LevelJump Announces MCTO Application Denied

Rhea-AI Summary

LevelJump Healthcare Corp. (TSXV: JUMP) announces that its application for a management cease trade order has been denied by the Ontario Securities Commission, leading to a potential Failure to File Cease Trade Order. The delay in filing its annual financial statements is attributed to a change in auditors and extensive audit work related to acquisitions in Alberta. Despite the impending trading suspension, the company remains focused on its strategic objectives.

Positive

• The denial of the MCTO application by the Ontario Securities Commission has led to concerns over a potential Failure to File Cease Trade Order (FFCTO) against LevelJump Healthcare Corp.
• The delay in filing the annual financial statements is linked to the company's switch to Kreston GTA LLP as its auditor and the substantial audit work associated with acquisitions in Alberta during the 4th quarter.
• Despite the impending trading suspension, LevelJump Healthcare Corp. is committed to pursuing its strategic objectives, albeit at a slower pace.
• The company assures that there are no insolvency proceedings underway and no undisclosed material information affecting its affairs as of the date of the news release.

Negative

• The denial of the MCTO application and the potential issuance of an FFCTO could lead to a suspension of trading in LevelJump Healthcare Corp.'s shares, impacting investor confidence.
• The delay in filing the Annual Filings may raise concerns about the company's financial transparency and governance practices.
• The increased audit workload related to acquisitions in Alberta could signal operational challenges or inefficiencies within the company.
• The reduced pace of pursuing strategic objectives following the FFCTO may affect the company's growth prospects and competitive positioning in the market.

Toronto, Ontario--(Newsfile Corp. - April 26, 2024) - LevelJump Healthcare Corp. (TSXV: JUMP) (OTC Pink: JMPHF) (FSE: 75J) ("LevelJump" or the "Company") announces that its application for a management cease trade order ("MCTO") under National Policy 12-203 Management Cease Trade Orders ("NP 12-203") has been denied by the Ontario Securities Commission (the "OSC") (see the Company's news release dated April 15, 2024).

As such, it is anticipated that a Failure to File Cease Trade Order (an "FFCTO") will be issued against the Company shortly after April 29, 2024 (the "Filing Deadline") for failure to file its annual financial statements, management's discussion and analysis and related officer certifications for the financial year ended December 31, 2023 (collectively, the "Annual Filings"). This will result in a suspension of trading in the Company's shares.

As previously disclosed, the delay in the preparation of the Annual Filings is as a result of a recent change in the Company's auditor to Kreston GTA LLP (see the Company's Notice of Change of Auditors filed on SEDAR+ dated March 19, 2024) and an exceptionally large amount of audit work related to the Company's Alberta acquisitions during the 4^th quarter (see the Company's news release dated October 11, 2023). The Company intends to work closely with its auditor and is still planning to complete the Annual Filings by the end of June 2024.

Despite the imposition of the FFCTO, the Company will continue to pursue several strategic objectives in accordance with its business plan although at a reduced pace.

The Company confirms as of the date of this news release that there is no insolvency proceeding against it and there is no other material information concerning the affairs of the Company that has not been generally disclosed.

About LevelJump Healthcare

LevelJump Healthcare Corp., (TSXV: JUMP) provides telehealth solutions to client hospitals and imaging centers through its Teleradiology division, as well as in person radiology services through its Diagnostic Centres. JUMP focuses primarily on critical care for urgent and emergency patients, establishing integral relationships in the communities we serve.

ON BEHALF OF THE BOARD OF DIRECTORS OF

LEVELJUMP HEALTHCARE CORP.

Mitchell Geisler
Chief Executive Officer

Caitlin-Robyn Densmore
Business Development Manager
Caitlin.Densmore@leveljumphealthcare.com
(437) 214-1568

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the Company's business plans and the outlook of the Company's industry. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, Canadian Teleradiology Services, Inc., their securities, or their respective financial or operating results (as applicable).

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/207050

FAQ

Why was LevelJump Healthcare Corp.'s MCTO application denied?

The application was denied by the Ontario Securities Commission due to the company's failure to file its annual financial statements, management's discussion and analysis, and related officer certifications for the financial year ended December 31, 2023.

What caused the delay in preparing the Annual Filings?

The delay was attributed to a change in the company's auditor to Kreston GTA LLP and a substantial amount of audit work related to acquisitions in Alberta during the 4th quarter.

What are the implications of the potential FFCTO issuance?

The issuance of an FFCTO could result in a trading suspension of LevelJump Healthcare Corp.'s shares.

Is LevelJump Healthcare Corp. facing insolvency proceedings?

As of the date of the news release, there are no insolvency proceedings against the company.

Is there any undisclosed material information affecting the company's affairs?

There is no undisclosed material information concerning the affairs of LevelJump Healthcare Corp. as of the date of the news release.