Nexera Provides Update on Delayed Filing of Annual Financial Statements and MD&A and Management Cease Trade Order

Rhea-AI Summary

Nexera Energy Inc. (OTC PINK: EMBYF) has issued a bi-weekly default status report due to delays in filing its annual financial statements for the period ended December 31, 2021. The Alberta Securities Commission granted a management cease trade order affecting trading by the CEO and CFO until the filings are completed. The company aims to file by May 30, 2022, and will continue to provide updates. There have been no additional material changes or defaults reported since the initial announcement.

Positive

• The company is proactively addressing filing delays and expects to submit the annual financial statements by May 30, 2022.
• No additional defaults or material changes have been reported since the initial announcement, indicating stability.

Negative

• The management cease trade order restricts trading for the CEO and CFO, which may raise concerns about governance and oversight.

CALGARY, AB and SAN ANTONIO, TX / ACCESSWIRE / May 9, 2022 / Nexera Energy Inc. (TSXV:NGY)(OTC PINK:EMBYF) (the "Corporation", the "Company" or "Nexera") is providing a bi-weekly default status report (the "Default Status Report") in accordance with National Policy 12-203 - Management Cease Trade Orders ("NP 12-203").

On April 25, 2022, the Company announced (the "Default Announcement") that, for the reasons disclosed in the Default Announcement, the filing of its annual financial statements, accompanying management discussion and analysis and related CEO and CFO certifications for the period ended December 31, 2021 (the "Annual Filings") would not be completed by the prescribed filing deadline.

As a result of these delays and as further disclosed in the Company's press release dated April 25, 2022, the Company proactively applied to its principal regulator, the Alberta Securities Commission ("ASC"), for a management cease trade order ("MCTO") in regards to these Annual Filings, and the ASC granted the MCTO to the Company. The MCTO restricts all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer and the Chief Financial Officer of the Company until such time as the Annual Filings have been filed by the Company. The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities.

The Company's board of directors and its management confirms that they are working expeditiously to meet the Company's filing obligations and expect to file the Annual Filings on or before May 30, 2022.

As required by the alternative information guidelines specified by NP 12-203, the Company reports that since the Default Announcement and any subsequent press release disclosure there have not been any changes to the information set out in the Default Announcement that would reasonably be expected to be material to an investor nor any failure by the Company to fulfill its intentions as stated therein with respect to satisfying the provisions of the alternative information guidelines, and there are no additional defaults or anticipated defaults subsequent to the disclosure therein, other than the delay in filing the Annual Filings. Further, there is no additional material information concerning the affairs of the Company that has not been generally disclosed and there are no insolvency proceedings against the Company as of the date of this Default Status Report.

Until the Annual Filings have been filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines set out in NP 12-203 by issuing bi-weekly default status reports in the form of further press releases, which will also be filed on SEDAR. To the extent applicable, the Company is scheduled to file its next default status report in two weeks from the date hereof.

For further information, please contact:

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

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 Stockdale Horizon Projects. Additionally, the Company owns and operates various working interests in the HugoCellR, HagCo, and MarPat partnerships. The Company also now owns 100% of Production Resources Inc., a South Texas oil company.

Forward Looking Statements

Except for statements of historical fact relating to the Company, certain information contained herein relating to the timing of the filing of financial statements constitutes forward-looking statements. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking statements are based on the opinions and estimates of management 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 projected in the forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

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.

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https://www.accesswire.com/700667/Nexera-Provides-Update-on-Delayed-Filing-of-Annual-Financial-Statements-and-MDA-and-Management-Cease-Trade-Order

FAQ

What is the current status of Nexera Energy's financial filings?

Nexera Energy is expected to complete its annual financial filings by May 30, 2022.

What is the management cease trade order related to Nexera Energy?

The management cease trade order restricts trading by the CEO and CFO until the annual financial filings are completed.

How does the delay in filing affect Nexera Energy's investors?

Currently, the delay has not resulted in any additional defaults or material changes, but it does raise concerns about oversight.

What updates can shareholders expect from Nexera Energy?

Nexera Energy will issue bi-weekly default status reports until the annual filings are submitted.

Is Nexera Energy facing any insolvency proceedings?

As of the date of the report, there are no insolvency proceedings against Nexera Energy.