June 21, 2019 – Toronto, ON – Peeks Social Ltd.. (the “Corporation“) (TSXV: PEEK) announces that it made an application to the Ontario Securities Commission to approve a temporary management cease trade order (“MCTO“) under National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults (“NP 12-203“), which, if granted, will prohibit trading in securities of the Corporation by certain insiders of the Corporation, whether direct or indirect. The Corporation expects it will be unable to file its audited financial statements for the year ended February 28, 2019, and the management’s discussion and analysis and related Chief Executive Officer and Chief Financial Officer certificates for this period (collectively, the “Required Filings“) before the June 28, 2019 filing deadline (the “Filing Deadline“).
The Corporation’s failure to file its Required Filings by the Filing Deadline is due to a combination of factors including the Change of the Corporation’s Chief Financial Officer in the fall of 2018, the recent engagement of a new Auditor, and the complexity added by the acquisition of Personas.com Corporation in May of 2018 and the need to audit the consolidated results for the year ended February 28, 2019.
The Corporation anticipates that it will be a position to remedy the default by filing the Required Filings on or about August 30, 2019. The MCTO will be in effect until the Required Filings are filed.
The Corporation intends to satisfy the provisions of the alternative information guidelines set out in sections 9 and 10 of NP 12-203 so long as the Required Filings are outstanding.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.
For further information, please contact:
Peeks Social Ltd.
Mark Itwaru David Vinokurov
Chairman & Chief Executive Officer Director Investor Relations
Forward Looking Statements
This news release contains forward-looking statements relating to the expected timing of the filing of the Annual Audited Financial Statements and related Management’s Discussion and Analysis for the year ended February 28, 2019. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation’s expectations are risks detailed from time to time in the filings made by the Corporation with securities regulations. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Corporation will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.