Binovi Provides Update on Status of First Quarter Financials and Confirms Management Cease Trade Order Per National Policy 12-203
Binovi Technologies Corp. (TSXV:VISN)(OTCQB:BNVIF) has announced delays in filing its interim financial statements due to complications related to COVID-19. The British Columbia Securities Commission has granted a management cease trade order (MCTO), restricting trading for insiders until the filings are submitted, expected by September 28, 2020. The MCTO does not affect other shareholders. The company also confirmed compliance with alternative information guidelines during this period. The previous MCTO was lifted after the annual financial statements were filed on September 11, 2020.
- Expected to file interim financial statements by September 28, 2020.
- Complies with alternative information guidelines during MCTO.
- Delays in filing interim financial statements, originally due by September 14, 2020.
- Management cease trade order restricts insider trading.
TORONTO, ON / ACCESSWIRE / September 15, 2020 / Binovi Technologies Corp., (Binovi) (TSXV:VISN)(OTCQB:BNVIF) announces additional delays in filing of its interim financial statements, accompanying management's discussion and analysis, and certifications (collectively the "Interim Filings") for the first quarter ended May 31, 2020. The Company reports that its principal regulator, the British Columbia Securities Commission (the "BCSC"), has accepted the Company's request for, and the BCSC has granted, a management cease trade order (the "MCTO").
As previously announced, the Company had relied upon the blanket relief provided by the Canadian Securities Administrators (the "CSA") in response to the COVID-19 pandemic to extend the filing deadline for the Interim Filings. Due to ongoing complications in collection of certain required data and documentation to complete the audit of the Company caused by COVID-19, the Company was not able to file the Interim Filings by the respective extended deadline being September 14, 2020. The Company expects to file the Interim Filings by September 28, 2020.
The MCTO restricts all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer, the Chief Financial Officer and the directors of the Company until such time as the Interim Filings have been filed by the Company and the MCTO has been lifted. The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities. However, the applicable Canadian securities regulatory authorities could determine, in their discretion, that it would be appropriate to issue a general cease trade order against the Company affecting all of the securities of the Company.
During the MCTO, the Company confirms that it will comply with the provisions of the alternative information guidelines set out in National Policy 12-203 respecting Management Cease Trade Orders for as long as it remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a news 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.
Additionally, the Company reports that the previous management cease trade order granted by the BCSC in connection with the filing of the Company's annual financial statements, accompanying management's discussion and analysis, and certifications (collectively the "Annual Filings") for the year ended February 29, 2020 was lifted on September 14, 2020 following filing of the Company's Annual Filings on www.sedar.com on September 11, 2020.
For additional information on the Company, please visit https://www.binovi.com/investor-reports/
About Binovi Technologies Corp.
Binovi is a best-in-class neuro-visual performance platform designed to test, analyze, track, and report on individual cognitive performance. Binovi combines hardware, software, specialized expert knowledge, and unique data insights to deliver customized, one-on-one training and learning protocols ideal for K-12 Students, Vision Care Specialists, and Sports Performance testing and training. Designed for vision optimization and the enhancement of skills related to cognitive performance, Binovi provides measurable results in less time, and with less effort. Binovi is currently used in over 1,500 locations across 20 countries.
Adam Cegielski
Founder | CEO
Investor Relations
Email: invest@binovi.com
Toll-free: 1 (844) 866-6162
Forward looking information:
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition and development plans do not change as a result of unforeseen events and that the Company obtains regulatory approval. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company's financial condition and development plans change, and delays in regulatory approval, as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com . The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Binovi Technologies Corp.
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FAQ
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