Optima Medical Innovations Corp.

Rhea-AI Summary

Optima Medical Innovations Corp. has announced a delay in filing its annual financial statements and management discussion and analysis for the year ending December 31, 2021, due to a COVID-19 outbreak affecting its auditors. As a result, the company anticipates missing the May 2, 2022 filing deadline. They expect to submit the required filings by July 1, 2022. Additionally, Optima is applying for a management cease trade order from the Ontario Securities Commission due to this anticipated default. The company confirms no further material developments have occurred since its last financial disclosure.

Positive

• The company is proactively working with its auditors to mitigate the delay and aims to file by July 1, 2022.

Negative

• The delay in filing annual financial statements could lead to potential regulatory scrutiny.
• The issuance of a management cease trade order is at the discretion of the Ontario Securities Commission and may not be guaranteed.

Optima Medical Announces Delayed Filing of Annual Financial Statements and MD&A and Application for Management Cease Trade order

TORONTO, ON / ACCESSWIRE / April 20, 2022 / Optima Medical Innovations Corp. (CSE:OMIC) ("OMIC" or the "Company") would like to provide an update on the status of the filing of its annual financial statements, accompanying management's discussion and analysis and related CEO and CFO certifications for the year ended December 31, 2021 (collectively, the "Annual Filings").

The auditors of the Company have recently informed the Company that they have experienced a COVID-19 outbreak in their offices, impacting a number of the auditor's staff, and resulting in a significant impact on the ability of the auditors to staff files, therefore the auditors have notified the Company that they will not be able to complete the audit of the Company by the prescribed filing deadline, and the Company anticipates the Annual Filings will be delayed beyond the required filing deadline: (i) under Parts 4 and 5 of National Instrument 51-102 - Continuous Disclosure Obligations and pursuant to National Instrument 52-109 - Certification of Disclosure in Issuer's Annual and Interim Filings, being May 2, 2022 (the "Filing Deadline").

The Company intends to continue to work diligently and expeditiously with its auditors and expects to file the Annual Filings as soon as possible, and in any event no later than July 1, 2022.

Other than as previously disclosed by the Company and herein with this press release, the Company confirms that there have been no material business developments since the date of its last financial statements that were filed.

Management Cease Trade Order Application

In light of the delay in filing of the Annual Filings prior to the Filing Deadline, the Company is providing this default announcement in accordance with National Policy 12-203 Management Cease Trade Orders ("NP 12-203"). The Company has made an application to the Ontario Securities Commission (the "OSC"), as principal regulator of the Company, for a management cease trade order ("MCTO") under NP 12-203 in respect of the anticipated default regarding the Annual Filings. The granting of the MCTO is at the discretion of the Ontario Securities Commission and there is no guarantee that this will be granted. The issuance of the MCTO will not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in their securities. In the event that the MCTO is granted, it will be in effect until the default is remedied. The Company intends to follow the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases, for as long as the Company remains in default.

For further information on the Company

Please Visit:Company's Website
Contact: CEO - Ommid Faghani

About Optima Medical Innovations Corp.

Optima Medical Innovations Corp. is a public company that delivers pathways to innovative, science-based health and wellness solutions. OMIC sees the future of medicine in novel individualized and targeted treatments. The Company is a leader in multi-disciplinary pain management with focus on wellness. Our goal is to empower patients in their journey to wellness through education and best medical practices and innovations. Built upon an extensive network of scientific and medical research, OMIC is an advanced leader in the development of focused solutions, products and treatments for pain relief, wellness and Cancer therapy. Optima Medical Innovations Corp. spans the globe with its multidisciplinary pain clinics, research partners, education and advocacy programs - all working in harmony to bring health and wellness to the world, while creating value for shareholders and partners.

Forward Looking Statements

Except for statements of historical fact relating to the Company, certain information contained herein relating to the timing of the filing of financial statements constitutes forward-looking statements. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE: Optima Medical Innovations Corp.

View source version on accesswire.com:
https://www.accesswire.com/698241/Optima-Medical-Innovations-Corp

FAQ

Why did Optima Medical Innovations Corp. delay its annual financial filings?

The delay is due to a COVID-19 outbreak affecting the auditors, impacting their staffing and ability to complete the audit.

What is the new deadline for Optima Medical Innovations Corp.'s annual filings?

The company expects to complete its annual filings by July 1, 2022.

What does the management cease trade order mean for Optima Medical Innovations Corp.?

The MCTO application indicates the company anticipates a default in its annual filings, which may limit trading for directors, officers, and insiders.

What is the filing deadline for Optima Medical Innovations Corp. under National Instrument 51-102?

The filing deadline is set for May 2, 2022.