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As part of the Company’s intention to list its common shares for trading on the Nasdaq Capital Market and the preparation and filing of a Form 20-F Registration Statement with the
Restated BYND Cannasoft Financial Statements
The Restated BYND Cannasoft Financial Statements and corresponding Restated MD&As:
Correct certain revenue and cost of revenue amounts due to timing differences in the recognition of those items.
Re-classify certain expenses from depreciation and general and administrative expenses, to cost of revenue.
Update the revenue and deferred revenue note to provide a more comprehensive overview of those items.
Add additional note to provide an overview of cost of revenue.
Correct the recognition of certain depreciation expenses related to its property and equipment and the recognition of share-based payments for the six-month period ended
June 30, 2021 .
Restated BYND Israel Financial Statements
The Restated BYND Israel Financial Statements and corresponding Restated MD&As:
Correct certain revenue and cost of revenue amounts due to timing differences in the recognition of those items.
Re-classify certain expenses from depreciation and general and administrative expenses, to cost of revenue.
Update the revenue and deferred revenue note to provide a more comprehensive overview of those items.
Add additional note to provide an overview of cost of revenue.
For further information, please see the Restated BYND Cannasoft Financial Statements, the Restated BYND Israel Financial Statements and the associated Restated MD&As for each period, all of which are available under the Company’s profile on SEDAR atwww.sedar.com.
Mr. Yftah Ben Yaackov, the Company’s CEO noted that“BYNDCannasoft prides itself on operating with transparency and integrity which is why we have chosen to correct these accounting adjustments as soon as they were discovered. Importantly, the adjustments are not expected to have animpact to our cash position, business operations or economics of commercial arrangements. We remain confident in our ability to realize and accelerate the strategic plan to expand the Company's activities in
About
BYND is an integrated software/cannabis company, based in
BYND owns and markets a proprietary customer relationship management (CRM) software product, known as “Benefit CRM”. BYND’s Benefit CRM software enables small and medium-sized businesses to optimize their day-to-day business activities such as sales management, personnel management, marketing, call centre activities and asset management. BYND’s next generation Benefit CRM platform is nearing completion and will be ready for BETA testing shortly.
Cannabis CRM
Building on its 20 years of experience in CRM software, BYND has recently begun development of an innovative new CRM platform, designed specifically to serve the needs of the medical cannabis industry. This new platform will be the first of its kind for the medical cannabis field and the Company is confident it will transform the industry into a more organized, accessible and price transparent market. Data and information collected through the operation of the
BYND has recently obtained a primary growing license for growing medical cannabis in
For Further Information please refer to information available on the Company’s website: www.cannasoft-crm.com, the CSE’s website: www.thecse.com/en/listings/life-sciences/bynd-cannand on SEDAR:www.sedar.com.
Gabi Kabazo
Chief Financial Officer
Tel: (604) 833-6820
e‐mail:ir@cannasoft-crm.com
Cautionary Note Regarding Forward-Looking Statements
This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
The CSE has not reviewed, approved or disapproved the content of this press release.
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