Gravitas Cease Trade Order Due to Late Financial Statements
Toronto, Ontario--(Newsfile Corp. - May 7, 2019) - Gravitas Financial Inc. (CSE: GFI) ("Gravitas" or the "Company") announces that a cease trade order has been issued against the Company by the Ontario Securities Commission because of the Company's failure to file annual financial statements for the financial year ended December 31, 2018, together with the related MD&A and officer certifications (the "2018 Annual Filings"). As a result, the Company's securities have been halted from trading on the Canadian Securities Exchange.
The late filing of the 2018 Annual Filings is due to delays in receiving the financial results of one its subsidiaries. Gravitas expects to receive the subsidiary's financial results today and to file its 2018 Annual Filings no later than May 17, 2019. Revocation of the cease trade order is expected to occur within a couple of days following the filing of the 2018 Annual Filings.
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 receiving the financial results of Gravitas' subsidiary, the outside date for the expected filing of the 2018 Annual Filings and the time required for the revocation of the cease trade order once the 2018 Annual Filings have been made. 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 of Gravitas and its subsidiary and any delay in revoking the cease trade order once the 2018 Annual Filings have been made. 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.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS MARKET REGULATOR (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CANADIAN SECURITIES EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information, please contact:
Vikas Ranjan, President, Gravitas Financial Inc.
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