AI/ML Innovations Inc. Announces Late Filing of Annual Financial Disclosure
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TORONTO, ON/ACCESSWIRE/August 19, 2022/ AI/ML Innovations Inc. (the “Company“) (CSE: AIML; OTCQB: AIMLF; FWB: 42FB), a company committed to acquiring and advancing artificial intelligence/machine learning technologies that address pressing societal needs, announces that it has filed an application with the British Columbia Securities Commission (“BCSC“) to approve a management record trade order (“MCTO“) under National Policy 12-203 Management cease trade orders (“NP 12-203“), which, if granted, will prohibit trading in the Company’s securities by the Company’s Chief Executive Officer and Chief Financial Officer until the Required Filings (defined below) and all Requirements Continuous Disclosure Statements have been filed by the Company, and the MCTO has been lifted. During the term of the MCTO, the general public, who are not insiders of the Company, will continue to be able to trade in the listed securities of the Company.The MCTO application has been made but there is no guarantee or assurance that the MCTO will be granted.If the MCTO is not issued by the BCSC, the applicable Canadian securities regulators may issue a general order d cease trade against the Company for failure to file the required documents within the prescribed period of time.
The Company anticipates that it will be unable to file its audited financial statements for the year ended April 30, 2022, together with the related MD&A and CEO and CFO certifications for this period (collectively, the “Deposits required“) before the filing deadline of August 28, 2022 (the “Deadline for filing“).
If the Company has not filed its required documents before the filing deadline, it is because it acquired during the year a significant stake in a French company, Tech2Heal SAS, requiring the conversion of financial reports of Tech2Heal to IFRS, followed by incorporation into the Company’s consolidated financial statements using the equity method. The company’s auditors have requested additional documentation/support from Tech2Heal, which is expected to be provided by September 15, 2022.
The Company anticipates that it will be able to cure the default by filing the required documents no later than October 28, 2022. The OCTM will be effective until the required documents are filed. The Company intends to satisfy the provision of the alternative disclosure guidelines set forth in Sections 9 and 10 of IG 12-203 as long as the required filings are pending.
The Company confirms that there are no insolvency proceedings against it as of the date of this press release. The Company also confirms that there is no other material information relating to the business of the Company that has not been generally disclosed as of the date of this press release.
On behalf of the Board of Directors
For more information please contact:
Blake Fallis (778) 405-0882 or [email protected]
For detailed information, please see AI/ML’s website at https://aiml-innovations.com/ or the company’s filings at www.sedar.com
About AI/ML Innovations Inc.
AI/ML Innovations Inc. has realigned its business operations to capitalize on the burgeoning fields of artificial intelligence (AI) and machine learning (ML), with initial investment focused on emerging healthcare and healthcare companies. digital wellbeing that leverage AI, ML and cloud computing and digital platforms to drive transformative healthcare management solutions and precision support delivery across the continuum of health. Through strategic partnerships with Health Gauge (70% owned by AIML), Tech2Heal (up to 22% ownership, of which 9.44% currently owned), AI Rx Inc. (70% owned by AIML) and other accretive investments planned, the Company continues to capitalize on expanding growth areas, to the benefit of all of the company’s stakeholders. AI/ML’s shares trade on the Canadian Securities Exchange under the symbol “AIML”, on the OTCQB Venture Market under the symbol “AIMLF” and on the Frankfurt Stock Exchange under the symbol “42FB”.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this press release are “forward-looking statements“, which reflect management’s expectations regarding the issuance of the MCTO and the timing of the filing of required documents. All statements other than statements of historical facts contained in this press release are forward-looking statements. These forward-looking statements involve risks and uncertainties because they reflect management’s current beliefs and are based on information currently available to management. Actual results may differ materially from those anticipated in the statements made. Forward-looking statements are expressly qualified in their entirety by this cautionary statement. Forward-looking statements are made as of the date of this press release, and the Company undertakes no obligation to update or revise them to reflect new events or circumstances, except as expressly required by securities laws. applicable securities. Further information regarding the uncertainties and risks may be found in the disclosure documents filed by the Company with the securities authorities, available at www.sedar.com.
THE SOURCE: AI/ML Innovations Inc.
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