GENAI PROVIDES UPDATE ON STATUS OF ANNUAL FINANCIAL STATEMENTS
Generative AI Solutions (OTCQB: AICOF) has provided an update regarding its Management Cease Trade Order (MCTO) issued by the British Columbia Securities Commission. The company has not yet filed its required annual financial statements and related documents for the year ended January 31, 2025.
The delay is attributed to ongoing quality review of audit procedures and financial review procedures by their external auditor, particularly regarding the treatment of certain company acquisitions. While initially expected around June 30, 2025, the company now requires additional time to complete the Required Documents.
The MCTO restricts CEO Patrick Gray and CFO Paul Ciullo from trading company securities until the required documents are filed and the MCTO is revoked, but does not affect other shareholders' ability to trade.
Generative AI Solutions (OTCQB: AICOF) ha fornito un aggiornamento riguardo all'Ordine di Cessazione del Commercio per la Direzione (MCTO) emesso dalla British Columbia Securities Commission. La società non ha ancora depositato i bilanci annuali obbligatori e i documenti correlati relativi all'anno conclusosi il 31 gennaio 2025.
Il ritardo è dovuto alla revisione approfondita delle procedure di audit e di revisione finanziaria da parte del revisore esterno, in particolare per quanto riguarda il trattamento di alcune acquisizioni aziendali. Sebbene inizialmente previsto per il 30 giugno 2025, ora la società necessita di più tempo per completare i documenti richiesti.
L'MCTO vieta al CEO Patrick Gray e al CFO Paul Ciullo di negoziare titoli della società fino al deposito dei documenti richiesti e alla revoca dell'MCTO, ma non limita la capacità di negoziazione degli altri azionisti.
Generative AI Solutions (OTCQB: AICOF) ha proporcionado una actualización sobre la Orden de Suspensión de Comercio para la Gerencia (MCTO) emitida por la Comisión de Valores de Columbia Británica. La compañía aún no ha presentado sus estados financieros anuales requeridos y documentos relacionados para el año terminado el 31 de enero de 2025.
La demora se atribuye a la revisión continua de la calidad de los procedimientos de auditoría y revisión financiera por parte de su auditor externo, especialmente en relación con el tratamiento de ciertas adquisiciones de la empresa. Aunque inicialmente se esperaba alrededor del 30 de junio de 2025, la compañía ahora necesita más tiempo para completar los Documentos Requeridos.
El MCTO restringe al CEO Patrick Gray y al CFO Paul Ciullo de negociar valores de la empresa hasta que se presenten los documentos requeridos y se revoque el MCTO, pero no afecta la capacidad de negociación de otros accionistas.
Generative AI Solutions (OTCQB: AICOF)는 브리티시컬럼비아 증권위원회가 발행한 경영진 거래중지명령(MCTO)에 관한 최신 정보를 제공했습니다. 회사는 2025년 1월 31일 종료된 연도에 대한 필수 연간 재무제표 및 관련 서류를 아직 제출하지 않았습니다.
지연 사유는 외부 감사인이 진행 중인 감사 절차 및 재무 검토 절차의 품질 검토 때문이며, 특히 일부 회사 인수 처리와 관련된 부분입니다. 당초 2025년 6월 30일경 제출 예정이었으나 회사는 이제 필수 서류를 완료하기 위해 추가 시간이 필요합니다.
MCTO는 CEO 패트릭 그레이와 CFO 폴 치울로가 필수 서류 제출 및 MCTO 해제 전까지 회사 증권 거래를 제한하지만, 다른 주주들의 거래 권한에는 영향을 미치지 않습니다.
Generative AI Solutions (OTCQB : AICOF) a fourni une mise à jour concernant l'Ordre de Suspension de Négociation pour la Direction (MCTO) émis par la British Columbia Securities Commission. La société n'a pas encore déposé ses états financiers annuels requis et les documents connexes pour l'exercice clos au 31 janvier 2025.
Le retard est attribué à la revue qualité en cours des procédures d'audit et de révision financière par leur auditeur externe, notamment concernant le traitement de certaines acquisitions de la société. Alors qu'une soumission était initialement prévue autour du 30 juin 2025, la société nécessite désormais plus de temps pour finaliser les documents requis.
Le MCTO interdit au PDG Patrick Gray et au CFO Paul Ciullo de négocier les titres de la société jusqu'au dépôt des documents requis et à la levée du MCTO, mais n'affecte pas la capacité des autres actionnaires à négocier.
