Edge Total Intelligence Inc. Updates Status of MCTO
Edge Total Intelligence Inc. (TSXV: CTRL, OTCQB: UNFYF, FSE: Q5i) has updated the status of its management cease trade order (MCTO), which was announced on April 26, 2024, and granted on April 30, 2024, by the British Columbia Securities Commission. The MCTO restricts the CEO and CFO from trading in the Company's securities until the Annual Filings for the year ended December 31, 2023, are completed and filed. This delay has also impacted the timely completion of the interim financial statements for Q1 2024. The Company aims to complete and file all required documents by June 28, 2024. Edge Total Intelligence will continue to issue bi-weekly default status reports until the filings are complete and the MCTO is lifted. There have been no material changes or additional defaults since the initial announcement.
- The company is making diligent progress towards completing the Annual and Interim Filings by June 28, 2024.
- The MCTO does not affect the ability of other shareholders to trade in the company's securities.
- The delay in filing the Annual Filings has resulted in a delay in filing the Interim Filings for Q1 2024.
- The MCTO restricts the CEO and CFO from trading in the company's securities, potentially signaling internal issues.
- Potential investor concerns due to the delay in financial reporting.
Arlington, Virginia--(Newsfile Corp. - May 28, 2024) - Edge Total Intelligence Inc. (TSXV: CTRL) (OTCQB: UNFYF) (FSE: Q5i) ("edgeTI", "Company"), is providing an update on the status of a management cease trade order (the "MCTO") application that was announced on April 26, 2024 (the "Announcement") with its principal regulator, the British Columbia Securities Commission, who granted the application on April 30, 2024.
As a reminder, the MCTO prohibits the Chief Executive Officer and Chief Financial Officer from all trading in securities of the Company until such time as the Annual 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.
The Company was granted a voluntary MCTO under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"). As previously announced, the application for the MCTO was made by the Company in order to secure additional time for the Company to file its audited annual financial statements and the related management's discussion and analysis for the year ended December 31, 2023, (the "Annual Filings"), which were due on April 29, 2024.
Preparation of the Annual Filings has also impacted the timely completion of the Company's interim financial statements, accompanying management's discussion and analysis and related certifications for the three months ended March 31, 2024 (the "Interim Filings"). The completion of the Interim Filings is dependent on the results contained in the Annual Filings, and, accordingly, the Company will not be able to file the Interim Filings by the reporting deadline of May 30, 2024.
The Company and its auditors continue to make progress and work diligently toward completing the Annual Filings and Interim Filings. The Company maintains its expectation that it will be in a position to file the Annual Filings and Interim Filing on or before June 28, 2024 (collectively, the "Required Filings").
The Company confirms that since the date of the Announcement: (i) other than as described above, there has been no material change to the information set out in the Announcement that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.
The Company will continue to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases until the Required Filings are posted and the MCTO has been lifted.
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: https://www.linkedin.com/company/edgeti
YouTube: www.youtube.com/user/edgetechnologies
For more information, please contact:
Nick Brigman
Analyst, Investor, and Press Relations,
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. 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, May 28, 2024, 3:01 AM EST
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/210726
FAQ
What is the status of Edge Total Intelligence's MCTO?
How does the MCTO affect UNFYF shareholders?
When are the Annual Filings for Edge Total Intelligence expected?
Why are the Interim Filings for Q1 2024 delayed?
