NextGen Food Robotics Corp. Provides Bi-Weekly MCTO Status Update

Rhea-AI Summary

NextGen Food Robotics Corp. (CBOE: NGRB; OTC Pink: NGRBF; Frankfurt: O83) has provided a bi-weekly status update regarding its Management Cease Trade Order (MCTO). The company is delaying the filing of its required financial documents for the fiscal year ended April 30, 2024, and the first quarter of 2024. Initially expected to file by August 31, 2024, the company has revised its filing date multiple times, with the latest expectation set for October 11, 2024.

The MCTO, issued on July 30, 2024, restricts the CEO and CFO from trading company securities until the required documents are filed and the British Columbia Securities Commission revokes the order. The company affirms its commitment to satisfying alternative information guidelines and states that no material information remains undisclosed.

Positive

• None.

Negative

• Repeated delays in filing required financial documents
• Management Cease Trade Order (MCTO) restricting CEO and CFO from trading company securities
• Failure to file Q1 Interim Report by the September 16, 2024 deadline

VANCOUVER, BC, Sept. 24, 2024 (GLOBE NEWSWIRE) -- NextGen Food Robotics Corp. (the “Company”) (CBOE: NGRB; OTC Pink: NGRBF; Frankfurt: O83) is providing an update in accordance with National Policy 12-203 - Management Cease Trade Orders ("NP 12-203").

On August 13, 2024, the Company announced that it applied for a management cease trade order ("MCTO") with the British Columbia Securities Commission ("BCSC") in connection with the delay in filing of its audited annual financial statements for the year ended April 30, 2024, related management discussion and analysis, CEO and CFO certificates and annual information form for the fiscal year ended April 30, 2024 (collectively, the "Required Documents") by the prescribed filing deadline (the "Original Announcement"). At that time, based on information then-available, the Company expected to file the Required Documents by August 31, 2024. The MCTO was issued on July 30, 2024 and restricts its Chief Executive Officer and Chief Financial Officer from trading in securities of the Company, whether direct or indirect, until the Company files the Required Documents and the BCSC revokes the MCTO. On August 27, 2024, in its first bi-weekly status update, the Company announced that it expected to file the Required Documents by September 16, 2024. On September 12, 2024, the Company announced that it expected to file the Required Documents by September 27, 2024.

As of today’s date, the Company expects that the Required Documents will be filed by October 11, 2024. In addition, the Company's interim financial report, related management discussion and analysis and certificates of the Chief Executive Officer and Chief Financial Officer for the first quarter of 2024 ended July 31, 2024 (the "Q1 Interim Report") which was required to be filed by September 16, 2024, is now expected to be filed by October 11, 2024. The Company will file the Q1 Interim Report in conjunction with, and immediately following, the filing of the Required Documents.

The Company confirms that since the date of the Original Announcement: (i) other than as described above and in its first and second bi-weekly status update, there have been no changes to the information set out in the Original Announcement that would be expected to be material to an investor; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) other than the failure to file the Q1 Interim Report, there has not been any other specified default by the Company under NP 12-203, and, no such other default is anticipated; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.

The Company confirms it will continue to satisfy the provisions of the alternative information guidelines set out in NP 12-203 so long as it remains in default of the requirement to file the Required Documents and the Q1 Interim Report.

About NextGen Food Robotics
Nextgen Food Robotics operates commissary and ghost kitchens from its two locations in Vancouver, BC. Additionally, the Company is developing the “Lily app”, which is an AI-powered mobile application designed to provide personalized food recommendations and automated meal-planning.

ON BEHALF OF THE BOARD OF DIRECTORS
Paul Francisco Rivas, Chief Executive Officer
1 (236) 471-1357
privas@nextgenai.ca

Cautionary Note on Forward-Looking Information

This news release contains certain forward-looking statements within the meaning of applicable securities laws with respect to the Company. These forward-looking statements generally are identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” and similar expressions and in this news release include statements respecting the timing of filing of the Company’s Required Filings and Q1 Interim Report, and Company’s compliance with the MCTO and NP 12-203. In particular, this news release contains forward-looking information relating to the anticipated date for filing the annual financial statements for the year ended April 30, 2024, related management's discussion and analysis, related certifications for the financial year ended April 30, 2024, the Company’s annual information form for the fiscal year ended April 30, 2024 and the Q1 Interim Report. 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. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this news release. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable laws.

Neither the Cboe Canada nor its Market Regulator (as that term is defined in the Listing Manual of Cboe Canada) accepts responsibility for the adequacy or accuracy of this news release.

FAQ

When does NextGen Food Robotics Corp. (NGRBF) expect to file its delayed financial documents?

NextGen Food Robotics Corp. expects to file its delayed financial documents, including the Required Documents and Q1 Interim Report, by October 11, 2024.

What is the current status of the Management Cease Trade Order (MCTO) for NextGen Food Robotics Corp. (NGRBF)?

The MCTO, issued on July 30, 2024, remains in effect, restricting the CEO and CFO from trading company securities until the required documents are filed and the British Columbia Securities Commission revokes the order.

How many times has NextGen Food Robotics Corp. (NGRBF) revised its filing date for the delayed financial documents?

NextGen Food Robotics Corp. has revised its filing date multiple times. Initially expected to file by August 31, 2024, it was then pushed to September 16, then September 27, and now to October 11, 2024.

What financial periods are affected by NextGen Food Robotics Corp.'s (NGRBF) filing delay?

The filing delay affects the audited annual financial statements for the year ended April 30, 2024, and the first quarter interim report for the period ended July 31, 2024.