POSaBIT Announces Anticipated Late Filing of 2023 Annual Filings
April 29 2024 - 7:02AM
Business Wire
POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF) (the
"Company" or "POSaBIT") announces today that the
Company is anticipating a delay in filing its annual financial
statements and accompanying management's discussion and analysis
for the year ended December 31, 2023 (the "Annual Filings"),
by the filing deadline on April 29, 2024 (the "Filing
Deadline"), as required by National Instrument 51-102 –
Continuous Disclosure Obligations. As a result of the expected
delay in filing the Annual Filings, the Company's previously
announced conference call and live webcast originally scheduled for
April 29, 2024 at 4:30 PM ET will be postponed until the Annual
Filings are completed.
The Company attributes the delay primarily to a change in
auditor late in the year due to its former auditor ending its
public company practice. The Company currently expects to file the
Annual Filings no later than May 17, 2024, and will issue a news
release announcing completion of such filing at that time.
Accordingly, the Company has applied for, and expects to
receive, a voluntary management cease trade order (the
"MCTO") from the British Columbia Securities Commission. The
MCTO will stay in effect until the Annual Filings are filed. The
issuance of the MCTO will, at a minimum, prohibit the chief
executive officer and chief financial officer of the Company from
trading in the Company's securities for so long as the Annual
Filings are not filed. The MCTO, if issued, does not affect the
ability of shareholders who are not insiders of the Company to
trade their securities of the Company. The MCTO will be in effect
until the default is remedied.
The Company will comply with the alternative information
guidelines set out in National Policy 12-203 – Management Cease
Trade Orders, until the Annual Filings have been completed. The
guidelines, among other things, require the Company to issue
bi-weekly default status reports, by way of a news release, so long
as the Annual Filings have not been filed, and these will also be
filed on SEDAR+.
About POSaBIT
POSaBIT (CSE: PBIT, OTC: POSAF) is a FinTech, working
exclusively within the cannabis industry. We provide a
best-in-class Point-of-Sale solution and are the leading cashless
payment provider for cannabis retailers. We work tirelessly to
build better financial services and transaction methods for
merchants. We bring cutting-edge software and technology to the
cannabis industry so that all merchants can have a safe and
compliant set of services to solve the problems of a cash-only
industry. For additional information, visit www.posabit.com.
The CSE does not accept responsibility for the adequacy or
accuracy of this news release. This news release includes
forward-looking statements that are subject to risks and
uncertainties. Forward-looking statements, including those relating
to the timing of the filing of the Annual Filings and the issuance
of the MCTO and involve known and unknown risks, uncertainties, and
other factors that could cause the actual results of the Company to
be materially different from the historical results or any future
results expressed or implied by such forward-looking statements.
All statements within, other than statements of historical fact,
are to be considered forward-looking. Although POSaBIT believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, including the accuracy of the timelines
communicated to the Company from its auditors, such statements are
not a guarantee of future performance, and actual results or
developments may differ materially from those in forward-looking
statements. Factors that could cause actual results to differ
materially from those in forward-looking statements include market
prices, continued availability of capital and financing,
exploration results, and general economic, market or business
conditions. There can be no assurances that such statements will
prove accurate and, therefore, readers are advised to rely on their
own evaluation of such uncertainties. We do not assume any
obligation to update any forward-looking statements.
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Ryan Hamlin Co-Founder and CEO 855-767-2248
investors@posabit.com