Generative AI Solutions (OTCQB: AICOF) hat ein Update bezüglich der von der British Columbia Securities Commission erlassenen Management Cease Trade Order (MCTO) veröffentlicht. Das Unternehmen hat seine erforderlichen Jahresabschlüsse und zugehörigen Unterlagen für das zum 31. Januar 2025 endende Geschäftsjahr noch nicht eingereicht.
Die Verzögerung ist auf die laufende Qualitätsprüfung der Prüfungsverfahren und Finanzprüfungen durch den externen Wirtschaftsprüfer zurückzuführen, insbesondere im Hinblick auf die Behandlung bestimmter Unternehmensakquisitionen. Während ursprünglich mit einer Einreichung um den 30. Juni 2025 gerechnet wurde, benötigt das Unternehmen nun zusätzliche Zeit zur Fertigstellung der erforderlichen Dokumente.
Die MCTO beschränkt CEO Patrick Gray und CFO Paul Ciullo den Handel mit Unternehmenswertpapieren, bis die erforderlichen Dokumente eingereicht und die MCTO aufgehoben ist, beeinträchtigt jedoch nicht die Handelsfähigkeit anderer Aktionäre.
- None.
- Company failed to file required annual financial statements by deadline
- Management (CEO and CFO) are restricted from trading company securities
- Further delay beyond initial June 30, 2025 expected completion date
- External audit complications regarding acquisition treatments
Pursuant to the MCTO, the Corporation's CEO, Patrick Gray, and the Corporation's CFO, Paul Ciullo, may not trade in securities of the Corporation until such time as the Corporation files its annual audited financial statements, annual management's discussion and analysis and related certifications for the year ended January 31, 2025 (collectively, the "Required Documents"), and the BCSC revokes the MCTO.
The MCTO does not affect the ability of other shareholders to trade their securities.
The Corporation has not yet filed the Required Documents, however the Company is working diligently with its auditors and expects that the Required Documents will be filed as soon as possible. The Company had previously announced that it expected the Required Documents to be filed around June 30, 2025, however due to ongoing processes the Company expects to require more time to complete the Required Documents.
As previously reported, the delay is outside of the Company's control and due solely to quality review of audit procedures and financial review procedures of their external auditor, including in respect of the treatment of certain acquisitions of the Company and their presentation in the financial statements.
The Company confirms that it intends to satisfy the provisions of NP 12-203 and issue bi‑weekly default status reports for so long as the Company remains in default of the financial statement filing requirement, containing any material changes to the information in this release, all actions taken by the Company to remedy the default; particulars of any failure by the Company to fulfill these provisions, any subsequent defaults of the Company requiring a default announcement and any other material information concerning the affairs of the Company not previously disclosed.
On Behalf of the Board,
Patrick Gray
CEO, Director and Chairman of the Board
Generative AI Solutions Corp.
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info@genai-solutions.com
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About Generative AI Solutions Corp.
GenAI is a pioneering artificial intelligence company focused on developing a vertically integrated AI solutions business through its proprietary MAI Cloud™platform, with the development and commercialization of AI-powered tools and solutions for businesses and consumers across multiple industries. At GenAI, our mission is to harness the power of AI to create transformative products and services that benefit business and consumers across various sectors. Our team of talented AI professionals and engineers are dedicated to developing state-of-the-art AI- based solutions that have broad applicability and can be seamlessly integrated into diverse workflows. By leveraging our MAI Cloud™platform and our expertise in machine learning, natural language processing, and data analytics, we build versatile high-performance tools that redefine efficiency, productivity, and user experience.
For more information on GenAI, please visit www.genai-solutions.com.
Forward-Looking Information and Statements
This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements.
Generally, such forward-looking information or forward-looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved".
Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company's ability to continue as a going concern; the Company's ability to continue to develop revenue generating applications; continued approval of the Company's activities by the relevant governmental and/or regulatory authorities; and the continued growth of the Company; and Company's ability to continue to meet the requirements of listing of the CSE.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
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SOURCE Generative AI Solutions Corp.
FAQ
What is the current status of AICOF's Management Cease Trade Order (MCTO)?
Why is Generative AI Solutions (AICOF) delayed in filing its annual financial statements?
When will AICOF file its required annual financial documents?
Does the MCTO affect all AICOF shareholders' ability to trade?
What reporting requirements must AICOF fulfill during the MCTO period?
