Moovly Media Provides Update on Management Cease Trade Order

Rhea-AI Summary

Moovly Media Inc. provides an update on the management cease trade order issued due to delays in filing financial statements. The company is working to finalize the statements by February 29, 2024, with the MCTO prohibiting trading by the CEO and CFO until then.

Positive

• None.

Negative

• The delay in filing financial statements could indicate potential financial or operational challenges within the company.
• The MCTO could lead to decreased investor confidence and impact the company's stock price negatively.
• The ongoing default status and MCTO may result in regulatory scrutiny and further complications for the company.

Vancouver, British Columbia--(Newsfile Corp. - February 27, 2024) - Moovly Media Inc. (TSXV: MVY) (OTCQB: MVVYF) (FSE: 0PV2) ("Moovly" or the "Company") provides an update with respect to the previously announced management cease trade order (the "MCTO") issued at the request of the Company on January 30, 2024.

The MCTO was issued in connection with the delay by the Company in filing its annual financial statements, management's discussion and analysis and related officer certifications for the fiscal year ended September 30, 2023 (collectively, the "Financial Statements") beyond the required filing deadline under Parts 4 and 5 of National Instrument 51-102 Continuous Disclosure Obligations and pursuant to National Instrument 52-109 Certification of Disclosure in Issuer's Annual and Interim Filings, being January 29, 2024.

The Company and its auditors are working diligently to finalize the Financial Statements which are expected to be filed no later than February 29, 2024. The MCTO prohibits the Company's Chief Executive Officer and Chief Financial Officer from trading securities of the Company and will remain in effect until the Financial Statements are filed.

The Company is providing this status update in accordance with National Policy 12-203 Management Cease Trade Orders ("NP 12-203"). The Company intends to follow the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases, for as long as the Company remains in default. The Company confirms as of the date of this news release that there has been no material change in the information contained in the default announcement issued on January 30, 2024 and there is no other material information concerning the affairs of the Company that has not been generally disclosed.

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.sedarplus.ca. 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/199578

FAQ

Why was the management cease trade order (MCTO) issued for Moovly Media Inc.?

The MCTO was issued due to the delay by the company in filing its annual financial statements, management's discussion and analysis, and related officer certifications for the fiscal year ended September 30, 2023.

When are the Financial Statements expected to be filed by Moovly Media Inc.?

The Financial Statements are expected to be filed no later than February 29, 2024.

What does the MCTO prohibit the Chief Executive Officer and Chief Financial Officer of Moovly Media Inc. from doing?

The MCTO prohibits the CEO and CFO from trading securities of the company until the Financial Statements are filed.

What guidelines will Moovly Media Inc. follow during the default status period?

The company intends to follow the Alternative Information Guidelines set out in NP 12-203, including issuing bi-weekly default status reports in the form of news releases.

Has there been any material change in the information since the default announcement issued on January 30, 2024, according to Moovly Media Inc.?

As of the date of the news release, there has been no material change in the information contained in the default announcement, and no other material information concerning the affairs of the company has been disclosed.