AI/ML Innovations Inc. Announces Revocation of MCTO

Rhea-AI Summary

AI/ML Innovations Inc. (CSE:AIML; OTCQB:AIMLF) announced that the British Columbia Securities Commission has lifted the Management Cease Trade Order (MCTO) previously imposed on August 30, 2022. This decision follows the successful completion of the required filings for its annual and interim financial statements. The MCTO had delayed the company's trading activities due to late filings associated with a significant equity investment in Tech2Heal SAS. The company expressed gratitude to its shareholders and regulators, ensuring its commitment to financial transparency.

Positive

• MCTO lifted, allowing management to trade shares.
• Successful filing of Annual and Interim Financials.
• Commitment to timely financial transparency.

Negative

• Delayed filings due to acquisition of Tech2Heal SAS.
• Initial MCTO imposed for failing to meet financial reporting deadlines.

TORONTO, ON / ACCESSWIRE / November 4, 2022 / AI/ML Innovations Inc. ("AI/ML" or the "Company") (CSE:AIML; OTCQB:AIMLF; FWB:42FB) is pleased to announce that the Company's principal regulator, the British Columbia Securities Commission ("BCSC") has lifted the Management Cease Trade Order ("MCTO") it had previously granted the Company on August 30, 2022 under National Policy 12-203 Management Cease Trade Orders ("NP 12-203"), as the Company has now successfully completed all requisite filings for its Annual and Interim Financials. Revoking the MCTO means members of management are no longer prevented from trading the Company's common shares.

The MCTO had been granted in conjunction with the Company's anticipated filings of its Annual Audited Financial Statements, Management Discussion and Analysis, and related officer certifications for the financial year ended April 30, 2022, which were originally due August 28, 2022 (collectively, the "Required Documents").

As a result of circumstances reasonably linked to the Company's delay in filing the Required Documents, in addition, the Company was not able to meet the deadline for filing its interim unaudited financial statements, interim management's discussion and analysis and related certifications for the three-month period ended July 31, 2022 (collectively, the "Interim Filings"). As a result of the Company's delay in preparing the Required Documents, the Interim Filings could not be properly completed in accordance with Canadian securities law and regulation. Under the securities laws of the provinces in which AI/ML is a reporting issuer, the Interim Filings were to be filed by September 29, 2022.

The Company publicly disclosed that its failure to file its Required Filings by the Filing Deadline was 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 remains committed to timely financial transparency and wishes to thank its shareholders, auditors and the BCSC, for their continued trust.

AI/ML's Annual and Interim Financials are now publicly available on SEDAR.com

For more information, please contact:

Blake Fallis (778) 405-0882 or info@aiml-innovations.com

For detailed information please see the Company'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 (70% owned by AIML), Tech2Heal (up to 22% ownership rights, with 9.44% currently owned), AI Rx Inc. (70% owned by AIML) and other planned accretive investments, the Company continues to capitalize on expanding growth areas, to the benefit of all the Company's stakeholders. The Company's shares are traded on the Canadian Securities Exchange under the symbol "AIML", the OTCQB Venture Market under "AIMLF", and the Frankfurt Stock Exchange under "42FB".

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.

SOURCE: AI/ML Innovations Inc.

View source version on accesswire.com:
https://www.accesswire.com/723983/AIML-Innovations-Inc-Announces-Revocation-of-MCTO

FAQ

What does the lifting of the MCTO mean for AIMLF shareholders?

The lifting of the Management Cease Trade Order allows management to resume trading the company's shares, which can increase market activity and shareholder confidence.

When was the MCTO imposed on AI/ML Innovations Inc.?

The MCTO was imposed on August 30, 2022.

What caused the delay in the financial filings for AIMLF?

The delay was primarily due to the company's acquisition of a material equity interest in Tech2Heal SAS, requiring significant financial reporting adjustments.

Where can I find AI/ML's Annual and Interim Financials?

AI/ML's Annual and Interim Financials are available on SEDAR.com.

Is AI/ML Innovations Inc. involved in AI and machine learning?

Yes, AI/ML Innovations Inc. focuses on leveraging AI and machine learning in digital health and well-being sectors.