EEStor Corporation Provides Update on Annual Filings
February 05 2020 - 5:52PM
EEStor Corporation (TSX.V: ESU) (“
EEStor” or the
“
Corporation”) announces that it remains unable to
file its 2019 annual audited financial statements, the related
management’s discussion and analysis, and CEO and CFO
certifications (collectively, the “
Required
Filings”), which were due on or before January 28,
2020. The Corporation confirms that it was granted a
voluntary management cease trade order by the Ontario Securities
Commission on January 29, 2020.
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 continues to expect the audit to be completed in the
coming weeks and anticipates being in a position to complete the
Required Filings no later than February 28, 2020.
The Corporation confirms that it intends to
satisfy the provisions of the alternative information guidelines
described in Section 9 and Section 10 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.
The Corporation also confirm that it will
continue to proceed with its previously announced non-brokered
private placement of units at a price of $0.05 per unit, and
intends to complete a final tranche of the placement shortly.
To facilitate completion of the final tranche of the placement, the
TSX Venture Exchange has extended the deadline for the filing of
final materials through until February 22, 2020. For further
information regarding the placement, readers are encouraged to
review the news release issued by the Corporation on December 24,
2019.
The Corporation has not taken any steps toward
any insolvency proceeding and the Corporation has no other material
information to release to the public at this time. 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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