AI/ML Innovations Inc. Provides Second Status Update
AI/ML Innovations Inc. (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) provides a second status update regarding its financial reporting delays. The British Columbia Securities Commission (BCSC) granted a management cease trade order (MCTO) on August 29, 2024, restricting trading for the CEO and Interim CFO until the company files its annual financial documents for the year ended April 30, 2024. Additionally, the company will miss the September 29, 2024 deadline for its Q1 2024 interim filings.
The company expects to file the required annual documents by September 30, 2024, and the interim filings by October 15, 2024. The delay is partly due to ongoing work with auditors regarding the accounting data of its France-based investee, Tech2heal. AI/ML Innovations will continue to issue bi-weekly status updates to comply with regulatory guidelines.
AI/ML Innovations Inc. (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) fornisce un secondo aggiornamento riguardo ai ritardi nella reportistica finanziaria. La British Columbia Securities Commission (BCSC) ha emesso un ordine di sospensione delle negoziazioni (MCTO) il 29 agosto 2024, limitando le operazioni per il CEO e il CFO ad interim fino a quando la società non presenterà i documenti finanziari annuali per l'anno conclusosi il 30 aprile 2024. Inoltre, l'azienda non rispetterà la scadenza del 29 settembre 2024 per la presentazione dei documenti interini del Q1 2024.
L'azienda prevede di presentare i documenti annuali richiesti entro il 30 settembre 2024 e i documenti interini entro il 15 ottobre 2024. Il ritardo è in parte dovuto al lavoro in corso con i revisori riguardo ai dati contabili della sua partecipata con sede in Francia, Tech2heal. AI/ML Innovations continuerà a emettere aggiornamenti bi-settimanali per conformarsi alle linee guida normative.
AI/ML Innovations Inc. (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) proporciona una segunda actualización de estado sobre sus retrasos en la presentación de informes financieros. La British Columbia Securities Commission (BCSC) emitió una orden de cese de negociación (MCTO) el 29 de agosto de 2024, restringiendo las operaciones para el CEO y el CFO interino hasta que la empresa presente sus documentos financieros anuales para el año que terminó el 30 de abril de 2024. Además, la empresa no cumplirá con la fecha límite del 29 de septiembre de 2024 para sus presentaciones interinas del primer trimestre de 2024.
La empresa espera presentar los documentos anuales requeridos para el 30 de septiembre de 2024 y las presentaciones interinas para el 15 de octubre de 2024. El retraso se debe en parte al trabajo en curso con los auditores sobre los datos contables de su empresa asociada en Francia, Tech2heal. AI/ML Innovations continuará emitiendo actualizaciones quincenales para cumplir con las pautas regulatorias.
AI/ML Innovations Inc. (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB)는 재무 보고 지연에 대한 두 번째 상태 업데이트를 제공합니다. 브리티시컬럼비아 증권 위원회 (BCSC)는 2024년 8월 29일 경영 중단 명령(MCTO)을 발행하여 CEO와 임시 CFO의 거래를 제한하였으며, 회사가 2024년 4월 30일 종료된 연도의 연간 재무 문서를 제출할 때까지 유지됩니다. 또한, 이 회사는 2024년 1분기 interim filings을 위한 2024년 9월 29일 마감일을 놓칠 것입니다.
회사는 요구된 연간 문서를 2024년 9월 30일까지 제출할 것으로 예상하며, interim filings은 2024년 10월 15일까지 제출할 것입니다. 이 지연은 부분적으로 프랑스 기반 투자회사 Tech2heal의 회계 데이터와 관련된 감사인과의 지속적인 작업 때문에 발생하고 있습니다. AI/ML Innovations는 규제 지침을 준수하기 위해 계속해서 격주 상태 업데이트를 발행할 것입니다.
AI/ML Innovations Inc. (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) fournit une deuxième mise à jour concernant ses retards de reporting financier. La British Columbia Securities Commission (BCSC) a accordé un ordre de cessation de commerce de gestion (MCTO) le 29 août 2024, restreignant le commerce pour le PDG et le CFO intérimaire jusqu'à ce que la société dépose ses documents financiers annuels pour l'exercice clos le 30 avril 2024. De plus, la société ne respectera pas la date limite du 29 septembre 2024 pour ses dépôts intermédiaires du T1 2024.
