Aquarius AI Provides Update Regarding Management Cease Trade Order
Vancouver, British Columbia--(Newsfile Corp. - July 6, 2020) - Aquarius AI Inc. (TSXV: AQUA) (FSE: 4G5) ("AQUA", or the "Company") is providing an update with respect to the management cease trade order (the "MCTO") issued by the British Columbia Securities Commission on June 16, 2020, and as announced by the Company on June 5, 2020 and June 23, 2020. The MCTO was issued in connection with the delay by the Company in filing its annual financial statements, management's discussion and analysis and related officer certifications for the financial year ended December 31, 2019 (collectively, the "Annual Filings").
The Company continues to work closely with its auditor and expects to file the Annual Filings as soon as possible, as the completion of such Annual Filings was delayed as a result of an audit overrun due to complexities caused by changes to the Company's industry that led to extensive operation changes, along with issues related to the COVID-19 pandemic which caused significant delays. The Company expects to file the Annual Filings no later than July 13, 2020.
The Company is providing this status update in accordance with National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"). The Company intends to follow the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases, for as long as the Company remains in default. The Company confirms as of the date of this news release that there has been no material change in the information contained in the default announcement issued June 5, 2020 and the default status report issued June 23, 2020, and that there is no other material information concerning the affairs of the Company that has not been generally disclosed.
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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.
Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, the ability of the Company to file the Annual Filings within the time period described herein.
These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, the Company being unable to file the Annual Filings in the proposed timeframe.
In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will be able to file the Annual Filings in the proposed time frame.
Although management of the Company 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. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
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