TORONTO, May 3, 2019 /CNW/ - CryptoStar Corp. (TSXV: CSTR)
("CryptoStar", or the "Company"), a cryptocurrency
mining and data centre operator, announces today that as a
consequence of failing to file its financial statements,
management's discussion and analysis and related officer
certifications for the financial year ended December 31, 2018 (collectively, the "Annual
Filings") prior to the April 30,
2019 filing deadline under National Instrument 51-102 -
Continuous Disclosure Obligations and National Instrument
52-109 - Certification of Disclosure in Issuers Annual and
Interim Filings, the Company is currently noted in default on
the reporting issuer lists of the Ontario Securities Commission,
the Alberta Securities Commission and the British Columbia
Securities Commission.
The Company has appointed Manning Elliott LLP, Chartered
Professional Accountants, as its auditor and the audit of the
Company's Annual Filings is ongoing. The board of directors and
management of the Company are working expeditiously to meet the
Company's obligations relating to the finalization of the Annual
Filings.
The Company anticipates that it will be in a position to
finalize and issue its financial statements and related disclosures
shortly. The Company does not anticipate any delay in filing its
interim financial statements, management's discussion and analysis,
and the related officer certifications for the financial period
ended March 31, 2019.
The reason for the default is due to timing and documentation
constraints related to the accounting and auditing of digital
currencies based on information provided by a specialist to the
auditors on the Company's internal controls and systems related to
the operations of the Company. The Company confirms that there are
no insolvency proceedings against it as of the date of this news
release. The Company also confirms that there is no other material
information concerning the affairs of the Company that has not been
generally disclosed as of the date of this news release.
About CryptoStar Corp.:
CryptoStar has one of the world's largest cryptocurrency mining
operations with data centres located in the U.S.A, Canada
and Iceland. CryptoStar is
currently dedicated to further expansion into low cost energy
regions in North America and
around the globe.
CAUTIONARY NOTE REGARDING FORWARD LOOKING INFORMATION
Certain information in this news release constitutes
forward-looking information. In some cases, but not necessarily in
all cases, forward-looking information can be identified by the use
of forward-looking terminology, such as "plans", "targets",
"expects" or "does not expect", "is expected", "estimates",
"intends", "assumes", "anticipates" or "does not anticipate" or
"believes", or variations of such words and phrases, or state that
certain actions, events or results "may", "could", "would",
"might", "will" or "will be taken", "occur" or "be achieved". In
addition, any statements that refer to expectations, projections or
other characterizations of future events or circumstances contain
forward-looking information. Statements containing forward-looking
information are not historical facts, but instead represent
management's expectations, estimates and projections regarding
future events. Forward looking information in this news release,
includes, but is not limited to, the completion of the audit of the
Company's Annual Filings in an expeditious manner and the
anticipated filing of the Company's interim financial report for
the period ended March 31, 2019
together with related MD&A and officer certifications.
Forward-looking information is necessarily based on a number of
opinions, assumptions and estimates that, while considered
reasonable by CryptoStar as of the date of this news release, are
subject to known and unknown risks, uncertainties, assumptions and
other factors that may cause the actual results, level of activity,
performance or achievements to be materially different from those
expressed or implied by such forward-looking information, including
but not limited to the factors described in greater detail in the
"Risk Factors" section of the Filing Statement dated August 17, 2018 in respect of the Qualifying
Transaction of Aumento Capital VI Corporation, which is available
at www.sedar.com. These factors are not intended to represent a
complete list of the factors that could affect CryptoStar; however,
these factors should be considered carefully. There can be no
assurance that such estimates and assumptions will prove to be
correct. The forward-looking statements contained in this news
release are made as of the date of this news release, and
CryptoStar expressly disclaims any obligation to update or alter
statements containing any forward-looking information, or the
factors or assumptions underlying them, whether as a result of new
information, future events or otherwise, except as required by
law.
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this news release.
SOURCE CryptoStar Corp.