TORONTO, September 9, 2019 (GLOBE NEWSWIRE) — Peeks Social Ltd. (the “Corporation“, or “Peeks”) (TSXV: PEEK, OTCQB: PKSLF) is providing this update on the status of the action taken by the Ontario Securities Commission (“OSC”) in issuance of a Management Cease Trade Order (“MCTO”) against the Corporation for failure to file the following by June 28, 2019:
- audited annual financial statements for the year ended February 28, 2019;
- management’s discussion and analysis relating to the audited financial statements for the year ended February 28, 2019; and
- certification for the audit financial statements for the year ended February 28, 2019.
The Corporation intends to continue to issue bi-weekly default status reports for so long as it remains in default of its requirements.
As reported, the Corporation had requested an extension of the MCTO to September 16, 2019, due to issues that arose in the course of the audit in connection with the amalgamation of Personas.com and the Company. The Company was required to apply accounting standard IFRS 3 (business combination) rather than IFRS 10 (merger), and as a result a valuation needs to be completed for the Company, thereby causing further delay.
The Corporation has been advised that an extension of the MCTO will not be granted. The Corporation expects a Full and Final Cease Trade Order (“FFCTO”) will be issued by the OSC. It is expected that the FFCTO will be lifted once all outstanding audited financial documents are filed.
During the FFCTO, the general investing public will not be able to trade in the Company’s listed common shares.
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.
Chairman & Chief Executive Officer
| David Vinokurov
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.