Mimi's Rock Announces Delay In Filing of Its Annual Audited Financial Statements

TORONTO, May 2, 2022 /CNW/ - Mimi's Rock Corp. (the "Company") (TSXV: MIMI) (OTCQB: MIMNF) announced today that it will not be in a position to file its annual audited financial statements for the year ended December 31, 2021 and its related management's discussion and analysis and officer certifications (collectively, the "Required Filings") by today's prescribed filing deadline of May 2, 2022 (the "Filing Deadline").   

Despite its efforts, the Company has not been able to complete its year end audit process, primarily due to ongoing challenges with auditing certain aspects of the Company's third party inventories, as well as staffing issues related to Covid.  Due to these challenges, the auditors of the Company are not able to complete the audit by the Filing Deadline.  During the process of completing the year end, the Company encountered certain novel and unanticipated audit issues relating to the physical observation of inventory at facilities used by third party e-commerce marketplaces.  These issues are ones faced by a number of e-commerce retailers concerning similar inventory assurance matters. These issues are in the process of being resolved but will cause the filing date to be beyond the Filing Deadline.  These challenges are assurance related and do not impact financial results.

Management does not expect the issues described above to impact the financial reporting for Q1 2022.  The Company will submit the Required Filings as soon as possible and anticipates doing so not later than May 27, 2022.

The Company recognizes that this delay may result in the issuance of a failure to file cease trade order against the Company.  In the event this occurs, the Company will issue further press release(s) with additional information.

About Mimi's Rock Corp.:

Mimi's Rock Corp. (www.mimisrock.com) is an online dietary supplement and wellness company which market and sells its products under the Dr. Tobias, All Natural Advice and Maritime Naturals brand names. The Dr. Tobias brand features over 30 products, including the top-selling Colon 14-Day Cleanse and the #1 selling Omega 3 Fish Oil on Amazon.com. All Natural Advice and Maritime Naturals products focus on skin and beauty care. Products sold under the All Natural and Maritime Naturals brand names are made in Canada and registered with Health Canada and under the EU Cosmetics Act. All Natural Advice has been featured on BNN as a top selling skincare brand in Canada, and has been rated the #1 Beauty Brand on Amazon Canada for the past four years.

Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. All forward-looking statements reflect the Company's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company's forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as 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 such statements. Accordingly, readers should not place undue reliance on forward-looking statements. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company 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 in accordance with applicable securities laws.

Please visit www.mimisrock.com  or www.sedar.com  for the Company's recent filings.

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 news release.

SOURCE Mimi's Rock Corp.

Mimi's Rock Corp., David Kohler, Chief Executive Officer, T: +1 (905) 330 - 5081, [email protected]