Rapid Dose Therapeutics Announces Delay in Quarterly Filings Under COVID-19 Duress

BURLINGTON, Ontario, July 31, 2020 (GLOBE NEWSWIRE) -- Rapid Dose Therapeutics Corp. (CSE: DOSE) (“RDT” or the “Company”) announces that due to circumstances created by the COVID-19 pandemic, the Ontario Securities Commission and other members of the Canadian Securities Administrators granted “Issuers” in the Canadian securities industry up to an additional 45 days, to complete quarterly statutory filings (the “Extension”). The Company was unable to file its unaudited financial statements and management discussion and analysis for the first quarter ended May 31, 2020 by its usual deadline of July 30, 2020 and will be relying on the Extension.

Accordingly, as required by the conditions of the Extension, the Company’s management and other insiders will be subject to a trading black-out that reflects the principles in Section 9 of National Policy 11-207 until its financial statements are filed, which will be by September 13, 2020.

As announced in a news release issued on June 26, 2020, the Company is relying on the Extension in respect of a late filing of its annual audited financial statements for the period ended February 29, 2020 and related management discussion and analysis (the “Annual Filings”).  The Company is continuing to work diligently to prepare and file its Annual Filings in accordance with the Extension by August 12, 2020.

Other than as previously disclosed by the Company in news releases, including the information herein, there are no other material business developments since the date of the Company’s most recent filing of its interim financial statements and management discussion and analysis for its Q3 ended November 30, 2019. The Company will be providing an update news release on the status of filing its first quarter filings by August 29, 2020.

About Rapid Dose Therapeutics

Rapid Dose Therapeutics Corp. is a publicly traded Canadian life sciences company that provides innovative, proprietary drug delivery technologies designed to improve outcomes and quality of lives. RDT offers Quick, Convenient, Precise and Discreet™ choices to consumers. RDT is focused and committed to clinical research and product development for the healthcare manufacturing industry, including nutraceutical, pharmaceutical and cannabis industries. Within the cannabis sector, RDT provides a turn-key business solution which enables RDT’s QuickStrip™ proprietary drug delivery technology to be licensed by select partners. RDT’s service-based annuity contracts drive recurring revenue which enables rapid expansion into emerging markets — generating value for consumers and shareholders. RDT is committed to continually create innovative solutions aimed at multiple consumer segments and future market needs — including humans, animals and plants.

For more information, visit: www.rapiddose.com

For further inquiries please contact:

Mark Upsdell
President and Chief Executive Officer
(647) 200-4709

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This news release contains forward-looking information.  All information, other than statements of historical fact, that address activities, events or developments that RDT believes, expects or anticipates will or may occur in the future are forward-looking statements, including statements regarding the completion and filing of its financial statements.  This forward-looking information is subject to a variety of risks and uncertainties beyond RDT’s ability to control or predict and which may cause actual events or results to differ materially from those described in such forward-looking information.  Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, RDT disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although RDT believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and, accordingly, undue reliance should not be placed on this forward-looking information due to the inherent uncertainty thereof.

The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.