Edge Total Intelligence Inc. Announces Application for Voluntary MCTO
Edge Total Intelligence Inc. (TSXV: CTRL) (OTCQB: UNFYF) (FSE: Q5I) has applied for a voluntary management cease trade order (MCTO) with the British Columbia Securities Commission, delaying the filing of its annual financial statements for the fiscal year ended December 31, 2023. The reasons for the delay include ongoing valuation and accounting issues, staffing problems, and unforeseen circumstances. The Company aims to file the Required Filings by June 28, 2024, and will provide updates accordingly.
- Proactive approach to address financial reporting delays
- Working with auditors to resolve accounting and valuation issues
- Expected timeline for filing Required Filings by June 28, 2024
- Compliance with alternative information guidelines during MCTO period
- Restriction on trading for CEO and CFO until Required Filings are submitted
- Delays in financial reporting affecting transparency and investor confidence
- Potential impact on stock price due to delays in filing Required Filings
- Risk of negative perception from shareholders and investors
- Limitation on CEO and CFO trading activities
Arlington, Virginia--(Newsfile Corp. - April 26, 2024) - Edge Total Intelligence Inc. (TSXV: CTRL) (OTCQB: UNFYF) (FSE: Q5I) ("edgeTI", "Edge Technologies", "Company"), announces that it has proactively applied for a voluntary management cease trade order (the "MCTO") with the British Columbia Securities Commission, which will cause delays to the filing of the Company's annual financial statements and accompanying management's discussion and analysis for the fiscal year ended December 31, 2023 (the "Required Filings").
Reasons for the anticipated delay include continuing delays in the valuation and accounting of certain transactions and other business matters of the Company, as well as delays relating to staffing issues and other unforeseen circumstances. The Company is working diligently with its auditors to resolve this matter as quickly as possible.
The Company currently expects to file the Required Filings on or before June 28, 2024, and will issue a press release announcing completion of such filings once completed. Until the Company files the Required Filings, it will comply with the alternative information guidelines set out in National Policy 12-203 - Management Cease Trade Orders. These guidelines require the Company to issue bi-weekly default status reports by way of a press release during the period of the MCTO.
The MCTO only restricts the chief executive officer and chief financial officer of the company from all trading in securities of the Company until such time as the Required Filings have been filed by the Company and the MCTO has been lifted. The MCTO does not affect the ability of other shareholders of the Company to trade in securities of the Company.
About edgeTI
edgeTI helps customers sustain situational awareness and accelerate action with its real-time digital operations software, edgeCore™ that unites multiple software applicates and data sources into one immersive experience called a Digital Twin. Global enterprises, service providers, and governments are more profitable when insight and action are united to deliver fluid journeys via the platform's low-code development capability and composable operations. With edgeCore, customers can improve their margins and agility by rapidly transforming siloed systems and data across continuously evolving situations in business, technology, and cross-domain operations - helping them achieve the impossible.
Website: https://edgeti.com
LinkedIn: www.linkedin.com/company/edgeti
YouTube: www.youtube.com/user/edgetechnologies
Twitter: www.twitter.com/edge_suite
For more information, please contact:
Nick Brigman, Analyst and Press Relations and Interim CFO
Phone: 888-771-3343
Email: ir@edgeti.com
FORWARD-LOOKING INFORMATION
This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "could," "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this press release includes statements about the expected filing of the Required Filings and the grant of the MTCO.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made including, without limitations, information based on the current status of the Required Filings and staffing challenges present to the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information, and there is no guarantee the Required Filings will be made on the timeline currently expected or at all or that the MCTO will be granted. If the MCTO is not granted and/or if the Required Filings are subject to additional delays, the securities of the Company could be subject to a cease trade order or other actions taken by the securities regulators and/or the stock exchange(s) on which the Company's securities are listed. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Source: Edge Total Intelligence Inc, April 26, 2024, 5:01 EST
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/207008
FAQ
Why did Edge Total Intelligence Inc. apply for a voluntary management cease trade order?
What are the reasons for the delay in filing the annual financial statements?
When does the Company expect to file the Required Filings?
What guidelines will the Company follow during the MCTO period?
Who is restricted from trading securities during the MCTO period?
