Eddy Smart Home Solutions Ltd. Announces Late Filing of 2022 Year End Financial Statements
19 April 2023 - 7:05AM
Eddy Smart Home Solutions Ltd. ("Eddy" or the "Company") (TSXV:
EDY), announces that it will be late in filing its financial
statements for the year ended December 31, 2022. It anticipates
being able to file its 2022-year end financials, together with the
related management’s discussion and analysis, and CEO and CFO
certificates (the “Annual Documents”) on May 5, 2023, after the
close.
Completion of the Company's audit has taken
longer than anticipated as a result of a number of transactions and
other factors in 2022 including its public listing, growth in
contracted revenues and an acquisition. Notwithstanding the
anticipated delay, the Company continues to operate normally
without disruption and is working diligently and expeditiously with
its auditors to complete the audit as soon as possible.
The Company has informed staff of the Ontario
Securities Commission (the "OSC") about the anticipated delay for
filing the Annual Documents, and has applied to the OSC pursuant to
Part 3 of National Policy 12-203 – Management Cease Trade Orders
(“NP 12-203”) for a Management Cease Trade Order (“MCTO”) pending
the filing of the Annual Documents, which MCTO will prohibit the
Company’s management from trading in the securities of the Company
until such time as the Annual Documents are filed. No decision has
yet been made by the Ontario Securities Commission on this
application. The Ontario Securities Commission may grant the
application and issue the MCTO or it may impose an issuer cease
trade order if the Annual Documents are not filed on or before the
deadline of April 30, 2023.
As described above, the Company plans to file
the Annual Documents on May 5, 2023. The Company will comply with
the alternative information guidelines set out in Sections 9 and 10
of NP 12-203 and will file bi-weekly default status reports in the
form of press releases, should the Financials not be filed at that
time. If a MCTO is issued, during the period of default and until
filing of the Annual Document, the Company intends to satisfy the
provisions of the “alternative information guidelines” as set out
in NP 12-203, including the requirement to file bi-weekly status
reports in the form of news releases containing prescribed updating
information. There can be no assurance that a MCTO will be
issued.
Until the Company has filed the Annual Document,
members of the Company’s management and other insiders are subject
to an insider trading black-out as per its internal Insider Trading
and Reporting Policy. The Company confirms that, other than as
disclosed in prior press releases and material change reports,
there have been no material business developments since the filing
on November 24, 2022 of the Company’s latest interim financial
reports for the nine-month period ended September 30, 2022.
The Company is not currently subject to any
insolvency proceedings. If the Company provides any information to
any of its creditors during the period in which it is in default of
filing the Documents, the Company confirms that it will also file
material change reports on SEDAR containing such information as is
required.
ABOUT EDDY Eddy is a North
American provider and developer of residential and commercial smart
water metering products and monitoring services, helping property
owners protect, control, and conserve water usage by combining
water sensing devices with behavioural learning software. For more
detail on the Company’s products or corporate information please
visit www.eddysolutions.com.
For further information on the financial results
of the Company, please review the Company’s unaudited condensed
consolidated interim financial statements and management’s
discussion and analysis of the financial condition and results of
operations for the three and nine months ended September 30, 2022,
available on Eddy’s SEDAR website at www.sedar.com. In addition,
supplemental information is available on Eddy’s website at
www.eddysolutions.com/investors.
FORWARD-LOOKING INFORMATION AND
STATEMENTS This news release contains
forward-looking statements within the meaning of applicable
securities laws including, among others, statements concerning our
objectives, our strategies to achieve those objectives, our
performance, as well as statements with respect to management’s
beliefs, estimates, and intentions, and similar statements
concerning anticipated future events, results, circumstances,
performance, or expectations that are not historical facts.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as "outlook", "objective",
"may", "will", "expect", "intent", "estimate", "anticipate",
"believe", "should", "plans", or "continue", or similar expressions
suggesting future outcomes or events. Such forward-looking
statements reflect management’s current beliefs and are based on
information currently available to management. Forward looking
information in this news release includes information regarding the
Company’s filing of the Financials, the Company’s ability to obtain
the MCTO and file bi-weekly status reports. These statements are
not guarantees of future performance and are based on our estimates
and assumptions that are subject to risks and uncertainties,
including those described under the heading "Risk Factors" in the
Company’s filing statement dated January 6, 2022 (a copy of which
can be obtained at www.sedar.com), which could cause our actual
results and performance to differ materially from the
forward-looking statements contained in this news release.
All forward-looking statements in this news
release are qualified by these cautionary statements. Except as
required by applicable law, the Company undertakes no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events, or otherwise.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
For further information, please contact:
Mark Silver, Executive Chairman and Chief
Executive Officer Tel: 416.221.8998Email: ir@eddysolutions.com
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