POKO INNOVATIONS INC. PROVIDES CORPORATE UPDATES AND ANNOUNCES FILING OF RESTATED INTERIM FINANCIAL STATEMENTS

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES NOR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS./

Poko Innovations Inc. increases its Sales and marketing Platform for its 6 divisions
Company focused on introducing brands to new retail channels in the United Kingdom
FSA approval of 44 new products has enhanced our Distribution Channels
Influencer Marketing has begun in the second Quarter 2022
Company files restatement of financials to comply with new standards IFRS-2-3

LONDON and DUBLIN, May 31, 2022 /CNW/ – Poko Innovations Inc. (formerly Brunswick Resources Inc.) (“Poko” or the “Company“) (CSE: POKO), an award-winning UK-based collection of CBD-focused companies that bring innovative, inspiring solutions to the CBD industry through the Company’s leading platforms which, when working together, form a complete ecosystem, today announced that the Company has been in discussions with large department stores and leading chain pharmacies in the EU.  “Poko has been focusing on introducing our brands to new retail channels as well as online and bricks and mortar chains,” David Hughes, President and CEO said. “Poko recently is seeing an upswing in interest by commercial buyers worldwide with increased interest in all our new products,” Hughes continued. “We have seen an increase in interest in our products at the trade shows we have attended, and we are also focused on closing a number of agreements.”

“In March we announced that the United Kingdom’s FSA department published an approved list of CBD products and Poko received approval on 44 products. The update to the FSA Novel Food Applications means Poko is one of the few selected companies given permission to sell its products throughout the United Kingdom,” Hughes stated.  “This approval from the Novel Food Regulation is extremely important for buyers who now feel secure in selling our products. In addition, Poko has been going through a number of test markets with large potential customers. The initial results have been very gratifying and we are now in negotiations for larger orders,” Hughes noted. “The global supply issue has affected our business, however we have been working with suppliers and we believe that by the end of the second quarter there will be no further disruptions.”

Poko also announces that it has filed restated interim financial statements for the three month period ended September 30, 2021 (“Q1“) and for the six month period ended December 31, 2021 (“Q2“) (collectively, the “Restated Interim Financial Statements“).The Restated Interim Financial Statements were necessary because management determined corrections were required for the application of IFRS-3 in the accounting for the reverse take-over transaction. Corrections also were made to the valuation of the shares issued to extinguish the debts under the provisions of IFRS-2, and to the valuation of the stock options issued under the Black Sholes option pricing model. The following table reflects the changes.

3 months ended
Sep 30, 2021

3 months ended
Sep 30, 2021

Variation

(Original)

(Revised)

$

$

$

Revenue

72072

72,351

(279)

Cost of sales

-72072

(72,351)

279

Gross profit / loss

0

Operating expenses

Administration expenses

120144

120,144

Professional fees

32,137

(32,137)

Filing fees

7,554

(7,554)

IT and telecommunication expenses

168

(168)

Insurance

538

(538)

Interest and bank charges

123

(123)

General expenses

525

(525)

Marketing and promotion

30,592

(30,592)

Share-based compensation

396000

360,000

36,000

Listing fees

4375270

4,375,270

Operating Loss

4891414

431,637

4,459,777

Amortisation

64,254

(64,254)

Loss on conversion of debt

4,009

(4,009)

Interest

21933

21,933

Foreign exchange (gain) / loss

(570)

570

Listing costs

1,492,032

(1,492,032)

21933

1,559,725

(1,537,792)

Net loss and comprehensive loss for the year

4913347

1,991,363

2,921,984

 

6 months ended Dec
30, 2021

6 months ended Dec
30, 2021

Variation

(Original)

(Revised)

$

$

$

Revenue

184,255

182,603

1,652

Cost of sales

(140,613)

(139,629)

(984)

Gross profit / (loss)

43,642

42,974

668

Operating expenses

Administration expenses

459,642

459,642

Marketing and promotion

106,692

(106,692)

Professional fees

85,992

(85,992)

Filing fees

19,604

(19,604)

Insurance

1,330

(1,330)

Interest and bank charges

1,809

(1,809)

General expenses

32,124

(32,124)

Share-based compensation

396,000

416,402

(20,402)

Listing fees

4,375,270

4,375,270

Operating Loss

5,187,270

620,978

Amortisation

128,508

(128,508)

Loss on conversion of debt

65,509

(65,509)

Interest

21,933

21,933

Foreign exchange (gain) / loss

4,583

(4,583)

Listing costs

1,492,032

(1,492,032)

21,933

1,690,632

(1,668,699)

Net loss and comprehensive loss for the year

5,209,203

2,311,610

2,897,593

 

The Company’s interim financial statements for Q1 and Q2 have been restated to reflect the above changes and were filed under the Company’s profile on SEDAR at www.sedar.com on May 30, 2022. The Restated Interim Financial Statements replace and supersede the respective previously filed interim financial statements for Q1 and Q2. Such previously filed interim financial statements should be disregarded.

About The Poko Group, Ltd

The Poko Group is a collection of CBD focused companies that bring innovative, inspiring solutions to the CBD industry through the company’s leading platforms which, when working together, form a complete ecosystem. The Poko Group has is an award-winning UK CBD company that has developed a unique business model comprising complete “turnkey solutions,” including fintech payment processing and white label opportunities. Poko is exporting its signature products to the EU and plans to expand the sale of its products to the USA and worldwide. For more information, please visit https://www.pokogroup.com/.

Forward-Looking Statements 

With the exception of the historical information contained in this news release, the matters described herein, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by, or that otherwise, include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could”, are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements, involve unknown risks and uncertainties that may individually or materially impact the matters discussed, herein for a variety of reasons that are outside the control of the company, including, but not limited to, the company’s ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic on the company’s business, operations and the economy in general, and the Company’s ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward- looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the company’s filings with the SEC, which are available at the SEC’s website (www.sec.gov). 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.

SOURCE Poko Innovations Inc.

POKO INNOVATIONS INC. PROVIDES CORPORATE UPDATES AND ANNOUNCES FILING OF RESTATED INTERIM FINANCIAL STATEMENTS WeeklyReviewer

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