New World Gold Corporation General Announcement

Rhea-AI Summary

New World Gold Corporation (OTC PINK:NWGC) announced significant issues with OTC Markets, leading to the revocation of its OTCIQ credentials and account closure. The company's management appealed the decision, claiming that the information provided was valid but faced continued skepticism from OTC Markets. In response, CEO Robert Honigford plans to transition to being an SEC Reporter and is seeking a PCAOB Auditor for a 2-year financial audit, which is necessary for a Form 10 filing. The company is also investigating potential misuse of non-public information.

Positive

• The company plans to transition to being an SEC Reporter.
• Efforts are underway to secure a PCAOB Auditor for upcoming financial audits.
• Management is actively working to regain compliance with OTC Markets.

Negative

• The company's OTCIQ credentials were revoked, leading to account closure.
• OTC Markets expressed ongoing concerns about the validity of the company's information.
• The revocation could financially injure shareholders.

NORTH PALM BEACH, FL / ACCESSWIRE / September 28, 2021 / New World Gold Corporation, (OTC PINK:NWGC), "the Company," releases a General Corporate Announcement based on material events that have transpired over the past 72 hours.

On Friday, September 24th, 2021, the Company received an email from OTC Markets "Surveillance" department one minute after their close of business informing CEO, Robert Honigford that OTC Markets felt the information provided in the recently uploaded disclosures could not be relied upon; to which extent they have revoked the Company's OTCIQ credentials and closed the Company's account. (See email image attached Exhibit 'A').

On Monday, September 27^th, 2021, the Company's CEO Robert Honigford sent an email to appeal OTC Markets' decision and attached all of the relevant and factual documents supporting the disclosure information provided; to which, Jill from OTC Markets responded, "We reviewed your response and continue to have concerns on the timeline and validity of your appointment. The decision to close the company's account remains and is final."

Over the past two months, New World Gold's management has been working tirelessly to achieve a "Pink Current" status and fulfill its obligations to be compliant. This set-back was unforeseen.

The Company is also looking into several public forum posts that took place roughly 5 hours ahead of any OTC notice provided to New World Gold Corp of the credential revocation; which leads management to believe that non-public information was disclosed inappropriately. The posts and poster's information whom the Company believes are responsible have been preserved as material evidence; which will be turned over to Law Enforcement, FINRA, and the SEC.

New World Gold Corporation's CEO, Robert Honigford, has decided that the only appropriate course of action to protect the Shareholders' best interests and the Company's future is to become an "SEC Reporter." In light of recent events the Company, is seeking a PCAOB Auditor to handle the 2-year financial audit, which will accompany a Form 10 filing.

Mr. Honigford stated, "It was disappointing to see such an action taken by OTC Markets when the evidence provided was to the contrary; especially when those types of decisions can financially injure many of New World Gold Corporation's valued shareholders. This is why we cannot and must not give up the fight to bring New World Gold back into compliance."

Contact:
Twitter: @NewWorldGoldCo
Email: info@newworldgoldcorporation.com
Website: www.newworldgoldcorporation.com

Address: 7901 4^th St N, Ste 300
St Petersburg, FL 33702

Forward-Looking Statements:
This press release contains forward-looking statements. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

SOURCE: New World Gold Corp.

View source version on accesswire.com:
https://www.accesswire.com/665967/New-World-Gold-Corporation-General-Announcement

FAQ

What happened to New World Gold Corporation's OTCIQ credentials?

New World Gold Corporation's OTCIQ credentials were revoked by OTC Markets due to concerns over the validity of their disclosures.

Who is the CEO of New World Gold Corporation?

The CEO of New World Gold Corporation is Robert Honigford.

What steps is New World Gold Corporation taking after the credential revocation?

The company is appealing the decision and transitioning to become an SEC Reporter while seeking a PCAOB Auditor for a financial audit.

How could the revocation of credentials affect shareholders of NWGC?

The revocation of credentials could financially injure shareholders, impacting their investments in the company.

Is New World Gold Corporation looking into potential information leaks?

Yes, the company is investigating public forum posts that may have disclosed non-public information.