Cybeats Provides Required Biweekly MCTO Update

Rhea-AI Summary

Cybeats Technologies provided an update regarding its default status as per the National Policy 12-203 guidelines. The company confirmed it had not filed its 2023 annual financial statements and related documents by the April 29, 2024 deadline. Cybeats anticipates completing these filings before June 30, 2024. The company will continue bi-weekly updates until compliance is achieved. If the documents are not filed by this date, the Canadian Securities Regulatory Authorities may impose a cease trade order on Cybeats' securities. No other material changes were reported.

Positive

• Cybeats committed to bi-weekly updates until the default is resolved.
• The company anticipates completing the filings before June 30, 2024.

Negative

• Cybeats missed the April 29, 2024 deadline to file its annual financial statements and related documents.
• Potential cease trade order if filings are not completed by June 30, 2024.

Toronto, Ontario--(Newsfile Corp. - May 15, 2024) - Cybeats Technologies Corp. (CSE: CYBT) (OTCQB: CYBCF) ("Cybeats'' or the "Company") announces that, further to its press releases of April 18, 2024 and April 30, 2024, the Company is providing a default status report in accordance with the alternative information guidelines set out in National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203").

On April 30, 2024, the Company announced (the "Default Announcement") that it had not filed its annual financial statements and management discussion and analysis for the year ended December 31, 2023, together with the related certification of filings under National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings (collectively, the "Continuous Disclosure Documents") by the prescribed deadline of April 29, 2024.

Except as discussed below, there have been no material changes to the information contained in the Default Announcement or any other changes required to be disclosed under NP 12-203.

The Company anticipates that the Continuous Disclosure Documents will be filed prior to June 30, 2024. The Company will continue to provide bi-weekly updates, as contemplated by NP 12-203, until the Continuous Disclosure Documents have been filed. In the event that the Company does not file the Continuous Disclosure Documents by June 30, 2024 the Canadian Securities Regulatory Authorities may impose an issuer cease trade order on the outstanding securities of the Company. The Company intends to satisfy the provisions of the Alternative Information Guidelines during the period it remains in default of the filing requirements.

About Cybeats

Cybeats is a cybersecurity company providing SBOM management and software supply chain intelligence technology, helping organizations to manage risk, meet compliance requirements, and secure their software from procurement to development and operation. Our platform gives customers comprehensive visibility and transparency into their software supply chain, enabling them to improve operational efficiency and increase revenue. Cybeats. Software Made Certain. Website: https://cybeats.com

SUBSCRIBE: For more information, or to subscribe to the Company's mail list, visit: https://www.cybeats.com/investors

Contact:
James Van Staveren
Corporate Development
Phone: 1-888-713-SBOM (7266)
Email: ir@cybeats.com

Forward-looking Information Cautionary Statement

Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for the products described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Company filings are available at www.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/209245

FAQ

What is the latest update on Cybeats' financial filings?

Cybeats confirmed it has not filed its 2023 annual financial statements by the April 29, 2024 deadline and plans to file them before June 30, 2024.

What could happen if Cybeats does not meet the June 30, 2024 deadline for financial filings?

If Cybeats does not file the required documents by June 30, 2024, the Canadian Securities Regulatory Authorities may impose a cease trade order on its securities.

How often will Cybeats provide updates on its default status?

Cybeats will provide bi-weekly updates until the continuous disclosure documents are filed.