Cloud DX Announces Expected Annual Financial Statement Filing Delay and Management Cease Trade Order

May 01, 2023 7:18 PM EDT | Source: Cloud DX Inc.

Waterloo, Ontario--(Newsfile Corp. - May 1, 2023) - Cloud DX Inc. (TSXV: CDX) (OTCQB: CDXFF) ("Cloud" or the "Corporation"), is announcing that due to a short delay in finalizing the audit, the Corporation's auditors have advised the Corporation that they do not anticipate being able to complete the necessary procedures in order for the Corporation to finalize the following continuous disclosure documents (collectively, the "Documents") on the filing deadline of May 1, 2023:

  1. The Corporation's annual audited financial statements for the financial year ended December 31, 2022.
  2. The Corporation's Management Discussion and Analysis for the financial year ended December 31, 2022.

The Corporation's delay in filing the Documents on time is due to unforeseen challenges in completing the 2022 financial audit, such as the additional delays in obtaining third party information and confirmations. As a result, the Corporation has applied for a management cease trade order ("MCTO") from the applicable securities regulatory authorities. If granted, the MCTO will be imposed against the CEO and CFO of the Corporation, precluding them from trading securities of the Corporation. The MCTO, if granted, will be in effect until the Documents are filed with the applicable securities authorities, and will not affect the ability of investors who are not insiders to trade in the securities of the Corporation. No decision has been made by the securities regulatory authorities on the Corporation's application for the MCTO. The securities regulatory authorities may grant the application and issue the MCTO or they may impose an issuer cease trade order if the Documents are not filed in a timely fashion.

If the MCTO is granted, and until the Documents are filed, the Corporation intends to issue bi-weekly default status reports in accordance with National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"). The Corporation intends to satisfy the provisions of the Alternative Information Guidelines of NP 12-203 during the period it remains in default of the filing requirements. The Corporation confirms that there is no other material information relating to its affairs that has not been generally disclosed.

The Corporation is not currently subject to any insolvency proceedings. If the Corporation provides any information to any of its creditors during the period in which any MCTO is in place, the Corporation confirms that it will also file material change reports on SEDAR containing such information as is required.

About Cloud DX

Accelerating virtual healthcare's future, Cloud DX is making healthcare better for everyone. The Corporation's Connected HealthTM remote patient monitoring platform is used by healthcare enterprises and care teams across North America to virtually manage chronic disease, enable ageing in place, and deliver hospital-quality post-surgical care at home. Providers partnering with Cloud DX achieve better healthcare and patient outcomes, reduce the need for hospitalization/rehospitalization, and reduce healthcare delivery costs through more efficient use of resources. Cloud DX is the co-winner of the Qualcomm Tricorder XPRIZE, a 2021 Edison Award winner, a Fast Company "World Changing Idea" finalist, and one of "Canada's Ten Most Prominent Telehealth Providers."

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For media inquiries please contact:

Janine Scott
Marketing Lead

For investor inquiries please contact:

Jay Bedard
Cloud DX Investor Relations

SOURCE: Cloud DX Inc.

Forward-Looking Information

This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release.

Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Although management of the Corporation has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information.

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.

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