3 Sixty Postpones the Release of Fourth Quarter and Year Ended December 31, 2019 Financial Results
ALMONTE, Ontario, Aug. 31, 2020 (GLOBE NEWSWIRE) — 3 Sixty Risk Solutions Ltd. (“3 Sixty” or the “Company”) (CSE: SAFE) (OTCQB: SAYFF) (FSE: 62P2) announced today that the release of its financial results for the fourth quarter and fiscal year ended December 31, 2019 will be postponed. The Company is nearing completion of the necessary procedures to finalize the audit of the year-end financial statements in order to affect the necessary filings as previously indicated. 3 Sixty is assessing the accounting for the Company’s acquisition of Total Cannabis Security Solutions (TCSS) in January 2019 and includes assessing the potential impact on the recoverability of intangible assets and goodwill in the interim financial statements, as well as assessing the accounting for transactions, post-acquisition in the TCSS business, prior to finalizing and filing the financial results for the fourth quarter and fiscal year ended December 31, 2019.
Any changes that result from this ongoing assessment of the TCSS transaction will be amended and restated in the interim financial statements and related Management Discussion and Analysis as applicable, prior to finalizing filing financial results for the fourth quarter and fiscal year ended 2019.“We have been putting all necessary resources to work on the outstanding matters pertaining to the TCSS related assessment,” said Founder, Chairman, a.i., and CEO Thomas Gerstenecker. “We appreciate the frustration of our valued shareholders as it relates to filing and will make sure this is completed with utmost speed and accuracy. The 3 Sixty team has been working diligently to get the filing completed and they have been doing amazing work to bring it through to fruition. We will provide shareholders with an update within the next 10 calendar days,” Gerstenecker said.“The delay in filing hasn’t negatively impacted the growth of the company. 3 Sixty continues to secure contract wins across the country and is currently finalizing two financing arrangements worth up to $6.75m via asset-based-lending for working and growth capital. An operational update will be provided within the next two weeks in this regard,” Gerstenecker said.The Company is actively working to finalize and file the outstanding continuous disclosure documentation and anticipates being able to file the amended and restated 2019 Interim Results, the audited annual financial statements and related management’s discussion and analysis for the fiscal year ended December 31, 2019, and the interim financial statements and related management’s discussion and analysis for the three-month period ended March 31, 2020. Once all outstanding continuous disclosure documents have been filed, the Company will seek to have the Cease Trade Order revoked and trading reinstated.A copy of the Cease Trade Order has been posted on the website of the Canadian Securities Administrators at cto-iov.csa-acvm.ca and will be posted on the Company’s website.About 3 Sixty Risk Solutions Ltd.Further InformationForward-Looking InformationThis news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the business and operations of 3 Sixty. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, 3 Sixty assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.