GameOn Granted MCTO

Rhea-AI Summary

GameOn Entertainment Technologies Inc. (CSE: GET) (OTCQB: GMETF) has been granted a management cease trade order (MCTO) by the British Columbia Securities Commission due to a delay in filing its annual financial statements. The MCTO restricts the CEO and CFO from trading in securities until the filings are submitted. The company expects to file the annual filings by May 30, 2023.

VANCOUVER, BC, May 2, 2023 /PRNewswire/ -- GameOn Entertainment Technologies Inc. (CSE: GET) (OTCQB: GMETF) ("GameOn" or the "Company") announces that, further to its news release dated April 14, 2023 (the "Announcement"), its principal regulator, the British Columbia Securities Commission, has accepted the Company's application for, and has granted, a management cease trade order (the "MCTO"). As previously announced, the Company applied for the MCTO due to a delay in the filing of the Company's annual financial statements and accompanying management's discussion and analysis for the fiscal year ended December 31, 2022 (the "Annual Filings"), which were due on May 1, 2022.

The MCTO restricts the Chief Executive Officer and Chief Financial Officer from all trading in securities of the Company until such time as the Annual Filings have been filed by the Company and the MCTO has been lifted. The MCTO does not affect the ability of other shareholders of the Company to trade in securities of the Company.

The Company and its auditors continue to work diligently toward completing the Annual Filings as soon as possible. The Company is not aware of any specific accounting or audit concerns at this time. The Company expects that it will be in a position to file the Annual Filings on or before May 30, 2023.

Until the Annual Filings are filed, the Company intends to comply with the provisions of the alternative information guidelines as set out in National Policy 12-203 – Management Cease Trade Orders ("NP 12-203") for as long as it remains in default, including the issuance of bi-weekly default status reports in the form of a news release. The Company confirms that since the date of the Announcement: (i) there has been no material change to the information set out in the Announcement that has not been generally disclosed; (ii) there has not been any other specified default by the Company under NP 12-203; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.

On Behalf of the Board of Directors
Matt Bailey, Director & Chief Executive Officer
GameOn Entertainment Technologies Inc.
matt@gameon.app

ABOUT GAMEON ENTERTAINMENT TECHNOLOGIES INC.
GameOn (CSE: GET) (OTCQB: GMETF) partners with the world's biggest sports, media, and entertainment IPs to launch brand-building, money-making web3 games (with intuitive web2-friendly rails). We turn fans into superfans - engaging, retaining, and monetizing audiences, and getting upside in the entire economic cycle of web3 games. With a diverse team of web3, gaming, sports, and media veterans with experience at Take-Two Interactive, Twitch, EA, Dapper Labs, and the Brooklyn Nets, GameOn works with broadcasters, TV networks, streaming platforms, leagues, tournaments, and web3 companies to launch best-in-class web3 games. GameOn has launched products for NBCUniversal, Bravo, Karate Combat, Times Internet, the WNBA, DICK'S Sporting Goods, and Gaming Society.

FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release includes statements about the expected filing of the Annual Filings.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause GameOn's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made including, without limitations, information based on the current state of the Annual Filings and discussions with the auditors of the Company. Although GameOn has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information, and there is no guarantee the Annual Filings will be made on the timeline currently expected or at all. If the Annual Filings are not filed on time or subject to additional delays, the securities of the Company could be subject to a cease trade order or other actions taken by the securities regulators and/or exchanges. Accordingly, readers should not place undue reliance on forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information and there is no guarantee the Annual Filings will be made on the timeline currently expected or at all. If the Annual Filings are not filed on time or are subject to additional delays, the securities of the Company could be subject to a cease trade order or other actions taken by the securities regulators and/or exchanges. All forward-looking information herein is qualified in its entirety by this cautionary statement, and GameOn disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

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.

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SOURCE GameOn Entertainment Technologies Inc.

FAQ

Why did GameOn Entertainment Technologies receive a management cease trade order?

GameOn received the MCTO due to a delay in filing its annual financial statements.

What is the impact of the MCTO on trading?

The MCTO restricts the CEO and CFO from trading in securities until the annual filings are submitted.

When does GameOn Entertainment Technologies expect to file the annual financial statements?

The company expects to file the annual filings on or before May 30, 2023.

Are there any specific accounting or audit concerns?

The company is not aware of any specific accounting or audit concerns at this time.

What guidelines will the company follow during the default period?

The company will comply with the alternative information guidelines as set out in National Policy 12-203 – Management Cease Trade Orders (NP 12-203), including the issuance of bi-weekly default status reports.

Is there any material information that has not been disclosed?

The company confirms that there is no material information concerning its affairs that has not been generally disclosed.