Moovly Media Announces Management Cease Trade Order

Rhea-AI Summary

Moovly Media Inc. announces a delay in filing its audited financial statements for the fiscal year ended September 30, 2023, due to delays in completing the year-end audit and required documents. The company has made an application for a management cease trade order and intends to issue bi-weekly default status reports until the financial statements are filed.

Positive

• None.

Negative

• Delayed filing of audited financial statements
• Application for a management cease trade order

Vancouver, British Columbia--(Newsfile Corp. - January 30, 2024) - Moovly Media Inc. (TSXV: MVY) (OTCQB: MVVYF) (FSE: 0PV2) ("Moovly" or the "Company") announces that it has not filed its audited financial statements and management's discussion and analysis for the fiscal year ended September 30, 2023 (the Financial Statements") before the prescribed deadline of January 29, 2024.

The Company is experiencing delays in completing the year-end audit and required documents. The Company's auditors, Davidson & Company LLP, have advised the Company that they require additional time to complete their remaining audit and quality procedures, and file documentation.

The Company has made an application to the applicable securities regulatory authorities under National Policy 12-203 requesting that a management cease trade order ("MCTO") be imposed for the duration of the default. The MCTO has been granted by the BC Securities Commission, as its principal regulator.

The Company and its auditors are working diligently to finalize the Financial Statements and expects to file the Financial Statements no later than February 29, 2024.

The Company intends to satisfy the provisions of the alternative information guidelines under National Policy 12-203 by issuing bi-weekly default status reports in the form of press releases so long as it remains in default of the filing requirements set out above.

About Moovly:

Moovly is the leading provider of creative cloud-based tools to create compelling marketing, communications and training videos and video presentations. Moovly's advanced Studio Editor with millions of assets seamlessly integrated (via partnerships with Getty Images & Storyblocks) is all you need to create engaging video content to promote, communicate or explain your product, service or message. Moovly's API and Automator technologies allow third parties to automate parts or all of the content creation process, including mass video customization, personalized videos (video version of mail merge), automatic content creation or updating by connecting data sources. With clients including users from over 300 of the Fortune 500, small businesses, freelancers and Ivy league universities, Moovly is an intuitive, cost effective choice for DIY creation of engaging video-based content.

"Your story begins with Moovly"

Files are available for download in our press room at www.moovly.com/pressroom.

For additional information about Moovly, please visit www.moovly.com.

Brendon Grunewald
President, CEO and Director
Email: press@moovly.com

Reader Advisory

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward-looking statements and information with respect to Moovly's future business plans and the expected benefits of its products. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.

By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to, Moovly's inability to continue to commercialize its products or demand for its products decreases or disappears. Other risk factors are set forth in detail in the Company's Management Discussion and Analysis dated June 30, 2023 which is available for review under the Company's corporate profile at www.sedar.com. Some other risks and factors that could cause the results to differ materially from those expressed in the forward-looking information also include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, unanticipated operating events; failure to obtain any necessary third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital and skilled personnel; changes in tax laws; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.

Neither the 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/196273

FAQ

Why has Moovly Media Inc. announced a delay in filing its audited financial statements?

Moovly Media Inc. is experiencing delays in completing the year-end audit and required documents, leading to the delay in filing the financial statements.

What is the ticker symbol for Moovly Media Inc. on the OTCQB market?

The ticker symbol for Moovly Media Inc. on the OTCQB market is MVVYF.

What action has the company taken in response to the delay in filing its financial statements?

The company has made an application for a management cease trade order and intends to issue bi-weekly default status reports until the financial statements are filed.

When does the company expect to file the financial statements?

The company expects to file the financial statements no later than February 29, 2024.