Coho Collective Kitchens Inc. Announces Delay in Filing of Financial Statements

Vancouver, British Columbia--(Newsfile Corp. - August 3, 2022) - Coho Collective Kitchens Inc. (TSXV: COHO) ("Coho" or the "Company"), a commercial real estate and food technology company that provides private and shared kitchen and food production space to a variety of businesses, has applied for a Management Cease Trade Order (the "MCTO") in connection with a delay in filing its audited annual financial statements for the fiscal year ended March 31, 2022 (the "Financial Statements") and the related management's discussion and analysis (collectively, the "Required Records"). Coho was obligated to file the Required Records on or before July 29, 2022 (the "Filing Deadline"), in accordance with applicable securities laws.

The Company determined that it would not able to meet the Filing Deadline as a result of its change in year end (from December 31 to March 31) and the change of the Company's auditors (which took effect on July 6, 2022). The Company anticipates finalizing the Required Records imminently. However, out of an abundance of caution, the Company made an application to relevant provincial securities commissions under National Policy 12-203 Cease Trade Orders and has received the MCTO in respect of the late filing. While the MCTO is in effect, the general investing public will continue to be able to trade freely in the Company's listed common shares. However, the Company's Chief Executive Officer, Interim Chief Financial Officer and such other directors, officers and persons as determined by the applicable regulatory authorities, will not be able to trade the Company's shares. The MCTO was determined by the Company to be a preferable alternative to a failure-to-file cease trade order.

Although the Company remains confident in its ability to complete the Financial Statements and file the Required Records, it requires an extension and therefore applied for the MCTO. The Company anticipates it will file the Required Records imminently. Until then, the Company intends to comply with the provisions of the alternative information guidelines as set out in National Policy 12-203 for as long as it remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a news release.

The Company also confirms that, at the date hereof, there are no insolvency proceedings against it and no other material information concerning the affairs of the Company that has not been generally disclosed.

About Coho

Coho is a growth stage, community-driven, commercial real estate and food technology company that provides private and shared kitchen and production space to food companies from start-ups to restaurant groups seeking turnkey solutions and business services. Each of the Company's customers, called "Members", are revenue generating companies that have signed a membership agreement with Coho for an agreed upon term. The concept falls in line with a rapidly growing trend in the food-delivery industry for delivery-only and/or virtual restaurant concepts. For more information about how Coho is growing and innovating in the commissary space, visit https://www.cohocommissary.com.

Contacts

Andrew Barnes, Chief Executive Officer
[email protected]
(778) 877-6513

Investor Relations
[email protected]
(604) 243-7355

Forward-Looking Information

This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflect management's current expectations regarding future events. Forward‐looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking information. Such risks and uncertainties include, but are not limited to, the ability of the Company to execute on its strategy and the factors discussed under "Risk Factors" in the final long-form prospectus of the Company dated May 27, 2022. Coho disclaims any obligation to update these forward-looking statements.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/132763