GENAI ANNOUNCES DELAY IN FILING ITS ANNUAL FINANCIAL STATEMENTS AND ISSUANCE OF MCTO
- Company remains operational and not subject to insolvency proceedings
- Regular shareholders can continue trading shares
- Company expects to complete filings by June 30, 2025
- Delay in filing annual financial statements past deadline
- MCTO restricts CEO and CFO from trading company securities
- Issues with accounting treatment of company acquisitions requiring additional audit review
The delay in filing the Annual Filings is outside of the Company's control and primarily due to the external auditor's quality review of audit procedures, including matters related to the accounting treatment and presentation of certain Company acquisitions in the financial statements. The Company is assisting their external auditor by providing then with the supplementary information and additional documentation they need in order to finalize their audit procedures, and it is anticipated that the Annual Finings will be made on or about June 30, 2025. The Company confirms that there have been no material business developments or other material information relating to its affairs as of the date of this news release that have not been generally disclosed and is not subject to any insolvency proceedings.
The Company requested the issuance of a management cease trade order ("MCTO") by the British Columbia Securities Commission (the "BCSC") under the provisions of National Policy 12-203 Management Cease Trade Orders ("NP 12-203"). Further to the Company's request, the MCTO was today granted by the BCSC. The MCTO prohibits the chief executive officer and the chief financial officer of the Company from trading in securities of the Company for so long as the Annual Filings are not filed. During this period, the Company has undertaken not to, directly or indirectly, issue or acquire securities from an insider or employee of the Company. The MCTO does not affect the ability of any shareholders who are not insiders of the Company to trade their securities of the Company, and the Company's common shares will continue to trade on the Canadian Securities Exchange.
The Company confirms that it intends to satisfy the provisions of NP 12-203 and issue bi‑weekly default status reports for so long as the Company remains in default of the financial statement filing requirement, containing any material changes to the information in this release, all actions taken by the Company to remedy the default; particulars of any failure by the Company to fulfill these provisions, any subsequent defaults of the Company requiring a default announcement and any other material information concerning the affairs of the Company not previously disclosed.
On Behalf of the Board,
Patrick Gray
CEO, Director and Chairman of the Board
Generative AI Solutions Corp.
Toll-free
Outside
info@genai-solutions.com
www.genai-solutions.com
About Generative AI Solutions Corp.
GenAI is a pioneering artificial intelligence company focused on developing a vertically integrated AI solutions business through its proprietary MAI Cloud™platform, with the development and commercialization of AI-powered tools and solutions for businesses and consumers across multiple industries. At GenAI, our mission is to harness the power of AI to create transformative products and services that benefit business and consumers across various sectors. Our team of talented AI professionals and engineers are dedicated to developing state-of-the-art AI- based solutions that have broad applicability and can be seamlessly integrated into diverse workflows. By leveraging our MAI Cloud™platform and our expertise in machine learning, natural language processing, and data analytics, we build versatile high-performance tools that redefine efficiency, productivity, and user experience.
For more information on GenAI, please visit www.genai-solutions.com.
Forward-Looking Information and Statements
This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements.
Generally, such forward-looking information or forward-looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved".
Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company's ability to continue as a going concern; the Company's ability to continue to develop revenue generating applications; continued approval of the Company's activities by the relevant governmental and/or regulatory authorities; and the continued growth of the Company; and Company's ability to continue to meet the requirements of listing of the CSE.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
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SOURCE GENERATIVE AI SOLUTIONS CORP.
FAQ
Why did AICOF receive a Management Cease Trade Order (MCTO)?
When will Generative AI Solutions Corp. file its delayed annual financial statements?
Can shareholders still trade AICOF stock during the MCTO period?
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