Gravitas Annual Financial Statements to be Delayed
Toronto, Ontario--(Newsfile Corp. - April 26, 2019) - Gravitas Financial Inc. (CSE: GFI) ("Gravitas" or the "Company"), announced today that it will be late in filing its audited annual financial statements, MD&A and related CEO and CFO certificates for its financial year-ended December 31, 2018 (the "Year End Filings"). The Year End Filings are required to be filed no later than April 30, 2019. The late filing of the Year End Filings is due to delays in incorporating the financial results of one its subsidiaries into the Gravitas financial statements. Management of Gravitas is working with the subsidiary and its auditors to finalize the financial statements and anticipates that the Year End Filings will be filed no later than May 15, 2019.
As a result of this delay in filing, Gravitas has requested that its principal regulator, the Ontario Securities Commission, issue a management cease trade order that prohibits the CEO and CFO of the Company from trading in securities of Gravitas until two full business days after the Year End Filings have been filed. The Company has undertaken not to, directly or indirectly, issue securities to or acquire securities from an insider or employee except in accordance with legally binding obligations to do so existing as of the date of the filing default.
The issuance of a management cease trade order will not affect the ability of other persons to trade Gravitas shares. The Company intends to satisfy the provisions of the alternative information guidelines in National Policy 12-203 Management Cease Trade Orders until the Year End Filings have been made, including the issuance of default status update reports every two weeks during that period.
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or our future performance. Forward-looking statements include the expected date for filing the Year End Filings and the issuance of a management cease trade order rather than a cease trade order. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to vary from those expressed or implied by such forward-looking statements. Forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date of this news release. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, any delays in the completion of the auditors' work on the financial statements and any decision of the Ontario Securities Commission to impose a cease trade order rather than a management cease trade order. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, The Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release.
ABOUT GRAVITAS FINANCIAL INC.
Gravitas Financial Inc. is a platform company that creates businesses in key traditional and emerging sectors with strong industry partners. Our industry focus includes financial services, fintech, and Sino-Canadian mining. We leverage our unique platform to develop a continuous pipeline of new ventures with significant blue-sky potential. Our platform is complimented by strong investment research and digital investment media groups.
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For further information, please contact:
Vikas Ranjan, President, Gravitas Financial Inc.
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