Nexera Energy Announces Reliance on Filing Exemption for Q2 Interim Financial Statements

Rhea-AI Summary

Nexera Energy Inc. (TSX Venture:NGY) announces a delay in filing its unaudited interim financial statements for Q2 2020 due to Covid-19 related issues. The Company will utilize a 45-day extension granted by the Canadian Securities Administrators, with filings expected by October 15, 2020. No material business developments have occurred since the last financial statements. Management and insiders are under an insider trading black-out until the interim filings are disclosed.

Positive

• The Company is complying with regulations by utilizing the blanket relief for filing extensions.

Negative

• Delay in filing may raise concerns about the Company's financial transparency.
• Lack of material business developments could indicate stagnation in growth.

CALGARY, AB and SAN ANTONIO,TX / ACCESSWIRE / August 28, 2020 / Nexera Energy Inc. (TSX Venture:NGY) (formerly Emerald Bay Energy Inc. (TSX Venture:EBY)) (the "Corporation", the "Company" or "Nexera") announces that, pursuant to the blanket relief granted by the Canadian Securities Administrators because of delays related to the Covid-19 crisis, it will not file its unaudited interim financial statements for the period ended June 30, 2020, and the related management's discussion and analysis, as required by Parts 4 and 5 of National Instrument 51-102 - Continuous Disclosure Obligations (collectively, the "Interim Filings") by the filing deadline of August 29, 2020. The Company is afforded a postponement of up to a maximum 45-day extension pursuant to blanket relief for all market participants and, as such, the Company will file the Interim Filings no later than October 15, 2020.

Other than as disclosed in the Company's press releases, there have not been any material business developments since the date that the last financial statements of the Company were filed.

The Company confirms that its management and other insiders are subject to an insider trading black-out policy that reflects the principles in section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions, such that they are in a black-out period until the commencement of the second trading day after the Interim Filings have been disclosed.

About Nexera Energy Inc.

Nexera Energy Inc. (TSX Venture:NGY) is an energy company with oil producing properties in Southwest Texas. Nexera is owner and operator of the Lavernia, Wooden Horse and Nash Creek Projects. Additionally, the Company owns and operates various working interests in the HugoCellR, Cotulla, and MarPat partnerships. The Company also owns 75% of Production Resources Inc., a South Texas oil company.

For further information, please contact:

Nexera Energy Inc. President, Shelby D. Beattie, by telephone at (403) 262-6000
Email: info@ebyinc.com
www.nexeraenergy.com.

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: Nexera Energy Inc.

View source version on accesswire.com:
https://www.accesswire.com/603864/Nexera-Energy-Announces-Reliance-on-Filing-Exemption-for-Q2-Interim-Financial-Statements

FAQ

What is Nexera Energy's new filing deadline for Q2 2020 financial statements?

Nexera Energy's new filing deadline for Q2 2020 financial statements is October 15, 2020.

Why is Nexera Energy delaying its financial statement filings?

Nexera Energy is delaying its financial statement filings due to delays related to the Covid-19 crisis.

How has Covid-19 impacted Nexera Energy's financial reporting?

Covid-19 has led Nexera Energy to seek a 45-day extension for filing its unaudited interim financial statements.

Are Nexera Energy's insiders trading during the black-out period?

No, Nexera Energy's management and insiders are under a trading black-out until after the interim filings are disclosed.