NexOptic Technology Corp. Provides Default Status Report on Annual Financial Statements

Rhea-AI Summary

NexOptic Technology Corp. (TSXV:NXO) has provided a bi-weekly default status report regarding its delayed Annual Financial Statements for the year ended December 31, 2024. The company was unable to meet the April 30, 2025 filing deadline due to delays in receiving third-party information and the recent appointment of a new CFO.

The British Columbia Securities Commission granted a Management Cease Trade Order (MCTO) on May 1, 2025. The company expects to complete and file the required documents, including audited financial statements, CEO and CFO certifications, and management discussion & analysis, by July 14th, 2025.

Positive

• None.

Negative

• Company failed to file Annual Financial Statements by the required deadline
• Management Cease Trade Order (MCTO) imposed by regulators
• Delays in receiving third-party information affecting financial reporting

VANCOUVER, BC / ACCESS Newswire / June 27, 2025 / NexOptic Technology Corp. (TSXV:NXO) (the "Company") announces that further to its news releases dated May 1^st, May 15^th, May 30^th and June 16^th, 2025 and the material change report dated May 2, 2025, the Company provides its bi-weekly default status report in the form of a news release as required under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203").

On May 1, 2025, the Company disseminated a news release (the "MCTO Notice") disclosing that it had voluntarily applied to the British Columbia Securities Commission (the "BCSC") for a management cease trade order ("MCTO") as it was not able to complete and file its audited financial statements, CEO and CFO certifications, and management discussion & analysis (the "Annual Filings") for the year ended December 31, 2024 (the "Annual Financial Statements") by the filing deadline of April 30, 2025 due to a combination of factors, including as a result of delays in receiving information and confirmations from third parties, and as a result of the appointment of a new Chief Financial Officer in the weeks leading up to the deadline for the Annual Filings. On May 1, 2025, the BCSC granted the MCTO.

The Company confirms that since the date of the MCTO Notice:

(i) there has been no material change to the information set out in the MCTO Notice that has not been generally disclosed;

(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

(iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.

The company is in the final stages of completing the audit of the Annual Financial Statements. The Company now expects to complete the Annual Filings on or before July 14^th, 2025, and it will issue a news release once the Annual Filings have been filed. Until filing of the Annual Filings, the Company intends to satisfy the provisions of the alternative information guidelines as required by NP 12-203.

Capitalized terms used and not otherwise defined herein shall have the respective meanings ascribed to them in the MCTO Notice.

About NexOptic Technology Corp.

NexOptic is an innovative imaging AI company headquartered in Vancouver, Canada offering world-leading patented and patent pending AI solutions for imaging known as ALIIS™ (All Light Intelligent Imaging Solutions) and NexCompress.

For more information about NexOptic Technology Corp., please visit the Company's website at www.nexoptic.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:

This default status report includes certain "forward-looking information" as defined under applicable Canadian securities legislation, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions and includes information regarding: the Annual Filings, including the anticipated delay in filing the Annual Filings the timing to complete the Company's audit, the ability of the Company to file the Annual Filings by the timelines set out in this default status report, the ability of the Company to be in compliance with NP 12-203, and expectations for other economic, business, and/or competitive factors. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information.

Investors are cautioned that forward-looking information is not based on historical fact but instead reflects management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the Company may not complete its audit and file the Annual Filings as currently anticipated, or at all; the Company will be subject to a general cease trade order in the event that the Company fails to file the bi-weekly default status report during the period of the MCTO and/or the Annual Filings are not completed and filed; and the Company may not be able to comply with NP 12-203.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. Although the Company has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information, which speak only as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

On Behalf of the Board of Directors

Chief Executive Officer - Paul McKenzie
Tel: +1 (604) 669-7330 ext. 1
Email:admin@nexoptic.com

SOURCE: NexOptic Technology Corp.

View the original press release on ACCESS Newswire

FAQ

Why did NexOptic Technology (NXOPF) receive a Management Cease Trade Order in 2025?

NexOptic received an MCTO because it failed to file its Annual Financial Statements for 2024 by the April 30, 2025 deadline, due to delays in receiving third-party information and the recent appointment of a new CFO.

When will NexOptic Technology (NXOPF) file its delayed 2024 Annual Financial Statements?

NexOptic expects to complete and file its 2024 Annual Financial Statements by July 14th, 2025.

What is the current status of NexOptic Technology's (NXOPF) financial reporting delay?

The company is in the final stages of completing the audit of its Annual Financial Statements and confirms there have been no material changes or additional defaults since the MCTO Notice.

What are the implications of the MCTO for NexOptic Technology (NXOPF)?

The MCTO restricts certain management trading activities until the company files its Annual Financial Statements. The company must provide bi-weekly status updates and comply with alternative information guidelines.