Kuuhubb Inc. Announces Change of Auditor and Approval of Subsidiary Kuu Hubb Oy Debt Restructuring Application
18 September 2021 - 7:28AM
Kuuhubb Inc. (“
Kuuhubb” or the
“
Company”) (
TSXV: KUU), a mobile
game development and publishing company focused on providing the
female audience with creative interactive gaming experiences,
announces today that it has changed its auditors from MNP LLP
("Former Auditor") to MS Partners LLP ("Successor Auditor")
effective September 14th, 2021. The Board of Directors of the
Company appointed the Successor Auditor as the new auditor
effective August 31st, 2021, until the close of the Company's next
Annual General Meeting.
There were no reservations in the Former
Auditor's audit reports for any financial period during which the
Former Auditor was the Company's auditor. There are no "reportable
events" (as the term is defined in National Instrument 51-102 –
Continuous Disclosure Obligations) between the Company and the
Former Auditor.
In accordance with National Instrument 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 Company's Audit Committee and have been filed on
SEDAR accordingly.
Kuu Hubb Oy (Finnish Subsidiary) Debt
Restructuring Update:
The application to undergo Debt Restructuring
proceedings for Kuuhubb Inc’s Finland based subsidiary Kuu Hubb Oy
(Finnish Business ID: 2645999-5), has been received and approved.
The approved restructuring proceedings will be conducted under the
jurisdiction of the District Court of Helsinki, in Finland. The
restructuring proceedings are governed by the Finnish Restructuring
of Enterprises Act (47/1993, ”REA”).
Jouni Keränen, CEO of Kuuhubb Inc., states, “The
application for debt restructuring of our subsidiary Kuu Hubb Oy
has been approved and the process is moving forward. While this
process will take several months, we are confident that the outcome
will lead to an improved financial situation and a decrease in the
company’s current debt burden.” Keränen also added, “We would also
like to thank MNP LLP for their guidance and expertise while
working with us, and are pleased to announce that MS Partners LLP
will be an important partner in the evolution of Kuuhubb Inc. as we
embark upon the next stages of our Company’s growth plans.”
About MS Partners LLP
MS Partners LLP, headquartered in Toronto,
Canada is a chartered professional accounting firm providing a full
range of accounting, auditing, fraud and IFRS conversion services
to not-for-profits, private, and small-to-mid cap publicly listed
companies.
About Kuuhubb Inc.
Kuuhubb is a publicly listed mobile game
development and publishing company, targeting the female audience
with bespoke mobile experiences. Our Mission is to become a top
player in the female mobile game space. We believe in empowering
women by creating games and apps that will have our female audience
relax, express and entertain themselves every day. Through our
games and partnerships with select developers, we explore new
lifestyle trends that can be converted into games and apps which
will bring value to our users, employees, and shareholders.
Headquartered in Helsinki, Finland, Kuuhubb has a global presence
with a strong focus on U.S. and Asian markets.
Cautionary Note Concerning Forward-Looking
Information
This press release contains forward-looking
information. All statements, other than statements of historical
fact, that address activities, events or developments that the
Company believes, expects or anticipates will or may occur in the
future (including, without limitation, statements relating to
future revenue and development, growth of the Company’s business,
the expected debt restructuring and bankruptcy process of Kuu Hubb
Oy, its expected impacts and benefits on the Company and on Kuu
Hubb Oy, and the emergence from the debt restructuring process) are
forward looking information. This forward-looking information
reflects the current expectations or beliefs of the Company based
on information currently available to the Company. Forward-looking
information is subject to a number of risks and uncertainties that
may cause the actual results of the Company to differ materially
from those discussed in the forward-looking information, and even
if such actual results are realized or substantially realized,
there can be no assurance that they will have the expected
consequences to, or effects on the Company. Factors that could
cause actual results or events to differ materially from current
expectations include, among other things: risks related to the
growth strategy of the Company; the possibility that results from
the Company’s growth plans will not be consistent with the
Company's expectations; the early stage of the Company's
development; competition from companies in a number of industries;
the ability of the Company to manage expansion and integrate
acquisitions into its business, future business development of the
Company, including the ability to complete the sale of Recolor OY
and the Codecacao Acquisition on terms which are economic or at
all; the ability to predict and counteract the effects of COVID-19
on the business of the Company, including but not limited to the
effects of COVID-19 on its business segments, capital market
conditions, restrictions on labour and international travel and
supply chains; the risk that the debt restructuring process
described herein will not be completed as expected by the Company,
or at all; the risk that the Company and Kuu Hubb Oy will not be
able to emerge from the debt restructuring process with a stronger
financial position; the reputational damage that could be incurred
by the Company and/or Kuu Hubb Oy because of the debt restructuring
process, including the impact on their ability to maintain
relationships with key vendors, suppliers, employees and other
business partners, and the ability of the Company and Kuu Hubb Oy
to secure financing in the future on commercially attractive terms
or at all; the potential negative impacts of the debt restructuring
process on the Company’s current financing partners; and the other
risks disclosed under the heading "Risk Factors" in the Company's
management discussion and analysis for the twelve months ended June
30, 2020 filed on SEDAR at www.sedar.com. Forward-looking
information speaks only as of the date on which it is provided and,
except as may be required by applicable securities laws, the
Company disclaims any intent or obligation to update any
forward-looking information, whether as a result of new
information, future events or results or otherwise. Although the
Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein.
Neither 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.
For further information, please contact:
Kuuhubb Inc.Jouni Keränen – CEOjouni@kuuhubb.comOffice: +358 40
590 0919
Bill MitoulasInvestor Relationsbill@kuuhubb.comOffice: +1 (416)
479-9547
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