Yangaroo Announces Anticipated Delay of Annual Filing Requirements and Application for Voluntary Management Cease Trade Order

Rhea-AI Summary

YANGAROO Inc. announces an anticipated delay in filing its annual financial statements for 2023 due to the recent change in Chief Financial Officer. The company has applied for a voluntary management cease trade order to prevent trading by the CEO and CFO until the filings are complete. The delay is attributed to the transition in financial leadership, and the company aims to file the required documents by the end of May 2024 or no later than June 28, 2024.

Toronto, Ontario--(Newsfile Corp. - April 15, 2024) - YANGAROO Inc. (TSXV: YOO) (OTC Pink: YOOIF) (the "Company"), a software leader in media asset workflow solutions for the advertising and entertainment industries, announces that it has proactively made an application to the Ontario Securities Commission to approve a voluntary temporary management cease trade order ("MCTO") under National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). If granted, the MCTO will prohibit trading in securities of the Company by the chief executive officer and chief financial officer of the Company until such time as the Annual Filings (defined below) have been filed by the Company, and the MCTO has been lifted.

While the MCTO is in effect, the general public, who are not insiders of the Company, will continue to be able to trade in the Company's listed securities. The MCTO application has been made but there is no guarantee or assurance that the MCTO will be granted.

The Company expects it will be unable to file its audited financial statements for the year ended December 31, 2023, and the management's discussion and analysis and related Chief Executive Officer and Chief Financial Officer certificates for this period (collectively, the "Annual Filings") before the April 29, 2024 filing deadline (the "Filing Deadline").

The Company's failure to file its Annual Filings by the Filing Deadline is due to there being insufficient time for the Company and the auditors to complete the Annual Filings following the recent resignation of the Company's former Chief Financial Officer and more recent appointment of new Chief Financial Officer, who is in charge of working with the Company's auditor to complete the Annual Filings.

The Company intends to continue to work diligently and expeditiously with its auditors and expects to file the Annual Filings as soon as possible, anticipated to be by the end of May 2024 and in any event no later than June 28, 2024.

Other than as previously disclosed by the Company and herein, the Company confirms that there have been no material business developments since the date of its most recent interim financial statements.

The Company intends to satisfy the provisions of the alternative information guidelines set out in section 10 NP 12-203 so long as the Required Filings are outstanding.

About YANGAROO:

Yangaroo is a software leader in media asset workflow and distribution solutions for the advertising, music, and awards industries. YANGAROO's patented Digital Media Distribution System is a leading secure business-to-business cloud-based solution that incorporates production services, traffic, clearance, delivery, analytics, and secure API integration for the industry's various video and audio workflow challenges.

YANGAROO has offices in Toronto, New York, and Los Angeles. YANGAROO trades on the TSX Venture Exchange (TSX-V) under the symbol YOO and in the U.S. under OTCBB: YOOIF.

###

For YANGAROO Investor Inquiries:

Grant Schuetrumpf
Phone: (416) 534-0607
grant.schuetrumpf@yangaroo.com

Cautionary Note Regarding Forward-looking Statements

This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes.

Forward-looking statements are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of YANGAROO, that may cause the actual results, level of activity, performance or achievements of YANGAROO to be materially different from those expressed or implied by such forward looking statements. Although YANGAROO has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company is making forward-looking statements with respect to the MCTO, including but not limited to the anticipated timeline for filing the Annual Filings.

Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause YANGAROO's actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, neither YANGAROO assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/205608

FAQ

Why is YANGAROO Inc. delaying its annual financial filings for 2023?

YANGAROO Inc. is delaying its annual financial filings for 2023 due to the recent resignation of its former Chief Financial Officer and the subsequent appointment of a new CFO, causing a delay in completing the required documents.

What is the purpose of the voluntary management cease trade order applied for by YANGAROO Inc.?

The voluntary management cease trade order is intended to prevent trading in securities of the company by the CEO and CFO until the annual filings for 2023 are completed, ensuring transparency and compliance with regulatory requirements.

When does YANGAROO Inc. expect to file its annual financial statements for 2023?

YANGAROO Inc. expects to file its annual financial statements for 2023 by the end of May 2024 or no later than June 28, 2024, following diligent efforts to complete the necessary documentation.

Are there any material business developments disclosed by YANGAROO Inc. apart from the delay in annual filings?

YANGAROO Inc. confirms that there have been no material business developments since the date of its most recent interim financial statements, aside from the delay in filing the annual financial statements for 2023.