Perk Labs Inc. Announces Failure to File Cease Trade Order and Provides a Corporate Update

Rhea-AI Summary

Perk Labs Inc. (CSE:PERK) (OTCPINK:PKLBF) has received a failure to file cease trade order (FFCTO) from the British Columbia Securities Commission due to delays in filing its audited annual financial statements for the fiscal year ended November 30, 2023. The Canadian Securities Exchange has suspended trading of the company's securities as a result. The delay is attributed to complexities from a 2023 merger and resource constraints. Perk Labs assures that the audit is in progress and filings will be completed as soon as possible. Despite the FFCTO, the company continues to operate normally and is focusing on expanding its services to meet client demand. CEO Ryan Hardy expressed commitment to resolving regulatory delays and pursuing the company's growth strategy.

Positive

• Company continues to operate normally despite the FFCTO
• Audit is in progress to complete required filings
• Expanding services to meet continuing demand for products

Negative

• Failure to file cease trade order (FFCTO) issued by BCSC
• Trading of company securities suspended on Canadian Securities Exchange
• Delay in filing audited annual financial statements for FY 2023
• Complexities from 2023 merger and resource constraints causing filing delays

VANCOUVER, BC / ACCESSWIRE / July 15, 2024 / Perk Labs Inc. (CSE:PERK) (OTCPINK:PKLBF) (FKT:PKLB) ("Perk" or the "Company"), announces that on July 5, 2024 its principal regulator, the British Columbia Securities Commission (the "BCSC"), issued a "failure to file" cease trade order ("FFCTO"), in accordance with Multilateral Instrument 11-103 Failure-to-File Cease Trade Orders in Multiple Jurisdictions. The Canadian Securities Exchange (the "CSE") has suspended trading in the Company's securities as a result of the FFCTO.

The FFCTO was issued as a result of the Company's delay in filing its audited annual financial statements and accompanying management's discussion and analysis for the fiscal year ended November 30, 2023 (the "Annual Filings"), which were due on April 1, 2024 in accordance with Canadian securities laws.

Despite the FFCTO, a beneficial holder of a security of the Company who is not, and was not as of the date of the CTO, an insider or control person of the Company may sell securities of the Company acquired before the date of the FFCTO if: (a) the sale is made through a "foreign organized regulated market", as defined in section 1.1 of the Universal Market Integrity Rules of the Investment Industry Regulatory Organization of Canada; and (b) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation. Holders of the Company's securities are urged to consult with their own investment advisors or legal counsel about the implications of the FFCTO.

As previously disclosed, the Annual Filings delay is a result of complexities arising from the Company's merger in 2023 as well as delays due to resources and timing which led to a late start by the Company's new auditors. The Company regrets this delay in filing and the inconvenience to shareholders. The audit is well under way and the Annual Filings and subsequent quarterly filings will be filed as soon as possible. The FFCTO will remain in place until such time as the Annual Filings and all continuous disclosure requirements have been filed and the Company receives an order from the BCSC revoking the FFCTO. The Company will make further announcements with respect to the status of the Annual Filings and the FFCTO as and when appropriate.

Corporate Update
The Company continues to operate normally and does not expect any interruption to its operations during the FFCTO.

"We are expanding our services to meet the continuing demand for our products and to provide solutions for existing and future clients. We have an ambitious vision, and we look forward to resolving our regulatory delays and moving forward with our growth strategy", said Ryan Hardy, CEO of Perk.

About Perk Labs Inc.
Perk Labs Inc., (CSE:PERK)(OTC PINK:PKLBF)(FKT:PKLB), the owner of Getit Technologies Inc. and Perk Hero Software Inc. ("Perk Labs"), provides innovative mobile ordering and payment systems, allowing customers the ability to scan a QR code or NFC sticker to order and pay for their purchases directly from their phone. Perk Labs specializes in providing a single unified payment interface for complex purchase environments - environments that have multiple retailers processing an array of different transactions, including food and beverage purchases, merchandise sales, ticketing, registrations, donations, parking fees, and service payments. Perk Labs provides a custom-branded solution that is ideal for multi-transaction brands such as stadiums and arenas, university and college campuses, conference centers, hotels and resorts, festivals and events, and professional service companies.

For more information, contact:
Ryan Hardy
CEO
(833) 338-0299
investors@getittechnologies.io

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements
This press release may contain forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "may", "believe", "thinks", "expect", "exploring", "expand", "could", "anticipate", "intend", "estimate", "plan", "pursue", "potentially", "projected", "should", "will" and similar expressions, or are those, which, by their nature, refer to future events. These forward-looking statements, which involve risks and uncertainties, relate to, among other things, the discussion of the Company's business strategies and its expectations concerning future operations, and expectations of future revenues for the Company. Although the Company considers these forward-looking statements to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking statements. Undue reliance should not be placed on such forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur.

SOURCE: Perk Labs Inc.  

View the original press release on accesswire.com

FAQ

Why was a failure to file cease trade order issued for Perk Labs (PKLBF) on July 5, 2024?

Perk Labs (PKLBF) received a failure to file cease trade order on July 5, 2024, due to delays in filing its audited annual financial statements and management's discussion and analysis for the fiscal year ended November 30, 2023, which were due on April 1, 2024.

What caused the delay in Perk Labs (PKLBF) filing its annual financial statements for 2023?

The delay in filing annual financial statements for 2023 was caused by complexities arising from Perk Labs' merger in 2023, as well as resource and timing constraints leading to a late start by the company's new auditors.

How has the FFCTO affected trading of Perk Labs (PKLBF) stock?

As a result of the FFCTO, the Canadian Securities Exchange has suspended trading of Perk Labs (PKLBF) securities. However, certain beneficial holders may still sell securities acquired before the FFCTO date under specific conditions.

What is Perk Labs (PKLBF) doing to address the FFCTO and resume normal trading?

Perk Labs (PKLBF) is actively working on completing the audit process. The company plans to file the required annual financial statements and subsequent quarterly filings as soon as possible to have the FFCTO revoked and resume normal trading.