruption resulting from the worldwide COVID‑19 outbreak and the ability of the Company to operate physical stores in conformity with provincial and regional governmental guidelines); liquidity risks; general economic conditions and normal business uncertainty; the ability of the Company to successfully implement its business initiatives and whether such business initiatives will yield the expected benefits; competitive conditions in the businesses in which the Company participates; changes in consumer spending; seasonality; changes in the Company’s relationship with its suppliers; inventory management; extreme changes in weather; lease renewals and obligations; information technology security and loss of customer data; fluctuations in foreign currency exchange rates; interest rate fluctuations and changes in laws, rules and regulations applicable to the Company; and the risk factors set forth in other public filings of the Company, including the annual management's discussion and analysis of the Company dated July 6, 2020 and note 2 of the Company’s annual audited consolidated financial statements for the year ended January 25, 2020. The foregoing list of risk factors is not exhaustive and other factors could also adversely affect our results. Therefore, readers should not place undue reliance on these forward-looking statements. In addition, these forward-looking statements speak only as of the date made and the Company disavows any intention or obligation to update or revise any such statements as a result of any event, circumstance or otherwise except to the extent required under applicable securities law.
For further information
Emilia Di Raddo, CPA, CA, President (514) 738-7000
Johnny Del Ciancio, CPA, CA, Vice-President, Finance, (514) 738-7000
MaisonBrison: Pierre Boucher, (514) 731-0000
Source: Le Château Inc.