Hire Technologies Announces Delay in Filing Its Annual Financial Statements for 2022
HIRE Technologies Inc. (OTC PINK: HIRRF) announced its application for a temporary management cease trade order (MCTO) from the Ontario Securities Commission following delays in filing its audited financial statements for the year ended December 31, 2022. This delay is attributed to challenges in completing the financial audit, including the recent resignation of the CFO and complexities related to the divestiture of The HeadHunters business unit. The MCTO will prevent the CEO from trading Company securities until the Required Filings are completed, but the general public can still trade the Company's listed securities. HIRE aims to submit the Required Filings by June 30, 2023, and is committed to transparency during this process.
- HIRE is actively working with its auditor to complete the financial audit.
- The Company aims to file its Required Filings by June 30, 2023, showing proactive steps to resolve the issue.
- The resignation of the CFO has led to internal resource constraints.
- Delays in audit completion raise concerns about Company governance and financial management.
- The failure to meet the May 1, 2023 filing deadline could negatively impact investor confidence.
TORONTO, ON / ACCESSWIRE / April 17, 2023 / HIRE Technologies Inc. (TSXV:HIRE.V)(OTC PINK:HIRRF) ("HIRE" or the "Company"), a company focused on modernizing and digitizing human resources solutions, announces that it has made an application to the Ontario Securities Commission to approve a temporary management cease trade order ("MCTO") under National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"), which, if granted, will prohibit trading in securities of the Company by the Chief Executive Officer of the Company until such time as the Required Filings (defined below) and all continuous disclosure requirements have been filed by the Company, and the MCTO has been lifted. During the period in which the MCTO is effective, the general public, who are not insiders of the Company, will continue to be able to trade in the Company's listed securities. The MCTO application has been made but there is no guarantee or assurance that the MCTO will be granted.
The Company expects it will be unable to file its audited financial statements for the year ended December 31, 2023, and the management's discussion and analysis and related Chief Executive Officer and Chief Financial Officer certificates for this period (collectively, the "Required Filings") before the May 1, 2023 filing deadline (the "Filing Deadline").
The Company's failure to file its Required Filings by the Filing Deadline is due to unforeseen challenges in completing the 2022 financial audit. The recent resignation fo our CFO and the ongoing search for a suitable replacement have led to internal resource constraints, causing delays in providing necessary information to our auditors. Additionally, the complexities associated with the divestiture of The HeadHunters business unit (for more details, see the Company's press release dated March 13, 2023) have contributed to the audit's prolonged completion. The MCTO is being sought to ensure accuracy and compliance in our financial reporting as we remain committed to providing transparent information to our shareholders and the market
The Company is working diligently with its auditor to complete the audit. Based on its current expectations, the Company anticipates that it will be in a position to remedy the default by filing the Required Filings on or prior to June 30, 2023. The MCTO will be in effect until the Required Filings are filed.
The Company intends to satisfy the provisions of the alternative information guidelines set out in sections 9 and 10 of NP 12-203 so long as the Required Filings are outstanding.
About HIRE Technologies Inc.
HIRE is a growing capital allocator rapidly establishing itself as a market leader in workforce management and staffing. HIRE's mission is to create a world-class portfolio of brands that will define the future of human resources through synergies, scale, and reach. The Company has extensive experience building and growing staffing and executive search companies and is supported by a large recurring revenue base and a highly scalable shared services platform. This structure enables HIRE to create value for partners and shareholders. For more information, visit hire.company.
Contacts
Simon Dealy
Chief Executive Officer
(647) 264-9196
sdealy@hire.company
Neither the TSXV 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 news release.
Forward-Looking Information
This news release contains forward-looking statements relating to the expected timing of the filing of the Required Filings. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are risks detailed from time to time in the filings made by the Company with securities regulations. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will only update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
All forward-looking statements herein are qualified by this cautionary statement as of the date hereof. Accordingly, readers should not place undue reliance on forward-looking statements. HIRE undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.
SOURCE: HIRE Technologies Inc.
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FAQ
What is the reason for HIRE Technologies' MCTO application?
When does HIRE Technologies expect to remedy the filing delay?
How will the MCTO affect HIRE Technologies' CEO?
Can the public still trade HIRE Technologies' securities during the MCTO?
What challenges has HIRE Technologies faced in completing its financial audit?