La société prévoit de déposer les documents annuels requis d'ici le 30 septembre 2024 et les dépôts intermédiaires d'ici le 15 octobre 2024. Le retard est en partie dû au travail en cours avec les auditeurs concernant les données comptables de son investisseur basé en France, Tech2heal. AI/ML Innovations continuera à publier des mises à jour de statut toutes les deux semaines pour se conformer aux lignes directrices réglementaires.
AI/ML Innovations Inc. (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) gibt ein zweites Status-Update zu den Verzögerungen bei den Finanzberichten. Die British Columbia Securities Commission (BCSC) hat am 29. August 2024 eine Management-Handelsstoppverordnung (MCTO) erlassen, die den Handel für den CEO und den Interim CFO einschränkt, bis das Unternehmen seine Jahresfinanzunterlagen für das am 30. April 2024 endende Jahr einreicht. Darüber hinaus wird das Unternehmen die Frist vom 29. September 2024 für seine Zwischenberichte im Q1 2024 verpassen.
Das Unternehmen erwartet, die erforderlichen Jahresunterlagen bis zum 30. September 2024 einzureichen und die Zwischenberichte bis zum 15. Oktober 2024. Die Verzögerung ist teilweise auf die laufende Zusammenarbeit mit den Wirtschaftsprüfern bezüglich der Buchhaltungsdaten seines in Frankreich ansässigen Beteiligungsunternehmens Tech2heal zurückzuführen. AI/ML Innovations wird weiterhin alle zwei Wochen Statusupdates herausgeben, um die regulatorischen Vorgaben zu erfüllen.
- Company is actively working to resolve financial reporting delays
- Expected filing of annual documents by September 30, 2024
- Anticipated filing of Q1 2024 interim reports by October 15, 2024
- Management cease trade order (MCTO) imposed on CEO and Interim CFO
- Delay in filing annual financial statements for the year ended April 30, 2024
- Missed deadline for Q1 2024 interim financial filings
- Risk of potential issuer cease trade order if filings are not completed timely
TORONTO, ON / ACCESSWIRE / September 20, 2024 / AI/ML Innovations Inc. (the "Company") (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) announces that further to its news releases dated August 23, 2024, August 29, 2024 and September 6, 2024, the Company's principal regulator, the British Columbia Securities Commission (the "BCSC"), granted a management cease trade order (the "MCTO") on August 29, 2024 under National Policy 12-203 Management Cease Trade Orders ("NP 12-203"). Pursuant to the MCTO, Paul Duffy, the Chief Executive Officer, and Tim Daniels, the Interim Chief Financial Officer, may not trade in securities of the Company until such time as the Company files its annual audited financial statements, annual management's discussion and analysis and related certifications for the year ended April 30, 2024 (collectively, the "Required Documents"), and the Executive Director of the BCSC revokes the MCTO. The MCTO does not affect the ability of other shareholders to trade their securities.
As a result of circumstances reasonably linked to the Company's delay in filing the Required Documents, in addition to the default to which this default status report relates, the Company will not 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 are to be filed by September 29, 2024.
The Company's Board of Directors and management confirm that they are working expeditiously to file the Required Documents, and expect to do so on or before September 30, 2024, and confirm that since the Company's news release dated September 6, 2024, there is no other material information respecting the Company's affairs that has not been generally disclosed. The Company continues to work with its auditor regarding the audit of accounting data of its France based investee, Tech2heal, to support incorporation into the Company's consolidated financial statements by way of equity accounting. Additionally, the Company expects to file the Interim Filings on or before October 15, 2024.
Until the Required Documents and Interim Filings have been filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines specified in NP 12-203 by issuing bi-weekly default status reports in the form of further press releases for so long as the Company remains in default of the financial statement filing requirement. In the event that the Company does not file the Required Documents and Interim Filings in a timely manner, the Canadian Securities Regulatory Authorities may impose an issuer cease trade order on the outstanding securities of the Company.
On behalf of the Board of Directors
Tim Daniels, Executive Chairman
About AI/ML Innovations Inc. https://aiml-innovations.com/
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 Inc. (
For more information about AI/ML Innovations:
For detailed information please see AI/ML's website or the Company's filed documents at www.sedarplus.ca
For further information, contact: Blake Fallis at (778) 405-0882 or info@aiml-innovations.com
Certain statements in this news release are "forward-looking statements", which reflect management's expectations regarding the timing of filing of the Required Documents and Interim 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.sedarplus.ca.
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 the original press release on accesswire.com
FAQ
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