Fobi AI Announces Application for Voluntary MCTO
28 October 2023 - 7:30AM
Fobi AI Inc. (FOBI:TSXV) (FOBIF:OTCQB) (the
"
Company" or "
Fobi"), an industry
leader in harnessing AI and data intelligence to enable digital
transformation, announces that it has proactively applied for a
voluntary management cease trade order (the “MCTO”) with the
British Columbia Securities Commission, as a result of certain
factors beyond the Company’s control, which will cause delays to
the filing of the Company’s annual financial statements and
accompanying management’s discussion and analysis for the fiscal
year ended June 30, 2023 (the “Required Filings”). The MCTO only
restricts the Chief Executive Officer and Chief Financial Officer
of the Company from all trading in securities of the Company until
such time as the Required Filings have been filed by the Company
and the MCTO has been lifted. The MCTO does not affect the ability
of other shareholders of the Company to trade in securities of the
Company.
The delay in the Required Filings is a result of an
ongoing remediation process by the Company’s prior auditors
relating to the audit of the Company for the financial year ended
June 30, 2022, which they previously completed, as well as the
ongoing current year audit. The Company is working diligently with
the previous auditors to resolve their matter as quickly as
possible and with the current auditors to complete and finalize the
audit of the June 30, 2023, financial statements.
Rob Anson, CEO of Fobi AI, states:
“Our business is growing and has expanded its operations globally,
which has brought about certain complexities. After careful
consideration, we have made the decision to file a voluntary MCTO
(Management Cease Trade Order) and take proactive measures to
safeguard the liquidity of our stock. We view this as a responsible
and proactive step towards ensuring transparency, compliance, and
protecting the interests of our shareholders with regard to the
liquidity of our stock.”
The Company expects to file the Required Filings
before November 30, 2023. Until the Company files the Required
Filings, it will comply with the alternative information guidelines
set out in National Policy 12-203 – Management Cease Trade Orders.
The guidelines, among other things, require the Company to issue
bi-weekly default status reports by way of a news release until
such time as the Required Filings have been filed.
This press release is available on the Fobi
website.
To download the Fobi Investor Experience Wallet
Pass to get enhanced access to investor information about Fobi,
please visit our Investor Experience page.
About Fobi AI
Founded in 2017 in Vancouver, Canada, Fobi is a
leading AI and data intelligence company that provides businesses
with real-time applications to digitally transform and future-proof
their organizations. Fobi enables businesses to action, leverage,
and monetize their customer data by powering personalized and
data-driven customer experiences, and drives digital sustainability
by eliminating the need for paper and reducing unnecessary plastic
waste at scale.
Fobi works with some of the largest global
organizations across retail & CPG, insurance, sports &
entertainment, casino gaming, and more. Fobi is a recognized
technology and data intelligence leader across North America and
Europe, and is the largest data aggregator in Canada's hospitality
& tourism industry.
On behalf of the Board of Directors of the
Company“Rob Anson”
Rob AnsonChief Executive Officer and Director
For more information, please
contact:
Fobi AI Inc. |
|
Fobi Website: www.fobi.ai |
Rob Anson, CEO |
|
Facebook: @ Fobiinc |
T : +1 877-754-5336 Ext. 3 |
|
Twitter: @ Fobi_inc |
E: ir@fobi.ai |
|
LinkedIn: @ Fobiinc |
Cautionary Statement Regarding
Forward-Looking Information
This news release contains “forward-looking
information” and “forward-looking statements” (collectively,
“forward-looking information”) within the meaning
of applicable securities laws. Forward-looking information is
generally identifiable by use of the words “believes,” “may,”
“plans,” “will,” “anticipates,” “intends,” “could”, “estimates”,
“expects”, “forecasts”, “projects” and similar expressions, and the
negative of such expressions. Forward-looking information in this
news release may include statements about the expected filing of
the Required Filings as well as the grant of a MCTO.
Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
Company’s actual results, level of activity, performance or
achievements to be materially different from those expressed or
implied by such forward-looking information. Forward-looking
information is based on the reasonable assumptions, estimates,
analysis and opinions of management made in light of its experience
and perception of trends, current conditions and expected
developments, and other factors that management believes are
relevant and reasonable in the circumstances at the date such
statements are made including, without limitations, information
based on the current state of the Required Filings, the anticipated
work required for prior auditors to complete their remediation
work, staffing challenges present at many accounting firms and
other factors which may be outside the control of the Company.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking information, there may be other
factors that cause results not to be as anticipated. There can be
no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such information, and there is no guarantee the
Required Filings will be made on the timeline currently expected or
at all or that an MCTO will be granted. If the MCTO is not granted
and/or the Required Filings are not filed on time or are subject to
additional delays, the securities of the Company could be subject
to a cease trade order or other actions taken by the securities
regulators and/or exchanges. Accordingly, readers should not place
undue reliance on forward-looking information. All forward-looking
information herein is qualified in its entirety by this cautionary
statement, and the Company disclaims any obligation to revise or
update any such forward-looking information or to publicly announce
the result of any revisions to any of the forward-looking
information contained herein to reflect future results, events or
developments, except as required by law.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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