NextGen Food Robotics Files Amended Interim MD&A
NextGen Food Robotics Corp. has amended and re-filed its management discussion and analysis (MD&A) for the periods ending January 31, 2024. This update includes detailed information on company operations, manufacturing equipment, leased facilities, and marketing expenses. The amended MD&A also covers the development and costs associated with the Lily App and provides a comparison of the intended versus actual use of proceeds from private placements. Importantly, these updates do not affect the company's financial position. Additionally, NextGen has temporarily taken down its website for updates to reflect its current operations and has identified and acted against a fraudulent website impersonating its official site.
- Detailed updates on company operations and equipment, providing clarity to investors.
- Enhanced transparency on marketing expenses and rationale.
- Clear comparison of intended versus actual use of proceeds from private placements.
- No changes to the company's financial position, indicating stability.
- Proactive measures against a fraudulent website, protecting investor interests.
- Temporary takedown of the official website may cause inconvenience to investors seeking information.
- Fraudulent website existence could harm company reputation and investor trust.
- Shift away from co-pack manufacturing might imply a change in business strategy, which could be viewed as instability.
VANCOUVER, BC / ACCESSWIRE / June 3, 2024 / NextGen Food Robotics Corp. (the "Company" or "NextGen") (CBOE:NGRB)(OTC PINK:NGRBF)(Frankfurt:O83) announces that, as a result of a review by the British Columbia Securities Commission, it is issuing the following press release to clarify certain disclosure.
The management discussion & analysis for the three and nine months ended January 31, 2024 has been amended and re-filed on SEDAR (as amended, the "Amended MD&A"). The Amended MD&A includes:
a more detailed discussion of, and update on, the Company's operations, including its co-pack manufacturing and commissary divisions and revenues associated therewith;
a more detailed description of the Company's food manufacturing equipment and machinery, and the automated nature thereof;
a discussion regarding the Company's leased facilities;
a more detailed discussion regarding the Company's marketing expenses, and the rationale therefor;
a comparison of how the Company intended to use its net proceeds from certain private placements and its actual use of proceeds;
a more detailed discussion regarding the Company's Lily App and the development thereof and the costs associated therewith; and
certain other updates to ensure compliance with Form 51-102F1 - Management's Discussion & Analysis.
The changes noted above are intended to enhance and update the disclosure that was included in the originally filed MD&A for the three and nine months ended January 31, 2024 (the "Previous MD&A") and provide readers with a more detailed discussion of the Company's operations. The updates do not have any effect on the Company's financial position, and the Company has not amended or restated its interim financial statements for the three and nine months ended January 31, 2024. The Amended MD&A is available on SEDAR+ at www.sedarplus.ca. The Amended MD&A replaces and supersedes, in its entirety, the Previous MD&A. The Previous MD&A should no longer be relied upon.
In addition to the foregoing, the Company has also temporarily taken down its website, www.nextgenai.ca, to update the information and content thereon to more accurately reflect the Company's current business operations, including, among other things, its new locations and its shift away from its co-pack manufacturing business, and to correct certain typographical errors.
The Company has also become aware of a fraudulent website located at www.nextgenfoodrobotics.net that is nearly identical to a previous version of the Company's official website. The Company is in no way associated with this fraudulent website, and the Company urges investors not to visit this website. The Company has submitted a take-down request with the fraudulent website's hosting provider to have the website removed.
About NextGen Food Robotics
Nextgen Food Robotics is a food manufacturing company that operates commissary kitchens from its two locations in Vancouver. Additionally, Nextgen is developing the "Lily app", which is an AI-powered food application.
For investor inquiries or further information, please contact:
Paul Rivas, Chief Executive Officer
1 (236) 471-1357
privas@nextgenai.ca
Cautionary Note on Forward-Looking Information
This press 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. Such forward-looking statements include statements regarding revisions to the Company's official websites and the Company's ability to have the fraudulent website taken down. 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 press 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 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 press release.
SOURCE: NextGen Food Robotics Corp.
View the original press release on accesswire.com
FAQ
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