Sprout AI Announces Cease Trade Order Due to Delay in Q4 2021 Interim Financial Filing
Calgary, Alberta–(Newsfile Corp. – April 7, 2022) – Sprout AI Inc. (CSE: BYFM) (OTCQB: BYFMF) (“Sprout AI” or the “Company”), a leading vertical agricultural technology company , announces that the Company’s primary regulator, the British Columbia Securities Commission (the “BCSC”) has issued a cease trade order (the “CTO”) dated April 6andNovember 30, 2022, as a result of the Company’s failure to file its interim financial statements for the 12-month period ended November 30, 2021, related MD&A and management certificates (collectively, the “November 30 Filings”). In addition, the Company filed an amended year-end change notice regarding its year-end change from November 30 to February 28.
The Company’s management is currently working quickly with the Company’s interim CFO and accounting team to complete the November 30 filings, which the Company expects to do shortly. Upon filing of the November 30 filings, the Company will, if necessary, seek from the BCSC a revocation of the CTO. Once the CTO is removed, the resumption of trading in the common shares of the Company will begin. Further updates will be provided in due course.
A copy of the CTO is available on the BCSC website at: https://www.bcsc.bc.ca/enforcement/early-intervention/cease-trade-orders.
The Company’s management is currently working with the newly appointed external auditors, Segal LLP, to prepare its audited financial statements for its transition year ended February 28, 2022, which the Company believes will be issued on time in accordance with the June 28 deadline.
For non-hardware updates and to learn more about Sprout AI and the vertical farming industry, please follow Sprout AI on:
About Sprout AI
Sprout AI is a vertical farming technology company in the business of planning, designing, manufacturing and/or assembling sustainable and scalable AI-controlled vertical farming equipment for agriculture indoor vertical. Adaptive technology produces an environment with improved growth parameters and early detection of adverse conditions, resulting in consistent, repeatable crops with shorter crop cycles regardless of geographic climates.
Self-contained tiered rolling rack technology increases cubic growing area while mitigating the risk of outside and cross contaminants.
For more information on Sprout AI, please visit https://www.sproutai.solutions.
Chief executive officer
Sprout AI Inc.
Phone: +011 (507) 6384-8734
Email: [email protected]
Sprout AI Inc.
Tel: + 1 (289) 231-9026
Email: [email protected]
Address: International Business Park,
Unit 5B, Building 3860
Panama Pacifico, Republic of Panama
This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws with respect to the Company. The forward-looking information included in this press release is not based on historical facts but rather on the Company’s management’s expectations regarding the Company’s future growth, results of operations, performance, prospects and business opportunities. . This press release uses words such as “will”, “expect”, “anticipate”, “intend”, “anticipate”, “believe”, “estimate” or similar expressions to identify forward-looking information. This forward-looking information reflects the current beliefs of the Company’s management based on information currently available to it. Such forward-looking information includes, among other things, statements relating to: the OTC, the completion of the November 30 filings, the revocation of the OTC, the resumption of trading in the Company’s common stock and the preparation of financial statements audited financial statements of the Company for its transition fiscal year ended February 28, 2022. 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. Forward-looking statements reflect beliefs, opinions and are based on a number of assumptions and estimates which, although believed to be reasonable by the respective parties, are inherently subject to significant commercial, economic, competitive uncertainties and contingencies. , political and social. These factors include, but are not limited to, the Company having adequate resources to complete the November 30 filings and its audited financial statements for its transition year ended February 28, 2022 within the timelines expected by the Company, the global or national health issues, including the outbreak of pandemic or contagious diseases, such as COVID-19 and including the evolution of new variants of COVID-19, their duration and effects and delays related to development, supply and distribution of vaccines; risks related to the effective management of the Company’s growth, liabilities and risks, including environmental liabilities and risks associated with the Company’s operations, the Company’s ability to attract and retain customers, the competitive nature sectors in which the Company operates. Should one of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results could differ materially from those anticipated in the forward-looking statements. The information contained in the forward-looking statements in this press release is provided as of the date of this press release, and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information or events. or future results, except as required by applicable Canadian securities laws. Accordingly, prospective investors should not place undue reliance on any forward-looking statements or the information contained in such statements.
All forward-looking information contained in this press release is expressly qualified by the foregoing caveats.
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