AI/ML Innovations Inc. Granted Management Cease Trade Order
AI/ML Innovations Inc. (CSE:AIML; OTCQB:AIMLF) announced its failure to file required audited annual financial statements for the year ending April 30, 2022, by the August 28, 2022 deadline, resulting in a default under National Instrument 51-102. The British Columbia Securities Commission has issued a management cease trade order (MCTO) which restricts insider trading but does not affect general shareholder trading. The company is actively working to rectify this situation and plans to complete required filings by October 28, 2022.
- The company aims to remedy the default by filing the required documents by October 28, 2022.
- AI/ML Innovations continues to satisfy alternative information guidelines under NP 12-203 and will provide bi-weekly default status reports.
- Failure to file required audited annual financial statements on time could indicate underlying issues.
- The MCTO restricts insider trading, which may raise concerns among investors.
TORONTO, ON / ACCESSWIRE / August 30, 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, did not file its audited annual financial statements, management's discussion and analysis and related CEO and CFO certifications for the financial year ended April 30, 2022 (the "Required Filings") by the filing deadline of August 28, 2022, and as a result is in default of its obligations under Part 4 of National Instrument 51-102 Continuous Disclosure Obligations.
As previously announced on August 19, 2022 (the "Announcement"), the Company applied to the British Columbia Securities Commission (the "BCSC") for a management cease trade order (the "MCTO"), which would restrict all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer and Chief Financial Officer of the Company. The BCSC issued the MCTO on August 30, 2022. The MCTO does not generally affect the ability of shareholders who are not insiders of the Company to trade their securities.
The Company and its auditor continue to work diligently toward completing the Required Filings, and expect to remedy the default by filing the Required Filings on or before October 28, 2022.
The Company confirms that since the date of the Announcement: (i) there has been no material change to the information set out in the Announcement that has not been generally disclosed; (ii) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the "alternative information guidelines" under National Policy 12-203 Management Cease Trade Orders ("NP 12-203") and issue bi-weekly default status reports for so long as the delay in filing the Required Filings is continuing, each of which will be issued in the form of a news release; (iii) there has not been any other specified default by the Company under NP 12-203; (iv) the Company is not subject to any insolvency proceedings; and (v) there is no material information concerning the affairs of the Company that has not been generally disclosed.
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 (
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 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.
View source version on accesswire.com:
https://www.accesswire.com/714110/AIML-Innovations-Inc-Granted-Management-Cease-Trade-Order
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