AI/ML Innovations Inc. Announces Late Filing of Annual Financial Disclosure
AI/ML Innovations Inc. (CSE:AIML; OTCQB:AIMLF) has applied for a Management Cease Trade Order (MCTO) from the British Columbia Securities Commission due to the inability to file audited financial statements by the deadline of August 28, 2022. The delays are attributed to the acquisition of Tech2Heal SAS and the need for additional financial documentation to comply with IFRS. The company expects to file the required documents by October 28, 2022. The MCTO, if granted, will restrict trading of shares by the CEO and CFO but will not affect general public trading.
- The company is actively working to comply with financial reporting requirements.
- No insolvency proceedings are reported against the company.
- Failure to file audited financial statements by the August 28, 2022 deadline could lead to a general cease trade order.
- The MCTO application does not guarantee approval, adding uncertainty.
TORONTO, ON / ACCESSWIRE / August 19, 2022 / AI/ML Innovations Inc. (the "Company") (CSE:AIML; OTCQB: AIMLF; FWB:42FB), a company committed to acquiring and advancing Artificial Intelligence/Machine Learning technologies that address urgent societal needs, announces that it has made an application to the British Columbia Securities Commission ("BCSC") to approve a management case trade order ("MCTO") under National Policy 12-203 Management Cease Trade Orders ("NP 12-203"), which, if granted, will prohibit trading in the securities of the Company by the Chief Executive Officer and Chief Financial Officer of the Company until such time as the Required Filings (defined below) and all continuous disclosure requirements have been filed by the Company, and the MCTO has been lifted. During the period in which the MCTO is effective, the general public, who are not insiders of the Company, will continue to be able to trade in the Company's listed securities. The MCTO application has been made but there is no guarantee or assurance that the MCTO will be granted. If the MCTO is not issued by the BCSC, the applicable Canadian securities regulatory authorities could issue a general cease trade order against the Company for failure to file the Required Filings within the prescribed time period.
The Company expects that it will be unable to file its audited financial statements for the financial year ended April 30, 2022, and the related management's discussion and analysis and Chief Executive Officer and Chief Financial Officer certificates for this period (collectively, the "Required Filings") before the filing deadline of August 28, 2022 (the "Filing Deadline").
The Company's failure to file its Required Filings by the Filing Deadline is due to the fact that during the year it acquired a material equity interest in a French corporation, Tech2Heal SAS, requiring the conversion of Tech2Heal's financial reporting into IFRS, followed by the incorporation into the Company's consolidated financial statements by way of equity accounting. The Company's auditors have requested additional documentation/support from Tech2Heal, which is anticipated to be provided by September 15, 2022.
The Company anticipates that it will be in a position to remedy the default by filing the Required Filings on or before October 28, 2022. The MCTO will be in effect until the Required Filings are filed. The Company intends to satisfy the provision of the alternative information guidelines set out in sections 9 and 10 of NP 12-203 so long as the Required Filings are outstanding.
The Company confirms that there are no insolvency proceedings against it as of the date of this press release. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this press release.
On behalf of the Board of Directors
Tim Daniels
For more information, please contact:
Blake Fallis (778) 405-0882 or info@aiml-innovations.com
For detailed information please see AI/ML's website at https://aiml-innovations.com/ or the Company's filed documents at www.sedar.com
About AI/ML Innovations Inc.
AI/ML Innovations Inc. has realigned its business operations to capitalize on the burgeoning fields of artificial intelligence (AI) and machine learning (ML), with an initial investment focus on emerging digital health and wellbeing companies that leverage AI, ML, cloud computing and digital platforms to drive transformative healthcare management solutions and precision support delivery across the health continuum. Through strategic partnerships with Health Gauge (
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this news release are "forward-looking statements", which reflect management's expectations regarding the issuance of the MCTO and timing of the filing of the Required Filings. All statements other than statements of historical fact contained in this news release are forward-looking statements. Such forward-looking statements involve risks and uncertainties, as they reflect management's current beliefs and are based on information currently available to management. Actual results may differ materially from those anticipated in the statements made. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update or revise them to reflect new events or circumstances except as expressly required by applicable securities law. Further information regarding the uncertainties and risks can be found in the disclosure documents filed by the Company with the securities regulatory authorities, available at www.sedar.com.
SOURCE: AI/ML Innovations Inc.
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https://www.accesswire.com/712886/AIML-Innovations-Inc-Announces-Late-Filing-of-Annual-Financial-Disclosure
FAQ
What is the reason for AIMLF's management cease trade order application?
When does AIMLF expect to file its required financial documents?
What could happen if the MCTO is not granted for AIMLF?
What impact does Tech2Heal's acquisition have on AIMLF's reporting?
Does AIMLF currently have any insolvency proceedings?
