OOOOO Announces Late Filing of Annual Financial Statements and Management Cease Trade Order
02 March 2023 - 10:11AM
OOOOO Entertainment Commerce Limited (TSXV: OOOO)
("
OOOOO" or the "
Company")
announced today that, as a result of delays in completion of its
audit, the Company will not be able to file its annual financial
statements and accompanying management's discussion and analysis
for the year ended October 31, 2022 (the "
Annual
Filings") by February 28, 2023, being the date that such
filings are due under applicable Canadian securities law
requirements. The Company has applied for, and has been granted, a
management cease trade order (the "
MCTO") by the
British Columbia Securities Commission.
The Company's audit has been delayed as a result
of the resignation of the Company's former Chief Financial Officer
and the transition to the Company's current Chief Financial Officer
in December, and the greater than expected work associated with the
Company's foreign subsidiaries.
The Company is continuing to work diligently
with its Chief Financial Officer and Chief Executive Officer to
remedy the default and currently expects to file the Annual Filings
on or before March 14, 2023. The Company will issue a news release
announcing completion of such filings at such time. Until the
Company files the Annual Filings, it will comply with the
alternative information guidelines set out in National Policy
12-203 – Management Cease Trade Orders for issuers who have failed
to comply with a specified continuous disclosure requirement within
the times prescribed by applicable securities laws. The guidelines,
among other things, require the Company to issue bi-weekly default
status reports by way of a news release so long as the Annual
Filings have not been filed.
During the MCTO, the general investing public
will continue to be able to trade in the Company's listed
subordinate voting shares. However, the Company's chief executive
officer and chief financial officer will not be able to trade in
the Company's securities.
About OOOOO
Founded by Sam Jones and Eric Zhang, OOOOO
operates a technology platform that enables retailers, brands and
entrepreneurs to share product-based content directly to consumers
through live, interactive shoppable videos.
For further information please
contact:
Samuel Jones Chief Executive Officer/Co-Founder
(604)-265-0771 sam@ooooo.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATIONS SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward-Looking Information:
This press release contains certain forward-looking information
that reflects the current views and/or expectations of the Company
with respect to its performance, business and future events,
including, without limitation, statements relating to the timing
and completion of necessary accounting and review procedures to
complete the Annual Filings. Statements constituting
forward-looking information are not guarantees of future
performance and involve risks, uncertainties and assumptions which
are difficult to predict. Investors are cautioned that all
forward-looking information involves risks and uncertainties,
including: that the Company will be subject to additional delays in
the filing of its Annual Filings, which could result in additional
sanctioning action by applicable securities regulators; and other
risks and uncertainties listed in the Company's public filings.
These risks, as well as others, could cause actual results and
events to vary significantly. Accordingly, readers should not place
undue reliance on forward-looking information, which is qualified
in their entirety by this cautionary statement. There can be no
assurance that forward-looking information, or the material factors
or assumptions used to develop such forward-looking information,
will prove to be accurate. The Company does not undertake any
obligations to release publicly any revisions for updating any
voluntary forward-looking information, except as required by
applicable securities law.
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