EEStor Corporation Announces Delay of Annual Filings
January 21 2020 - 9:20AM
EEStor Corporation (TSX.V: ESU) (“
EEStor” or the
“
Corporation”) announces that it anticipates a
delay in filing its 2019 audited financial statements and the
related management’s discussion and analysis and certifications,
which are required to be filed by January 28, 2020.
In connection with the anticipated delay, the
Corporation has applied to the applicable Canadian securities
regulators requesting that a voluntary management cease trade order
(“MCTO”) be imposed to restrict trading in the
Corporation’s securities by insiders of the Corporation, as opposed
to a general cease trade order which would restrict all trading in
the Corporation’s securities. If granted, the MCTO would be
in effect until the required filings are completed or until it is
either revoked or varied.
The annual financial statements and annual
management’s discussion and analysis and the associated audit work
is in process, but the Corporation is unable to complete and file
such materials pending the completion of the audit. Delays in
completion of an ongoing private placement, as well as the
engagement of a new auditor for the annual financial statements,
has resulted in an extended timeframe for the audit. The
Corporation expects the audit to be completed in the coming weeks
and anticipates being in a position to file the annual financial
statements and the related management’s discussion and analysis no
later than February 28, 2020.
The Corporation confirms that it intends to
satisfy the provisions of the alternative information guidelines
described in Section 4.3 and Section 4.4 of National Policy 12-203
(Management Cease Trade Orders) for so long as it remains in
default of the requirement to file the required filings on or
before January 28, 2020. The Corporation has not taken any
steps toward any insolvency proceeding and the Corporation has no
material information to release to the public.
The Corporation has made the foregoing
representations in accordance with the requirements of applicable
securities laws.
About EEStor
EEStor is a developer of high energy density
solid-state capacitor technology utilizing patented Composition
Modified Barium Titanate (CMBT) material. EEStor is committed
to providing commercially viable and sustainable energy solutions
across a broad spectrum of industries and applications.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
All statements, other than statements of
historical fact, contained in this press release including, but not
limited to (i) generally, or the “About EEStor” paragraph which
essentially describes the Corporation’s outlook and objectives,
constitute “forward-looking information” or “forward-looking
statements” within the meaning of certain securities laws, and are
based on expectations, estimates and projections as of the time of
this press release. Forward looking statements are necessarily
based upon a number of estimates and assumptions that, while
considered reasonable by the Corporation as of the time of such
statements, are inherently subject to significant business,
economic and competitive uncertainties and contingencies. These
estimates and assumptions may prove to be incorrect.
Many of these uncertainties and contingencies
can directly or indirectly affect, and could cause, actual results
to differ materially from those expressed or implied in any
forward-looking statements. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Forward-looking statements are
provided for the purpose of providing information about
management's expectations and plans relating to the future. The
Corporation disclaims any intention or obligation to update or
revise any forward-looking statements or to explain any material
difference between subsequent actual events and such
forward-looking statements, except to the extent required by
applicable law.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Mr. Ian Clifford Chief Executive
Officer 416-535-8395 ext.3ian.clifford@eestorcorp.com |
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