Just Energy Announces Reliance on Temporary Regulatory Relief for Filing Annual Financial Statements
June 24 2020 - 7:00AM
Just Energy Group Inc. (“Just Energy” or the “Company”), announces
that it is utilizing the extension period provided under Ontario
Instrument 51-505 - Temporary Exemption from Certain Corporate
Finance Requirements with Deadlines during the Period from June 2
to August 31, 2020 (“Instrument 51- 505”), and similar extension
periods provided for by the Canadian Securities Administrators in
the other provinces and territories of Canada, for (i) filing its
annual financial statements and related management’s discussion and
analysis for the Company’s fiscal year ended March 31, 2020
(collectively, the “Annual Filings”), and (ii) compliance with the
delivery requirements of applicable securities laws relating to the
Annual Filings.
The Canadian Securities Administrators have
announced temporary relief from certain regulatory filings required
to be made on or before August 31, 2020. This blanket relief is
implemented through Instrument 51-505 and similar orders made in
the other provinces and territories of Canada which, in light of
COVID-19 and its impact on market participants, provides a 45-day
extension for periodic filings normally required to be made by
issuers during the period from June 2, 2020 to August 31, 2020.
Just Energy expects to file the Annual Filings by no later than
July 7, 2020.
The Company is continuing to work diligently
towards completing and filing the Annual Filings. Until Just Energy
has filed the Annual Filings, members of Just Energy’s management
and certain other insiders are subject to a trading black-out
period as per its internal Insider Trading Policy that is
consistent with the principles in Section 9 of National Policy
11-207 - Failure-to-File Cease Trade Orders and Revocations in
Multiple Jurisdictions.
The Company confirms that, other than disclosed
in prior press releases, there have been no material business
developments since the filing on February 10, 2020 of the Company’s
interim financial report for the period ended December 31,
2019.
About Just Energy Group
Inc.
Just Energy is a consumer company focused
on essential needs, including electricity and natural gas health
and well-being, such as water quality and filtration devices; and
utility conservation, bringing energy efficient solutions and
renewable energy options to consumers. Currently operating
in the United States and Canada, Just
Energy serves residential and commercial customers. Just
Energy is the parent company of Amigo Energy, EdgePower
Inc., Filter Group Inc., Hudson Energy, Interactive
Energy Group, Tara Energy, and TerraPass.
Visit https://investors.justenergy.com to learn more.
Also, find us on Facebook and follow us
on Twitter.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking
statements including, but not limited to, statements and
information regarding the impact of COVID-19 pandemic on the
Company’s financial reporting and operations, and the timing for
filing the Annual Filings. These statements are based on current
expectations that involve a number of risks and uncertainties which
could cause actual results to differ from those anticipated, and
the Company undertakes no obligation to update or revise any
forward-looking statement. These risks include, but are not limited
to, the impact of the evolving COVID-19 pandemic on the Company’s
business, operations and sales including risks associated with
reliance on suppliers, uncertainties relating to the ultimate
spread, severity and duration of COVID-19 and related adverse
effects on the economies and financial markets of countries in
which the Company operates, the ability of the Company to
successfully implement its business continuity plans with respect
to the COVID-19 pandemic, the ability of the Company to extend its
credit facility, the ability of the Company to reduce selling,
marketing and general and administrative expenses and the quantum
of such reductions and the impact thereof on the Company’s current
fiscal year, the Company’s ability to identify further
opportunities to improve its cost structure, general economic and
market conditions, levels of customer natural gas and electricity
consumption, rates of customer additions and renewals, rates of
customer attrition, fluctuations in natural gas and
electricity prices, changes in regulatory regimes, results of
litigation and decisions by regulatory authorities, competition and
dependence on certain suppliers. Additional information on these
and other factors that could affect Just Energy’s operations,
financial results or dividend levels are included in Just Energy’s
annual information form and other reports on file with Canadian
securities regulatory authorities which can be accessed
through the SEDAR website at www.sedar.com and
the U.S. Securities and Exchange Commission’s website
at www.sec.gov or through Just Energy’s website
at www.justenergygroup.com.
Neither the Toronto Stock Exchange nor
the New York Stock Exchange has approved nor disapproved
of the information contained herein.
FOR FURTHER INFORMATION PLEASE
CONTACT:Jim BrownChief Financial OfficerJust EnergyPhone:
713-544-8191jbrown@justenergy.com
Investors Michael CummingsAlpha
IRPhone: 617-982-0475michael.cummings@alpha-ir.com
Media Boyd ErmanLongview
CommunicationsPhone: 416-523-5885
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