AI/ML Innovations Inc. Provides Status Update
AI/ML Innovations Inc. (CSE:AIML, OTCQB:AIMLF) announced that the British Columbia Securities Commission (BCSC) granted a management cease trade order (MCTO) on August 30, 2022. This order prohibits the CEO and CFO from trading the company's securities until the filing of required audited financial statements for the year ending April 30, 2022. The company aims to file these documents by October 28, 2022, and will issue bi-weekly updates while in default. The MCTO does not hinder other shareholders from trading their securities.
- The expected filing date for the required documents is set for October 28, 2022, indicating that the company is making efforts to comply with regulatory requirements.
- The company is actively working with its auditor to resolve accounting issues related to a France-based investee.
- The management cease trade order (MCTO) prevents key executives from trading, signaling potential financial instability.
- Failure to file the required documents on time could lead to a broader issuer cease trade order, which would restrict trading for all shareholders.
TORONTO, ON / ACCESSWIRE / September 13, 2022 / AI/ML Innovations Inc. ("AI/ML" or the "Company") (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) announces that further to its news releases dated August 19, 2022 and August 30, 2022, the Company's principal regulator, the British Columbia Securities Commission (the "BCSC") granted a management cease trade order (the "MCTO") on August 30, 2022, under National Policy 12-203 Management Cease Trade Orders ("NP 12-203"). Pursuant to the MCTO, Randy Duguay, the Chief Executive Officer, and Dave Cross, the 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, 2022 (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.
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 about October 28, 2022 and confirm that since the Company's news release dated August 30, 2022, 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 in relation to accounting issues raised regarding the consolidation of a France based investee entity.
Until the Required Documents 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 in a timely manner, the Canadian Securities Regulatory Authorities may impose an issuer cease trade order on the outstanding securities of the Company.
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 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 AI/ML 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 AI/ML 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/715830/AIML-Innovations-Inc-Provides-Status-Update
FAQ
What is the management cease trade order (MCTO) for AIMLF?
When does AI/ML Innovations Inc. plan to file its annual financial statements?
How does the MCTO affect other shareholders of AIMLF?
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