Globally Local announces update to its financial statements

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TORONTO, June 14, 2021 / CNW / – Globally Local Technologies Inc., (the “Company” (TSXV: GBLY), the parent company of Globally Local, one of the world’s premier vegan fast food chains, today announced that it has submitted a modified and updated dossier for the interim financial statements for the closed interim period March, 31st, 2021.

Globally Local Vegan Fast Food Logo (CNW Group / Globally Local Technologies Inc.)

It has been determined by the management of Globally Local that the initial financial statements for the second quarter ended March 31, 2021 content of intercompany sales and cost of goods sold from $ 53,188 that have not been properly disposed of. The net result is a reduction in both sales and cost of goods sold, with no impact on net loss and overall loss.

Management had previously relied on outsourced accounting services, but determined in June that there was a need to improve controls over financial reporting and integrate processes internally.

Amended financial reports will be available under the Company’s profile on SEDAR at www.sedar.com. Each of the amended financial reports replaces and supersedes the respective original financial statements previously filed. These original financial statements previously filed should not be taken into account.

About Globally Local Technologies Inc.

Globally Local is a plant-based food technology company that manufactures and distributes industry-leading plant-based protein and dairy alternatives using local, sustainable ingredients. The company distributes its products through a proprietary food service line to fast food outlets owned and franchised by the company. Globally, local restaurants operate like smart kitchens, which use cutting-edge cooking technology and automation solutions to deliver a delicious dining experience to customers seeking healthier and more sustainable fast food. With small stores optimized for delivery and take-out, advanced cooking technology, competitive pricing, a vertically integrated supply chain, and healthier ingredients, Globally Local is revolutionizing the fast food industry. The Company currently operates a manufacturing facility and two restaurants in Canada, with plans to open 20 more restaurants across North America in the next 12 months. The Company is listed on the TSX Venture Exchange under the symbol GBLY. For more information visit https://globallylocal.ca.

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

This press release contains forward-looking statements relating to the company’s future operations and other statements that are not historical facts. Forward-looking statements are often identified by words such as “plan”, “will”, “could”, “should”, “anticipate”, “expect” and similar expressions. Events or circumstances may cause actual results to differ materially from those expected, due to many known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company.

More specifically, this press release contains forward-looking statements. These forward-looking statements are based on a number of assumptions which may prove to be incorrect.

This information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release and the Company will publicly update or revise all forward-looking statements included as expressly required by Canadian securities laws.

The reader is cautioned that the assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those expected, due to many known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release and the Company will publicly update or revise any of the forward-looking statements included only as expressly required by the Canada. securities law.

SOURCE Globally Local Technologies Inc.

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