Gravitas 1st Quarter Financial Statements to be Delayed
Toronto, Ontario--(Newsfile Corp. - May 15, 2019) - Gravitas Financial Inc. (CSE: GFI) ("Gravitas" or the "Company"), announced today that it will be late in filing its interim financial report, MD&A and related certificates for the three months ended March 31, 2019 (the "Quarterly Filings"). The Quarterly Filings are required to be filed no later than May 30, 2019. The late filing of the Quarterly Filings is due to delays in finalizing the annual financial statements, MD&A and related certificates for the year ended December 31, 2018 (the "Year End Filings"). Management of Gravitas expects that the Year End Filings will be filed no later than May 17, 2019 and that the Quarterly Filings will be filed no later than June 15, 2019.
A cease trade order (CTO) was issued by the Ontario Securities Commission (OSC) for failure to file the Year End Filings on April 30, 2019 and will remain outstanding until the Year End Filings have been made and the CTO has been lifted.
As a result of the expected delay in making the Quarterly Filings, Gravitas has requested that its principal regulator, the OSC, issue a management cease trade order (MCTO) that prohibits the CEO and CFO of the Company from trading in securities of Gravitas until two full business days after the Quarterly Filings have been filed. If the MCTO is not issued, Gravitas expects that a CTO will be issued once it is in default of its Quarterly Filings and that this CTO will continue until the Quarterly Filings have been completed and that CTO has been lifted.
The Company intends to satisfy the provisions of the alternative information guidelines in National Policy 12-203 Management Cease Trade Orders until the Quarterly 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 Quarterly Filings and the issuance of an MCTO rather than a CTO. 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 Year End Filings, delays in completing the Quarterly Filings and any decision of the Ontario Securities Commission to impose a CTO rather than an MCTO. 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.
NOT FOR DISTRIBUTION TO THE U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44823