San Marcos, TX, Feb. 22, 2018 (GLOBE NEWSWIRE) -- Leading American Cadmium-Free Quantum Dot manufacturer Quantum Materials Corp (OTCPK:QTMM) today announced the Company’s Board of Directors has undertaken a comprehensive review of a number of potential strategic opportunities to enhance shareholder value. The Board has engaged Canaccord Genuity as its financial advisor for such review, and to advise the Board with respect to any transactions that may ultimately be pursued as a result of such review. Stephen Squires, CEO of Quantum Materials Corp, stated, "Our Board is committed to taking the necessary steps to enhance value to our shareholders. Canaccord knows our industry - and more specifically the quantum dot space - which makes them a great choice to help the Company evaluate and execute viable strategic opportunities."
The Company notes that no decision has been made to pursue any transaction and that there can be no assurance that the review process will result in the completion of any particular course of action or transaction. The Company has not set a timetable for completion of the review process, and it does not intend to comment further regarding the review process unless a specific transaction or other alternative is approved by the Board of Directors, the review process is concluded or it is otherwise determined that further disclosure is appropriate or required by law.
Audit and Filing Update
With regard to the company’s filing status, the Company’s CFO and administrative staff continue to work diligently with its auditors to file the 10K and subsequent 10Q’s in order to restore the companies OTCQB listing status in a timely basis. As a direct result of the onerous responses to predatory lender lawsuits, the Company missed the time window the auditors had reserved to complete Quantum Materials Corp’s year-end audit and filing. This resulted in the Company’s filing falling out of sync with the auditors’ set schedule and landing in the auditors’ busiest time of year (Many companies follow a calendar-year audit schedule with December 31 being their yearend).
Mr. Squires concluded that “We’ve had some extraordinary issues this past year - in addition to the aforementioned lawsuits we changed audit firms and revamped our board of directors midway through our fiscal year. The company and its auditors are making, and will continue to make, every effort possible to complete the filings as quickly as possible. We take our obligation to timely file very seriously and are striving to return the company to full compliance without further delay.”
ABOUT CANACCORD GENUITY GROUP INC.:
Through its principal subsidiaries, Canaccord Genuity Group Inc. is a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and capital markets. Since its establishment in 1950, the Company has been driven by an unwavering commitment to building lasting client relationships. We achieve this by generating value for our individual, institutional and corporate clients through comprehensive investment solutions, brokerage services and investment banking services. The Company has offices in 10 countries worldwide, including Wealth Management offices located in Canada, the UK, Guernsey, Jersey, the Isle of Man and Australia. Canaccord Genuity, the international capital markets division, operates in Canada, the US, the UK, France, Ireland, Hong Kong, China, Australia and Dubai. “To us there are no foreign markets.™” Canaccord Genuity Group Inc. is publicly traded under the symbol CF on the TSX. http://www.canaccordgenuitygroup.com
ABOUT QUANTUM MATERIALS CORP.
Quantum Materials Corp (QMC) develops and manufactures quantum dots and nanomaterials for use in LCD, QLED and OLED displays, solar energy and lighting applications through its proprietary high-volume continuous-flow production process. QMC's volume manufacturing methods enable consistent quality and scalable cost reductions to provide the foundation for technologically superior, energy efficient and environmentally sound displays, the next generation of solid-state lighting and solar photovoltaic power applications. Wholly-owned subsidiary Solterra Renewable Technologies develops sustainable quantum dot solar technology. For more information follow Quantum Materials Corp at www.QMCDOTS.com
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This press release contains forward-looking statements that involve risks and uncertainties concerning our business, products, and financial results. Actual results may differ materially from the results predicted. More information about potential risk factors that could affect our business, products, and financial results are included in our annual report and in reports subsequently filed by us with the Securities and Exchange Commission ("SEC"). All documents are available through the SEC's Electronic Data Gathering Analysis and Retrieval System (EDGAR) at http://www.sec.gov/ or from our website. We hereby disclaim any obligation to publicly update the information provided above, including forward-looking statements, to reflect subsequent events or circumstances.