3 Sixty Postpones the Release of Fourth Quarter and Year Ended December 31, 2019 Financial Results

ALMONTE, Ontario, Aug. 31, 2020 (GLOBE NEWSWIRE) -- 3 Sixty Risk Solutions Ltd. (“3 Sixty” or the “Company”) (CSE: SAFE) (OTCQB: SAYFF) (FSE: 62P2) announced today that the release of its financial results for the fourth quarter and fiscal year ended December 31, 2019 will be postponed. The Company is nearing completion of the necessary procedures to finalize the audit of the year-end financial statements in order to affect the necessary filings as previously indicated. 3 Sixty is assessing the accounting for the Company’s acquisition of Total Cannabis Security Solutions (TCSS) in January 2019 and includes assessing the potential impact on the recoverability of intangible assets and goodwill in the interim financial statements, as well as assessing the accounting for transactions, post-acquisition in the TCSS business, prior to finalizing and filing the financial results for the fourth quarter and fiscal year ended December 31, 2019.

Any changes that result from this ongoing assessment of the TCSS transaction will be amended and restated in the interim financial statements and related Management Discussion and Analysis as applicable, prior to finalizing filing financial results for the fourth quarter and fiscal year ended 2019.

“We have been putting all necessary resources to work on the outstanding matters pertaining to the TCSS related assessment,” said Founder, Chairman, a.i., and CEO Thomas Gerstenecker. “We appreciate the frustration of our valued shareholders as it relates to filing and will make sure this is completed with utmost speed and accuracy. The 3 Sixty team has been working diligently to get the filing completed and they have been doing amazing work to bring it through to fruition. We will provide shareholders with an update within the next 10 calendar days,” Gerstenecker said.

“The delay in filing hasn’t negatively impacted the growth of the company. 3 Sixty continues to secure contract wins across the country and is currently finalizing two financing arrangements worth up to $6.75m via asset-based-lending for working and growth capital. An operational update will be provided within the next two weeks in this regard,” Gerstenecker said.

The Company is actively working to finalize and file the outstanding continuous disclosure documentation and anticipates being able to file the amended and restated 2019 Interim Results, the audited annual financial statements and related management’s discussion and analysis for the fiscal year ended December 31, 2019, and the interim financial statements and related management’s discussion and analysis for the three-month period ended March 31, 2020. Once all outstanding continuous disclosure documents have been filed, the Company will seek to have the Cease Trade Order revoked and trading reinstated.