EastWest Files First Quarter 2020 Interim Financial Statements and Provides Update Regarding Management Cease-Trade Order

VANCOUVER, BC / ACCESSWIRE / February 11, 2020 / EastWest Bioscience Inc. (“EastWest” or the “Corporation”) announces that it filed its interim financial statements for the three months ended October 31, 2019, related management discussion and analysis and applicable officer certificates (collectively, the “Quarter One Filings”). The Interim Filings can be accessed on the Company’s SEDAR profile at www.sedar.com. The Corporation is now current on its continuous disclosure requirements.

On November 29, 2019, the Corporation announced the delay in the filing of its audited annual financial statements for the year ended July 31, 2019 and related management discussion and analysis and certifications (collectively, the “Annual Filings”) by the filing deadline of November 28, 2019.

The Corporation applied for and was granted management cease trade orders in respect of the delayed Annual Filings (the “MCTO”) by the British Columbia Securities Commission and the Financial and Consumer Affairs Division of Saskatchewan.

The Corporation announced on December 27, 2019 that the Corporation anticipated that its Quarter One Filings, which were due on December 31, 2019, would not be filed by the filing deadline, and will be filed after the Annual Filings are completed and filed.

The Corporation announced on January 31, 2020 that it had filed its Annual Filings and that the Corporation applied to and was granted an extension to the MCTO in respect to the delayed 2020 Quarter One Filings by the British Columbia Securities Commission, the principal regulator of the Corporation, to February 7, 2020.

On February 10, 2020, the British Columbia Securities Commission confirmed that the Corporation had filed the required records and ordered that the MCTO has been revoked. On February 11, 2020, the Financial and Consumer Affairs Division of Saskatchewan indicated that it was in the process of revoking the MCTO.

ON BEHALF OF THE BOARD OF DIRECTORS
EASTWEST BIOSCIENCE GROUP

“Rodney Gelineau”
Chief Executive Officer and Director

“Paul Marjerrison”
Chief Financial Officer

TSXV – Symbol: EAST

Corporation Website: www.EastWestbioscience.com
Contact: Rodney Gelineau on 1-800-409-1930 or investors@EastWestscience.com.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the terms and conditions of the Corporation’s filing of annual financial statements for the fiscal year ended July 31, 2019, interim financial statements for the three months ended October 31, 2019, and the related management’s discussion and analysis and the MCTO. 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: management’s perceptions of the anticipated timeline in which the Annual Filings and interim filings can be completed and filed, results of operations, operational matters, historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. 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 forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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