Intellabridge Provides Update on Annual Filings and Issuance of Cease Trade Order for Shares Trading on the Canadian Securities Exchange
Menlo Park, California, Vancouver, British Columbia, and Boulder, Colorado--(Newsfile Corp. - May 11, 2022) - Intellabridge Technology Corporation (CSE: KASH) (OTCQB: KASHF) (FSE: KASH) (the "Company" or "Intellabridge") announces that its shares have been halted on the Canadian Securities Exchange due to the Company's former Auditor's late decision that it would be unable to provide blockchain cryptocurrency audits since it does not have the specialized skills to audit companies in the cryptocurrency industry. As a result of this decision, the Company was required to engage a new auditor and request a change of year end reporting in order to be in compliance with the reporting deadlines, as announced in a press release on April 29, 2022 prior to the filing deadline of May 2, 2022. However, in the final analysis, the Ontario Securities Commission did not grant an end of year change and halted the trading of shares on the Canadian Securities Exchange by issuing a cease trade order ("CTO") for not filing the following periodic disclosure documents (the "Annual Filings") by the filing deadline of May 2, 2022:
annual audited financial statements for the year ended December 31, 2021;
management's discussion and analysis for the year ended December 31, 2021; and
CEO and CFO certifications of the annual filings for the year ended December 31, 2021.
The Company anticipates that it will complete the Annual Filings on or before July 29, 2022 as originally anticipated by virtue of the resignation of Dale Matheson Carr-Hilton Labonte LLP on March 21, 2022 and the limited availability of successor auditors due to the timing of that resignation. The Company continues to operate normally without disruption and is working diligently and expeditiously with its successor auditor, EBT Professional Accountants, to complete the Annual Filings as soon as possible. The cause of the delay is not material to the Company or its operations.
The CTO issued effective May 6, 2022, will prohibit the trading by any person of any securities of the Company, including trades in the Company's common shares made through the Canadian Securities Exchange. The Company expects the CTO to remain in place until such time as the Annual Filings and all continuous disclosure requirements have been filed and the Company receives an order from the OSC revoking the CTO.
Upon remedying the default within 90 days of the date of the CTO, the filing of the Annual Filings, including all other filings and certifications that subsequently become due, constitutes the application to revoke the CTO.
The Company is not currently subject to any insolvency proceedings, has a strong balance sheet with more than 2 years of runway based on current expenses. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this press release.
A copy of the CTO is posted on the Ontario Securities Commission website.
About Intellabridge Technology Corporation
Intellabridge Technology Corporation (CSE: KASH) (OTCQB: KASHF) (FSE: KASH) is a financial technology company with a digital banking solution based on blockchain technologies that provides customers with access to decentralized financial applications with additional layers of cybersecurity and customer service. Intellabridge offers depositors self-custody services to empower them with complete transparency and control over their accounts through its institutional-grade platform. The Kash product features DeFi interest-bearing savings accounts, stablecoin checking, fiat-crypto on-ramps, synthetic stock, ETF and commodity investing, and other DeFi banking services, with plans to offer debit cards, virtual cards, Apple Pay, Google Pay in a growing number of markets globally.
The Kash platform is available on web and mobile at kash.io.
For more information on Intellabridge, visit www.intellabridge.com.
ON BEHALF OF THE BOARD of DIRECTORS
INTELLABRIDGE TECHNOLOGY CORPORATION
Maria Eagleton, COO
To contact Intellabridge:
The CSE does not accept responsibility for the adequacy or accuracy of this release.
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of any of the word "will" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.
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