GENAI PROVIDES UPDATE ON STATUS OF ANNUAL FINANCIAL STATEMENTS
Rhea-AI Summary
Generative AI Solutions (OTCQB: AICOF) has provided an update regarding its Management Cease Trade Order (MCTO) issued by the British Columbia Securities Commission. The company has not yet filed its required annual financial statements and related documents for the year ended January 31, 2025.
The delay is attributed to ongoing quality review of audit procedures and financial review procedures by their external auditor, particularly regarding the treatment of certain company acquisitions. While initially expected around June 30, 2025, the company now requires additional time to complete the Required Documents.
The MCTO restricts CEO Patrick Gray and CFO Paul Ciullo from trading company securities until the required documents are filed and the MCTO is revoked, but does not affect other shareholders' ability to trade.
Positive
- None.
Negative
- Company failed to file required annual financial statements by deadline
- Management (CEO and CFO) are restricted from trading company securities
- Further delay beyond initial June 30, 2025 expected completion date
- External audit complications regarding acquisition treatments
News Market Reaction 1 Alert
On the day this news was published, AICOF gained 6.00%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Pursuant to the MCTO, the Corporation's CEO, Patrick Gray, and the Corporation's CFO, Paul Ciullo, may not trade in securities of the Corporation until such time as the Corporation files its annual audited financial statements, annual management's discussion and analysis and related certifications for the year ended January 31, 2025 (collectively, the "Required Documents"), and the BCSC revokes the MCTO.
The MCTO does not affect the ability of other shareholders to trade their securities.
The Corporation has not yet filed the Required Documents, however the Company is working diligently with its auditors and expects that the Required Documents will be filed as soon as possible. The Company had previously announced that it expected the Required Documents to be filed around June 30, 2025, however due to ongoing processes the Company expects to require more time to complete the Required Documents.
As previously reported, the delay is outside of the Company's control and due solely to quality review of audit procedures and financial review procedures of their external auditor, including in respect of the treatment of certain acquisitions of the Company and their presentation in the financial statements.
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
What is the current status of AICOF's Management Cease Trade Order (MCTO)?
Why is Generative AI Solutions (AICOF) delayed in filing its annual financial statements?
When will AICOF file its required annual financial documents?
Does the MCTO affect all AICOF shareholders' ability to trade?
What reporting requirements must AICOF fulfill during the MCTO period?
