Composite Alliance Group Provides Update to the Filing of Its Financial Statements
Calgary, Alberta--(Newsfile Corp. - May 22, 2020) - Composite Alliance Group Inc. (formerly CanAsia Financial Inc.) (TSXV: CAG) (the "Company" or "CAG") provides an update with respect to the filing of its annual financial statements and management's discussion and analysis for the twelve-month period ended December 31, 2019 (collectively the "Annual Filings"). CAG previously announced on April 23, 2020 that the Company will be relying on relief granted by the Alberta Securities Commission under Alberta Instrument 51-517 - Temporary Exemption from Certain Corporate Finance Requirements (the "Alberta Instrument") (and similar exemptions provided by the securities commissions in British Columbia, Saskatchewan and Ontario) for temporary exemption from the following Annual Filing documents due to the challenges created by COVID-19:
- the Company's Annual Audited Financial Statements for the twelve-month period ended December 31, 2019 as required by section 4.2 of National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102"); and
- the Company's Management Discussion & Analysis for the twelve-month period ended December 31, 2019 as required by section 5.1(2) of NI 51-102.
It was previously announced that the Annual Filings would be filed no later than June 1, 2020. However, due to continued COVID-19 related delays, the Company may require additional time and expects to file the Annual Filings no later than June 15, 2020.
The Company further announces that filing of its unaudited interim quarterly financial statements and accompanying management's discussion and analysis for the quarter ended March 31, 2020 (collectively the "Q1 Filings") will be postponed due to delays caused by the COVID-19 pandemic. The Q1 Filings would ordinarily have been filed on or before June 1, 2020, the required deadline set by NI-51-102. CAG is relying on the exemption provided in the Alberta Instrument, which provides the Company with an additional 45 days to complete its Q1 Filings, which includes the following continuous disclosure documents:
- the Company's unaudited financial statements for the quarter ended March 31, 2020 as required by section 4.4 of NI 51-102; and
- the Company's management's discussion and analysis for the quarter ended March 31, 2020 as required by section 5.1(2) of NI 51-102.
The Company expects to file the Q1 Filings no later than July 14, 2020.
Until the Company has filed the required financial statements and management's discussion and analysis, members of the Company's management and other insiders are subject to a trading blackout reflecting the principles contained in section 9 of National Policy 11-207 - Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions.
Since April 23, 2020, when the Company announced that it would rely on the Alberta Instrument with respect to the Annual Filings, the following significant business development have occurred:
- On May 11, 2020, the French government published a decree easing certain restrictions put in place to stop the spread of COVID-19. As of this week, the Company's subsidiary Techni Modul Engineering S.A., located in Clermont-Ferrand, France has resumed certain sales and delivery activities. Operations of Techni Modul Engineering S.A remain affected by continued restrictions imposed by the French government and CAG continues to monitor the rapidly changing developments concerning the pandemic.
For further information, please contact Dale Burstall, Corporate Secretary and Director, via email at firstname.lastname@example.org.
Forward Looking Statements
This news release may contain certain forward-looking information and statements. Statements containing the words: 'believes', 'intends', 'expects', 'plans', 'seeks' and 'anticipates' and any other words of similar meaning are forward-looking. All statements included herein involve various risks and uncertainties because they relate to future events and circumstances beyond the Company's control. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. Any forward-looking statements are made as of the date of this press release and the Company does not undertake to update any forward-looking information except in accordance with applicable securities laws
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
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