Quipt Announces That It Anticipates a Temporary Delay in the Filing of Financial Statements and Application for Management Cease Trade Order
16 December 2021 - 11:30PM
Quipt Home Medical Corp. (“
Quipt” or the
“
Company”) (NASDAQ:QIPT; TSXV:QIPT), a U.S. based
leader in the home medical equipment industry, focused on
end-to-end respiratory care, announces that it anticipates that it
will miss the deadline of December 29, 2021 to file the Company’s
audited annual financial statements and management discussion &
analysis for the financial years ended September 30, 2021 and 2020,
and the CEO and CFO certificates, all as required by National
Instrument 51-102 and National Instrument 52-109 (collectively, the
“
Documents”).
The delay is due, in part, to the accelerated
deadline for the Company to complete the Documents as a result of
its listing its Common Shares for trading on the Nasdaq Capital
Market and the expedited basis in which the Company’s auditors had
to complete the audit. Accordingly, the Company has informed the
British Columbia Securities Commission (“BCSC”) of
its anticipated delay in filing the Documents and has applied to
the BCSC pursuant to Part 4 of National Policy 12-203 – Management
Cease Trade Orders (“NP 12-203”) for a Management
Cease Trade Order (“MCTO”) pending the filing of
the Documents, which MCTO will prohibit the Company’s management
from trading in the securities of the Company until such time as
the Documents are filed. No decision has yet been made by the BCSC
on this application.
If a MCTO is issued, during the period of
default and until the filing of the Documents, 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. The Company intends to work
diligently and expeditiously with its Auditors and expects to file
the Documents as soon as possible but no later than its historical
deadline of January 28, 2022.
Until the Company has filed the Documents,
members of the Company’s management and other insiders are subject
to an insider trading black-out as per its insider trading 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 of the Company’s latest
interim financial report.
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 QUIPT
HOME MEDICAL
CORP.
The Company provides in-home monitoring and
disease management services including end-to-end respiratory
solutions for patients in the United States healthcare market. It
seeks to continue to expand its offerings to include the management
of several chronic disease states focusing on patients with heart
or pulmonary disease, sleep disorders, reduced mobility and other
chronic health conditions. The primary business objective of the
Company is to create shareholder value by offering a broader range
of services to patients in need of in-home monitoring and chronic
disease management. The Company’s organic growth strategy is to
increase annual revenue per patient by offering multiple services
to the same patient, consolidating the patient’s services, and
making life easier for the patient.
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.
Forward-Looking Statements
Certain statements contained in this press
release constitute “forward-looking information” as such term is
defined in applicable Canadian securities legislation. The words
“may”, “would”, “could”, “should”, “potential”, “will”, “seek”,
“intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and
similar expressions as they relate to the Company, including
statements with respect to the issuance of a MCTO in respect of the
Company, are intended to identify forward-looking information. All
statements other than statements of historical fact may be
forward-looking information. Such statements reflect the Company's
current views and intentions with respect to future events, and
current information available to the Company, and are subject to
certain risks, uncertainties and assumptions. Many factors could
cause the actual results, performance or achievements that may be
expressed or implied by such forward-looking information to vary
from those described herein should one or more of these risks or
uncertainties materialize. Examples of such risk factors include,
without limitation: credit; market (including equity, commodity,
foreign exchange and interest rate); liquidity; operational
(including technology and infrastructure); reputational; insurance;
strategic; regulatory; legal; environmental; capital adequacy; the
general business and economic conditions in the regions in which
the Company operates; the ability of the Company to execute on key
priorities, including the successful completion of acquisitions,
business retention, and strategic plans and to attract, develop and
retain key executives; difficulty integrating newly acquired
businesses; the ability to implement business strategies and pursue
business opportunities; low profit market segments; disruptions in
or attacks (including cyber-attacks) on the Company's information
technology, internet, network access or other voice or data
communications systems or services; the evolution of various types
of fraud or other criminal behavior to which the Company is
exposed; the failure of third parties to comply with their
obligations to the Company or its affiliates; the impact of new and
changes to, or application of, current laws and regulations;
decline of reimbursement rates; dependence on few payors; possible
new drug discoveries; a novel business model; dependence on key
suppliers; granting of permits and licenses in a highly regulated
business; the overall difficult litigation environment, including
in the U.S.; increased competition; changes in foreign currency
rates; increased funding costs and market volatility due to market
illiquidity and competition for funding; the availability of funds
and resources to pursue operations; critical accounting estimates
and changes to accounting standards, policies, and methods used by
the Company; the occurrence of natural and unnatural catastrophic
events and claims resulting from such events; and risks related to
COVID-19 including various recommendations, orders and measures of
governmental authorities to try to limit the pandemic, including
travel restrictions, border closures, non-essential business
closures, quarantines, self-isolations, shelters-in-place and
social distancing, disruptions to markets, economic activity,
financing, supply chains and sales channels, and a deterioration of
general economic conditions including a possible national or global
recession; as well as those risk factors discussed or referred to
in the Company’s disclosure documents filed with United States
Securities and Exchange Commission and available at www.sec.gov,
and with the securities regulatory authorities in certain provinces
of Canada and available at www.sedar.com. Should any factor affect
the Company in an unexpected manner, or should assumptions
underlying the forward-looking information prove incorrect, the
actual results or events may differ materially from the results or
events predicted. Any such forward-looking information is expressly
qualified in its entirety by this cautionary statement. Moreover,
the Company does not assume responsibility for the accuracy or
completeness of such forward-looking information. The
forward-looking information included in this press release is made
as of the date of this press release and the Company undertakes no
obligation to publicly update or revise any forward-looking
information, other than as required by applicable law.
For further information please visit our website
at www.Quipthomemedical.com, or contact:
Cole StevensVP of Corporate DevelopmentQuipt
Home Medical Corp. 859-300-6455cole.stevens@myquipt.com
Gregory CrawfordChief Executive OfficerQuipt Home Medical Corp.
859-300-6455investorinfo@myquipt.com
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