VANCOUVER, British Columbia, April 18, 2022 (GLOBE NEWSWIRE) -- Hunter Technology Corp. (TSX- V: HOC; OTCQB: HOILF; WKN: A2QEYH, FSE: RWPM, ISIN: CA4457371090) (“Hunter” or the “Corporation”) announces that it has made an application to the British Columbia 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 the Chief Executive Officer and Chief Financial Officer of the Corporation until such time as the Required Filings (defined below) and all continuous disclosure requirements have been filed by the Corporation, and the MCTO has been lifted. During the period in which the MCTO is effective, the general public, who are not insiders of the Corporation, will continue to be able to trade in the Corporations listed securities. The MCTO application has been made but there is no guarantee or assurance that the MCTO will be granted.
The Corporation expects it will be unable to file its audited financial statements for the year ended December 31, 2021, 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 May 2, 2022 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 recent resignation of the Corporation's Chief Financial Officer with completing the Required Filings, and to various remote work environment changes for the Corporation, including removing the Corporation's physical office and changing the Corporation's work platform and IT service provider which caused delays for the Corporation's accounting department.
The Corporation anticipates that it will be in a position to remedy the default by filing the Required Filings on or about June 30, 2022. 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.
About Hunter Technology Corp.
Hunter Technology Corp. is a blockchain marketplace company that has developed proprietary technologies that digitalise and streamline transaction lifecycles for underserved and inefficient markets. With its Hunter Marketplace Solutions (“HMS”) product, the Corporation supports the creation of customised marketplaces and enhanced data analytics capabilities that deliver more favourable economics and fair market access for all, as well as supporting numerous ESG opportunities throughout transactional ecosystems. The first such HMS-powered solution is OilEx, which will connect independent oil producers, buyers, and traders in a trusted digital marketplace to optimize prices, simplify processes, improve transparency, and support a reduced carbon footprint.
ON BEHALF OF THE BOARD OF DIRECTORS
Dr. Konstantinos Ghertsos
Chief Executive Officer
(778) 655-920
Neither the TSX Venture Exchange Inc. ("Exchange") nor its regulation services provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward Looking Statements
This news release contains forward-looking statements relating to the expected timing of the filing of the Required Filings. 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 only update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
