Snipp Interactive Inc. Announces Application for Management Cease Trade Order

Rhea-AI Summary

Snipp Interactive (TSX-V:SPN)(OTC PINK:SNIPF) has applied for a temporary management cease trade order (MCTO) from the British Columbia Securities Commission. This order, if granted, will prevent the CEO and CFO from trading the company's securities until the required filings are completed. Snipp expects to miss the filing deadline of May 1, 2023, for its audited financial statements due to audit complexities related to a new business acquisition and changes in its auditor. The company aims to resolve this by July 3, 2023, while continuing to adhere to alternative information guidelines. Despite these challenges, the public can still trade the company's shares during the MCTO period.

Positive

• Company continues to allow public trading of shares despite MCTO application.
• Aiming to remedy filing default by July 3, 2023.

Negative

• Missed May 1, 2023 filing deadline for audited financial statements.
• Audit delays caused by complexities from new business acquisition.

VANCOUVER, BC / ACCESSWIRE / April 20, 2023 / Snipp Interactive (TSX-V:SPN)(OTC PINK:SNIPF) (the "Company" or "Snipp") announces that it has made an application to the British Columbia Securities Commission to approve a temporary management cease trade order the "MCTO") under National Policy 12-203 Management Cease Trade Orders ("NP 12-203"), which, if granted, will prohibit trading in securities of the Company by the chief executive officer and chief financial officer of the Company until such time as the Required Filings (as defined below) and all continuous disclosure requirements have been filed by the Company, and the MCTO has been lifted. During the period in which the MCTO is effective, the general public, who are not insiders of the Corporation, will continue to be able to trade in the Company's listed securities. The MCTO application has been made, but there is no guarantee or assurance that the MCTO will be granted.

The Company expects it will be unable to file its audited financial statements for the financial year ended December 31, 2022, and the management's discussion and analysis and related Chief Executive Officer and Chief Financial Officer certificates for this period (collectively, the "Required Filings") before May 1, 2023 filing deadline (the "Filing Deadline").

The Company's failure to file its Required Filings by the Filing Deadline is due to a combination of factors including the delays in its audit due to the complexity surrounding (i) the new business acquired by the Company during the year ended December 31, 2022 which forms a significant portion of the Company's consolidated revenue for the stated period and (ii) the change in auditor including the hiring and onboarding of the new auditor.

The Company anticipates that it will be in a position to remedy the default by filing the Required Filings on or before July 3, 2023. The MCTO will be in effect until the Required Filings are completed.

The Company intends to satisfy the provisions of the alternative information guidelines set out in section 10 NP 12-203 so long as the Required Filings are outstanding.

About Snipp:

Snipp Interactive Inc. is a leading Platform-as-a-Service (PaaS) company in the global loyalty and promotions sector. Snipp's proprietary and modular SnippCARE (Customer Acquisition, Retention & Engagement) Platform allows its marquee list of Fortune 500 clients and world-class agencies and partners to use various modules of the Platform to run long-term and short-term programs and promotions, while continually generating and capturing unique zero party data that is invaluable in providing insights to drive sales. SnippCHECK, the Platform's Receipt Processing Module has established itself as the clear industry leader and standard by powering a large majority of all receipt-based promotions in North America. SnippLOYALTY, the Platform's full scale modular loyalty engine allows clients the flexibility of deploying any/all aspects of a standard loyalty program on a case-by-case basis. SnippREWARDS, the Platform's modular catalogue of digital and physical rewards provides clients with global and easily deployable access to an extensive catalogue of digital and physical rewards. SnippWIN, the Platform's gaming module solves for the implementation and compliance difficulties of offering games of chance and skill on a global basis and allows for the global deployment and administration of legally compliant games of chance and skill. For more information, visit Snipp's website at www.snipp.com.

Snipp is headquartered in Vancouver, Canada with a presence across the United States, Canada, Ireland, Europe, and India. Snipp is publicly listed on the TSXV in Canada and is also quoted on the OTC Pink marketplace under the symbol "SNIPF".

SNIPP INTERACTIVE INC.

Jaisun Garcha
Chief Financial Officer
investors@snipp.com
1-888-99-SNIPP

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements relating to the expected timing of the filing of the annual audited financial statements and related management's discussion and analysis for the financial year ended December 31, 2022. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation's expectations are risks detailed from time to time in the filings made by the Corporation with securities regulations. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Corporation will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Snipp Interactive Inc.

View source version on accesswire.com:
https://www.accesswire.com/750328/Snipp-Interactive-Inc-Announces-Application-for-Management-Cease-Trade-Order

FAQ

What is the purpose of Snipp Interactive's recent MCTO application?

The MCTO application aims to prevent trading by the CEO and CFO until required filings are made.

What financial statements is Snipp Interactive unable to file by the deadline?

Snipp is unable to file its audited financial statements for the year ended December 31, 2022.

When does Snipp Interactive expect to resolve the filing issue?

Snipp anticipates resolving the filing issue by July 3, 2023.

Can the public still trade Snipp Interactive shares during the MCTO period?

Yes, the public can continue trading Snipp’s shares during the MCTO period.

What factors contributed to Snipp Interactive's inability to file on time?

Delays in the audit due to complexities from a new business acquisition and changes in auditors.