Cease Trade Order Issued for TGS Esports Inc.
TGS Esports Inc. has received a Cease Trade Order (CTO) from the British Columbia Securities Commission due to the company's failure to file audited financial statements for the year ending June 30, 2021, by the October 28, 2021 deadline. The delay is attributed to accounting issues related to its recent acquisitions. TGS expects the CTO to be revoked after the filing of the necessary documents, allowing its shares to resume trading on the TSX Venture Exchange.
- Revocation of the CTO is anticipated shortly after filing the Annual Filings, allowing for share trading resumption.
- Failed to file audited financial statements by the due date, resulting in a Cease Trade Order.
VANCOUVER, BC, Nov. 4, 2021 /PRNewswire/ - TGS Esports Inc. ("TGS" or the "Company") (TSXV: TGS) (OTCQB: TGSEF) (FRA: 5RH) announces that the British Columbia Securities Commission (the "BCSC") has issued a Cease Trade Order (the "CTO") as a result of the Company's failure to file its audited financial statements for its year ended June 30, 2021 and related management's discussion and analysis (collectively, the "Annual Filings") by October 28, 2021, being the date that such filings were due under applicable Canadians securities law requirements.
The cause of the delay is not material to the Company or its operations and is primarily due to the accounting treatment of the previously announced acquisitions of Pepper Esports, Volcanic Media, Even Matchup Gaming, and strategic investment in Mountain Side Games.
Revocation of the CTO is expected to occur shortly after the filing of the required Annual Filings, at which time TGS's common shares will resume trading on the TSX Venture Exchange.
A copy of the Order has been posted on the BCSC's website at: https://www.bcsc.bc.ca/enforcement/early-intervention/cease-trade-orders.
About TGS Esports Inc.
TGS partners with Fortune 500 brands, schools, and tournament organizers to build out their esports community via tournaments, broadcast production, and events. TGS has commercialized an esports solution that allows brands and gamers to interact on its end to end platform. The combination of TGS esports event expertise and next generation software creates an unparalleled esports experience that allows sponsors and brands to reach their desired gaming demographic.
On behalf of the Board of Directors
Spiro Khouri, CEO
TGS Esports Inc.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including risks related to factors beyond the control of the Company. The risks include the following: the anticipated timing for filing the Annual Filings; the anticipated timing of the BCSC's review in with respect to the revocation of the CTO; the anticipated timing of the revocation of the CTO; the unknown magnitude and duration of the effects of the COVID-19 pandemic on the Company and other risks that are customary to reviews of this nature. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE TGS Esports Inc
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