07:48:48 EDT Tue 30 Apr 2024
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Ryah Group misses filing deadline for 2022 financials

2023-05-01 15:20 ET - News Release

Dr. David Richards reports

RYAH GROUP INC. - FAILURE-TO FILE CEASE TRADE ORDER UPDATE

Ryah Group Inc. has provided an update to its shareholders and the investing public on the status of the failure-to-file cease trade order issued under National Policy 11-207 Failure-to-File Cease Trade Orders and Revocation in Multiple Jurisdictions and Ryah's application for relief from Section 144 of the Securities Act (Ontario).

In late July, 2022, the Ontario Securities Commission issued a failure-to-file cease trade order (FFCTO) on the trading of Ryah Group's subordinate voting shares listed on the Canadian Securities Exchange, due to delays in filing the audited financial statements and related documents in accordance with regulations.

Ryah has worked diligently to address all issues raised by the OSC, but as it currently stands, the company will be late in completing and filing the Dec. 31, 2022, audited financial statements, due on May 1, 2023. To complete this work, the company needs to make past due payments for 2021 audit and accounting work, and payments in advance to the auditors and the outside accountants to perform the 2022 work. Given the company's present inability to raise investment funds, the only way to secure the necessary funds is through advances or loans from shareholders or other investors. Management is currently very active in reaching out to investors to secure such loans or advances. Any shareholder or investor interested in offering such a loan or advance, on very favourable terms, is invited to reach out to Ryah management for details.

Ryah management continues to believe the company has a very bright future, and that 2023 will be the crucial turning point. Revenues are growing, the sales pipeline is strong and significant new opportunities can be exploited with appropriate investment. The entire Ryah team remains in place, and dedicated to the company's success, in spite of receiving no remuneration in many months. Based on the most recent trading data, Ryah Group appears to be significantly undervalued, based on its products, intellectual property, people and strong potential.

Ryah wishes to reassure shareholders that it is working hard to address the present situation, to survive this existential crisis and to thrive in the future. Ryah management will keep investors updated with regular news releases.

About Ryah Group Inc.

Ryah is a global big data and cannabis and other nutraceutical delivery technology company enabling valuable artificial intelligence-powered predictive analytics of the efficacy of plant-based medicines and other substances administered through its Internet of Things-connected devices, including the world's only Smart Inhaler and Smart Patch.

We seek Safe Harbor.

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