VANCOUVER, British Columbia, June 03, 2019 (GLOBE NEWSWIRE) -- Cryptobloc Technologies Corp., (“Cryptobloc” or the “Company”) (CSE:CRYP), (OTC:CRYBF), (Frankfurt Stock Exchange:GR9) announces that it has successfully been granted a temporary management cease trade order (the “MCTO”) in connection with the anticipated late filing of the Company’s audited annual financial statements (the “Financial Statements”) and management’s discussion and analysis for the financial year ended January 31st, 2019.
The Company initially requested the MCTO in order to secure additional time to finalize the Financial Statements. As a result of the Company being associated with the Temporary Order issued by the BCSC on November 26th, 2018, the Company anticipates a longer than anticipated timeframe for the audit of the Financial Statements.
By way of background and as required by the BCSC, please note the following:
- The Company is required to file its January 31st, 2019 audited annual financial statements, management’s discussion and analysis and the applicable CEO and CFO certifications in respect of such filings (collectively the “Annual Filings”) all in accordance with IFRS by May 31st, 2019 (the “Filing Deadline”), as required pursuant to National Instrument 51-102 Continuous Disclosure Obligations. The Company does not anticipate that it will be able to complete its Annual Filings on or before the Filing Deadline.
- The Company confirms that it intends to issue a status report on a bi-weekly basis, for as long as it remains in default of the Filing Deadline in respect of the Annual Filings.
- There is no other material information concerning the affairs of the Company that has not been generally disclosed.
During the MCTO the general investing public will continue to be able to trade in the Company’s listed common shares. However, it is anticipated that for the duration of the MCTO, the Company’s Chief Executive Officer, Chief Financial Officer and such other directors, officers and persons as determined by the BCSC will not be able to trade the Company’s common shares.
The Company has imposed an insider trading blackout pending the filing of the Annual Filings. While the temporary MCTO is in effect, the Company will comply with the alternative information guidelines described in National Policy 12-203 Management Cease Trade Orders Orders for so long as it remains in default due to the late filing of the Annual Filings.
On behalf of the Board of Directors,
Rob Abenante, President, CEO and Director.
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