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

Rhea-AI Summary

NextGen Food Robotics Corp. (CBOE: NGRB; OTC Pink: NGRBF; Frankfurt: O83) has provided its second bi-weekly status update regarding the Management Cease Trade Order (MCTO) issued on July 30, 2024. The company is delaying the filing of its annual financial documents for the fiscal year ended April 30, 2024. Initially expecting to file by August 31, 2024, then by September 16, 2024, the company now anticipates filing by September 27, 2024.

The delay is due to the auditors requiring detailed financial information from a third-party service provider, which the company cannot access or compel the third party to provide. The MCTO restricts the CEO and CFO from trading company securities until the required documents are filed and the British Columbia Securities Commission revokes the order.

Positive

• None.

Negative

• Delay in filing annual financial documents
• Extended deadline for filing from September 16 to September 27, 2024
• Inability to access or obtain required financial information from third-party service provider
• Management Cease Trade Order (MCTO) restricting CEO and CFO from trading company securities

VANCOUVER, BC, Sept. 12, 2024 (GLOBE NEWSWIRE) -- NextGen Food Robotics Corp. (the “Company”) (CBOE: NGRB; OTC Pink: NGRBF; Frankfurt: O83) is providing the second bi-weekly default status report 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.

As of today’s date, the Company now expects that the Required Documents will be filed by September 27, 2024. The additional delay is a result of the Company’s auditors’ requirement that they be provided with certain financial information by a third-party service provider to the Company. Specifically, the Company’s auditor wishes to receive a detailed report of expenditures incurred directly by the third party in connection with services it rendered to the Company. The Company does not have access to such information, nor is it able to compel the third party to provide such information to its auditor. The Company continues to work through this issue.

The Company confirms that since the date of the Original Announcement: (i) other than as described above and in its first 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) 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.

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 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, and the Company’s annual information form for the fiscal year ended April 30, 2024. 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

What is the current status of NextGen Food Robotics Corp's (NGRBF) financial filing delay?

NextGen Food Robotics Corp (NGRBF) has provided its second bi-weekly status update, announcing a further delay in filing its annual financial documents. The company now expects to file by September 27, 2024, extended from the previous September 16, 2024 deadline.

Why has NextGen Food Robotics Corp (NGRBF) delayed its financial filings?

The delay is due to the company's auditors requiring detailed financial information from a third-party service provider. NextGen Food Robotics Corp (NGRBF) does not have access to this information and cannot compel the third party to provide it to the auditors.

What restrictions are in place due to the Management Cease Trade Order (MCTO) for NextGen Food Robotics Corp (NGRBF)?

The MCTO, issued on July 30, 2024, restricts NextGen Food Robotics Corp's (NGRBF) CEO and CFO from trading in company securities until the required financial documents are filed and the British Columbia Securities Commission revokes the order.

When was the original deadline for NextGen Food Robotics Corp (NGRBF) to file its annual financial documents?

The original deadline for NextGen Food Robotics Corp (NGRBF) to file its annual financial documents for the fiscal year ended April 30, 2024, was not specified in the press release. However, the company initially expected to file by August 31, 2024, after the MCTO was issued on July 30, 2024.