TORONTO, May 27, 2020 /CNW/ - Internet of Things
Inc. (TSX VENTURE: ITT) (OTC: INOTF)
(FRANKFURT: 71T) ("ITT
Inc." or the "Company") www.iotintl.com, a software
and solutions provider in the artificial intelligence and
industrial IoT markets, is providing an update on the status of the
filing of its annual financial statements, including the
accompanying management's discussion and analysis, and related CEO
and CFO certifications for its financial year ended January 31, 2020.
On March 18, 2020, the Canadian
Securities Administrators ("CSA") issued a notice stating that
securities regulators will be providing coordinated relief
consisting of a 45-day extension for certain periodic filings
required to be made on or prior to June 1,
2020 as a result of the COVID-19 pandemic.
ITT Inc. will be relying on this extension period due to delays
experienced as a result of the COVID-19 pandemic with respect to
the following provisions:
- the requirement to file audited financial statements for the
year ended January 31, 2020 (the
"Financial Statements") within 120 days of the Company's financial
year end as required by section 4.2(b) of NI 51-102;
- the requirement to file management discussion and analysis (the
"MD&A") for the period covered by the Financial Statements
within 120 days of the Company's financial year end as required by
section 5.1(2) of NI 51-102; and
- the requirement to file certifications of the Financial
Statements (the "Certificates" and together with the Financial
Statements, the "Annual Filings") pursuant to section 4.1 of
National Instrument 52-109.
The Company continues to work diligently and expeditiously with
its auditors to file the Annual Filings on or before June 29, 2020). In the interim, members of ITT
Inc.'s management and other insiders are subject to a trading
black-out policy that reflects the principles in section 9 of
National Policy 11-207.
The Company confirms that since the filing of its interim
consolidated financial statements for the period ended October 31, 2019, there have been no material
business developments other than those disclosed through news
releases and filed under the Company's SEDAR profile at
www.sedar.com
Change of Auditor
ITT Inc. announces that it has changed its auditors from MNP LLP
("Former Auditor") to RSM Canada LLP ("Successor Auditor")
effective May 19, 2020. At the
request of the Company, the Former Auditor resigned as the auditor
of ITT Inc. effective May 19, 2020
and the board of directors of the Company appointed the Successor
Auditor as ITT Inc.'s auditor effective May
19, 2020, until the next Annual General Meeting of the
Company.
There were no reservations in the Former Auditor's audit reports
for the period commencing at the beginning of ITT Inc.'s two most
recent financial years and ending at the date of the resignation of
the Former Auditor. There are no "reportable events" (as the term
is defined in National Instrument 51-102 – Continuous Disclosure
Obligations ("NI 51-102")) between the Company and the Former
Auditor.
In accordance with NI 51-102, the notice of change of auditor,
together with the required letters from the Former Auditor and the
Successor Auditor, have been reviewed by the board of directors of
ITT Inc. and filed on SEDAR.
For more information on Internet of Things Inc.
visit: www.iotintl.com and follow ITT on:
Facebook: https://www.facebook.com/InternetofThingsInc/
Twitter:
https://twitter.com/ITTintl
LinkedIn: https://www.linkedin.com/company/internet-of-things-inc-/
About Internet of Things Inc. (TSX VENTURE: ITT)
(OTC: INOTF) (FRANKFURT:
71T): Internet of Things Inc. is a technology company
which helps businesses and organizations make smarter decisions
using advanced artificial intelligence, deep machine learning and
data science techniques. Its Weather Telematics Inc. subsidiary
uses patented air quality monitoring sensors to provide predictive
weather risk information to the insurance, logistics, fleet
management and public safety sectors. The Company's R&D
division, AI Labs Inc., develops new products that solve real-world
business problems. The joint venture with Commersive Solutions
Corp. is developing innovative technologies for use in various
public spaces, starting with the ThermalPass™ fever detection
system.
Cautionary and Forward-Looking Statements:
Statements contained in this news release, which are not
historical facts, are forward-looking statements that involve risk,
uncertainties and other factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements. There can be no assurance that such
statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements. All forward-looking statements included in this news
release are based on information available to the Company on the
date hereof. Forward-looking statements are subject to known and
unknown risks, uncertainties and other factors that could cause
actual results of the Company to differ materially from the
conclusion, forecast or projection stated in such forward-looking
statements. These risks, uncertainties and other factors include,
but are not limited to factors referenced in the Company's other
continuous disclosure filings, which are available at sedar.com.
Readers should not place undue reliance on these forward-looking
statements. The Company assumes no obligation to update any
forward-looking statements, except as required by applicable
securities laws.
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 PRESS RELEASE.
SOURCE Internet of Things Inc.
