Triterras, Inc. Announces Audit Committee Investigation Has Concluded

Rhea-AI Summary

Triterras, a fintech company specializing in trade finance, has concluded its investigation into allegations from a January 2021 report. The Audit Committee found that the claims lacked factual basis and do not warrant further action. This conclusion affirms the company's integrity amidst scrutiny and emphasizes its focus on trade and trade finance through platforms like Kratos, which connects traders and lenders online.

Positive

• The Audit Committee's investigation concluded that allegations from January 2021 lacked factual support or material basis.
• The resolution of the investigation reinforces Triterras' reputation and credibility in the fintech sector.

Negative

• None.

SINGAPORE, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Triterras Inc. (Nasdaq: TRIT, TRITW), a leading fintech company for trade and trade finance, has made a key announcement.

The Audit Committee of the Board of Directors is pleased to report the completion of its previously announced investigation into allegations made in a short report released in January 2021. After expending considerable resources, time and energy conducting its investigation and analyzing the work carried out by external advisers, the Audit Committee has concluded that the allegations contained in the short report lack either factual support or material basis. Accordingly, the Audit Committee has concluded that those allegations do not require additional action by the Company.

About Triterras
Triterras is a leading fintech company focused on trade and trade finance. It launched and operates Kratos™—one of the world’s largest commodity trading and trade finance platforms that connects and enables commodity traders to trade and source capital from lenders directly online. For more information, please visit www.triterras.com or email us at contact@triterras.com.

Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Triterras’ actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include Triterras’ expectations with respect to future performance. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside Triterras’ control and are difficult to predict. Factors that may cause such differences include but are not limited to risks and uncertainties incorporated by reference under “Risk Factors” in Triterras’ Form 20-F (001-39693) filed with the Securities and Exchange Commission (the “SEC”) on November 16, 2020 (the “Form 20-F”) and in Triterras’ other filings with the SEC. Triterras cautions that the foregoing list of factors is not exclusive. Triterras cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Triterras does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.

Investor Relations Contacts:
Jim Groh, Triterras Inc.
Mobile: +1 (678) 237-7101
Email: IR@triterras.com

Gateway Investor Relations
Matt Glover and Jeff Grampp, CFA
Office: +1 (949) 574-3860
Email: TRIT@gatewayir.com

Media Contacts:
Gregory Papajohn
Office of Corporate Communications
Triterras, Inc.
Mobile: +1 (917) 287-3626
Email: press@triterras.com

Source: Triterras Fintech Pte Ltd.

FAQ

What did Triterras announce on October 28, 2021?

Triterras announced the conclusion of its investigation into allegations made in a January 2021 report, stating the claims lacked factual basis.

What are the stock symbols for Triterras?

The stock symbols for Triterras are TRIT and TRITW.

What is the significance of the Audit Committee's findings for Triterras investors?

The Audit Committee's findings may reassure investors about Triterras' management and operational integrity, potentially stabilizing stock performance.

How does Triterras operate in the fintech industry?

Triterras operates a platform called Kratos, which connects commodity traders with lenders for trade finance.