Rubicon Organics Inc. Announces Change of Auditor and Correction Notice to Press Release

VANCOUVER, British Columbia, May 27, 2022 (GLOBE NEWSWIRE) -- Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) (“Rubicon” or the “Company”) announces it has changed its auditor from Deloitte LLP (“Former Auditor”) to PricewaterhouseCoopers LLP (“Successor Auditor”) effective May 20, 2022.

Change of Auditor

The Board of Directors accepted the resignation of the Former Auditor of the Company and appointed the Successor Auditor as the new auditor effective May 20, 2022, until the close of the Company's next Annual General Meeting.

There were no reservations in the Former Auditor's audit reports for any financial period during which the Former Auditor was the Company's auditor. There are no "reportable events" (as the term is defined in National Instrument 51-102 - Continuous Disclosure Obligations) between the Company and the Former Auditor.

In accordance with National Instrument 51-102, the Notice of Change of Auditor, together with the required letters from the Former Auditor and the Successor Auditor, have been reviewed by the Company's Audit Committee and will be filed on SEDAR accordingly.

Correction Notice to Press Release: Rubicon Organics Amends and Grants Stock Options

The press release dated May 26, 2022, contained a clerical error: the second vesting date for the amended options should have read June 30, 2023 (instead of June 30, 2022).

The corrected release reads:

Rubicon Organics Amends and Grants Stock Options

VANCOUVER, BRITISH COLUMBIA, May 26, 2022 – Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) (“Rubicon” or the “Company”) announces that in accordance with the Company’s equity incentive plan (the “Plan”), it has amended the terms of 778,500 incentive stock options (the “Amended Options”) and granted 40,000 incentive stock options to employees of Rubicon.

Employee Equity Awards

Incentive Stock Option AmendmentThe Company has amended the exercise price, vesting terms, and expiry dates of 778,500 Amended Options (the “Amendment”) in accordance with the Plan. The Amendment has been approved by Rubicon’s Board of Directors and conditional approval has been received by the TSX Venture Exchange. The Amended Options were originally awarded between July 31, 2017 and November 16, 2021, at exercise prices of US$2.00 to CAD$4.10 per unit and were adjusted on May 25, 2022, to an exercise price of $0.85 per unit. Of the Amended Options, 688,500 units, issued prior to November 16, 2021, were also amended to vest 1/3 on December 31, 2022, 1/3 on June 30, 2023, 1/3 on December 31, 2023, and expire on December 31, 2025. The vesting and expiry of all other Amended Options remain unchanged.

The Amendment applies to employees of the Company holding stock options to recognize their significant contributions to Rubicon and increase their incentivization. No insiders (senior executive or directors of the Company) were part of the Amendment.

Incentive Stock Option GrantThe Company has granted incentive stock options for a total of 40,000 common shares to employees of the Company pursuant to the Company’s Equity Incentive Plan and Deferred Share Unit Plan (together the “Equity Plans”). The stock options are exercisable at $0.85 per share until December 31, 2025 and vest in tranches between December 31, 2022 and December 31, 2023.

ABOUT RUBICON ORGANICS INC.

Rubicon Organics Inc. is the global brand leader in premium organic cannabis products. The Company is vertically integrated through its wholly owned subsidiary Rubicon Holdings Corp, a licensed producer. Rubicon Organics is focused on achieving industry leading profitability through a focus on differentiated product innovation and brand portfolio management, including its flagship super-premium umbrella brand Simply Bare™ Organic, its premium flower and hash brand 1964 Supply Co™, its premium concentrate brand LAB THEORY™, and its mainstream brand Homestead Cannabis Supply™. The Company ensures the quality of its supply chain by cultivating, processing, branding and selling organic certified, sustainably produced, super-premium cannabis products from its state-of-the-art glass roofed facility located in Delta, BC, Canada.

CONTACT INFORMATION

Margaret BrodieChief Financial OfficerPhone: +1 (437) 929-1964Email: [email protected]

The TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) does not accept responsibility for the adequacy or accuracy of this press release.

Cautionary Statement Regarding Forward Looking Information

This press release contains forward-looking information within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, and statements such as the Company’s expectation that it will achieving industry leading profitability are “forward-looking statements”. Forward-looking information can be identified by the use of words such as “will” or variations of such words or statements that certain actions, events or results “will” be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. The forward-looking information in this press release is based upon certain assumptions that management considers reasonable in the circumstances, including that its capital needs will be as currently projected. Risks and uncertainties associated with forward looking information in this press release include, among others, information or statements concerning the Company’s expectations of financial resources available to fund operations; Rubicon Organics' limited operating history and lack of historical profits; obtaining the necessary regulatory approvals; that regulatory requirements will be maintained; general business and economic conditions; the Company’s ability to successfully execute its plans and intentions; the Company’s ability to obtain financing at reasonable terms through the sale of equity and/or debt commitments; the Company’s ability to attract and retain skilled staff; market competition; the products and technology offered by the Company’s competitors; that our current relationships with our suppliers, service providers and other third parties will be maintained; and the impact of the current global health crisis caused by the COVID-19 pandemic. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. Although Rubicon Organics has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. Rubicon Organics assumes no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.

 

Source: Rubicon Organics

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