Tree of Knowledge International Inc. (CSE:TOKI) (“TOKI” or the “Company”) is pleased to provide the following update as to the business and operations of TOKI. As previously announced, the Board has determined May 19, 2021 as the date on which it plans to hold the annual general meeting of the Company.
TORONTO, ON / ACCESSWIRE / March 17, 2021 / Tree of Knowledge International Inc. (CSE:TOKI) (“TOKI” or the “Company”) is pleased to provide the following update as to the business and operations of TOKI. As previously announced, the Board has determined May 19, 2021 as the date on which it plans to hold the annual general meeting of the Company. At the Meeting, the Company will be electing a new slate of directors and discussing its 2021 business direction.
In addition, the Company is pleased to announce that it has reached an agreement in principal for a new flagship location for a new multi-speciality medical and mental wellness clinic to be opened in Q3. The facility will be opened through TOKI’s subsidiary Toronto Poly Clinic (TPC) and is anticipated to be a new multi specialty clinic located in North York Toronto. TPC is expanding scope of services to Medical Wellness and Mental Health from its core multidisciplinary pain management practices. This new clinic is planned to deliver state of the art hybrid model of virtual and physical services for patients in Canada and abroad. The agreement is based on a “lease to own” model for the real estate to increase the asset value of the practice location over time.
Despite the challenges of the current times and circumstances, TOKI is working diligently on finalizing agreements with international partners focused on research and development of products and services that will be announced as terms are finalized.
The Company also provides the following update with respect to the ongoing Claim as between the Company and Chu de Quebec (as described in the Company’s December 23, 2020 release) (the “Claim”). Since the Company’s December news release, the Company continues to vigorously defend its position with respect to the Claim. Discoveries are ongoing and there is currently no trial date set by the parties. The Mareva order (the “Order”) granted pursuant to the Claim was extended on March 1, 2021 until a further order of the Court. Pursuant to the Order, an investigative receiver was appointed whose mandate is to track the funds paid by Chu de Quebec (the “Plaintiff”) with respect to the PPE transaction which is the basis for the Claim. The Order placed a temporary restriction on the ability of the Company to expend large sums but allows for USD$100,000 per month to be expended by the Company in operating its business. This sum is more than enough for the Company to operate its business as usual. Due to the nature of the Claim, it was, and continues to be, the position of the Board that the Company is not liable for the claims made by the Plaintiff. The Company is vigorously defending the Claim and anticipates that the Claim will not be successful as against TOKI.
By TOKI consent, on March 12, 2021, the court granted consent receivership over only the mask inventory in the possession of TOKI (which TOKI claims was purchased initially by the Plaintiff). The costs of that receivership are payable only by TOK U.S. The purpose of that receivership is to facilitate the realization of the value of the mask inventory by the Plaintiff.
Following consultation with securities counsel, it was the determination of the Board that the Claim did not constitute a “change” in the business, operations, assets or ownership of TOKI and, as such, until receipt of a judgment or settlement, no material change has occurred with respect to the business or affairs of the Company. Since the effect of the injunction order is temporary and allows for the Company to operate its business in the ordinary course, again the Board determined that the Order did not constitute a “change” in the business, operations, assets or ownership of the issuer and, as such, no material change has occurred. This update with respect to the Claim and Order is being provided at the request of staff at the Ontario Securities Commission in connection with a continuous disclosure review of the Company.
For further information please visit: www.tokicorp.com
Or contact: Tree of Knowledge International Corp.
Ashley Villarruel, (647) 607-9044, ashley@tokicorp.com
About Tree of Knowledge
TOK is a public company that delivers pathways to innovative, science-based health and wellness solutions. The Company is a leader in pain management, spanning from seed to patient. Built upon an extensive network of scientific and medical research, TOK is an advanced leader in the development, processing, and distribution of focused products and treatments for pain relief. Tree of Knowledge spans the globe with its multidisciplinary pain clinics, research partners, consumer CBD products, and education and advocacy programs - all working in harmony to bring health and wellness to the world, while creating value for shareholders and partners.
Forward Looking Statements
Except for statements of historical fact relating to the Company, certain information contained herein relating to the timing of the filing of financial statements constitutes forward-looking statements. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE: Tree of Knowledge International Inc.
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