GENAI PROVIDES UPDATE ON STATUS OF ANNUAL FINANCIAL STATEMENTS
Generative AI Solutions (OTCQB: AICOF) has provided an update regarding its Management Cease Trade Order (MCTO). The company announced a delay in filing its annual financial statements, MD&A, and related certifications for the year ended January 31, 2025. The MCTO restricts the CEO and CFO from trading company securities until the required documents are filed and the order is revoked.
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 acquisitions. While initially targeting June 30, 2025, for submission, the company now expects to file the required documents by July 31, 2025. The MCTO does not affect other shareholders' ability to trade.
Generative AI Solutions (OTCQB: AICOF) ha fornito un aggiornamento riguardo al suo Management Cease Trade Order (MCTO). La società ha annunciato un ritardo nella presentazione del bilancio annuale, della MD&A e delle relative certificazioni per l'anno conclusosi il 31 gennaio 2025. Il MCTO impedisce al CEO e al CFO di negoziare titoli della società fino a quando i documenti richiesti non saranno depositati e l'ordine revocato.
Il ritardo è dovuto alla revisione qualitativa in corso delle procedure di audit e di revisione finanziaria da parte del revisore esterno, in particolare per il trattamento di alcune acquisizioni. Inizialmente prevista per il 30 giugno 2025, la presentazione è ora attesa entro il 31 luglio 2025. Il MCTO non influisce sulla capacità degli altri azionisti di negoziare.
Generative AI Solutions (OTCQB: AICOF) ha proporcionado una actualización sobre su Management Cease Trade Order (MCTO). La compañía anunció un retraso en la presentación de sus estados financieros anuales, MD&A y certificaciones relacionadas para el año finalizado el 31 de enero de 2025. El MCTO restringe al CEO y al CFO de negociar valores de la empresa hasta que se presenten los documentos requeridos y se revoque la orden.
El retraso se atribuye a la revisión de calidad en curso de los procedimientos de auditoría y revisión financiera por parte de su auditor externo, especialmente en lo referente al tratamiento de ciertas adquisiciones. Aunque inicialmente se esperaba presentar para el 30 de junio de 2025, ahora la compañía anticipa presentar los documentos requeridos antes del 31 de julio de 2025. El MCTO no afecta la capacidad de otros accionistas para negociar.
Generative AI Solutions (OTCQB: AICOF)는 경영진 거래중지명령(MCTO)에 관한 최신 정보를 제공했습니다. 회사는 2025년 1월 31일 종료된 회계연도에 대한 연례 재무제표, MD&A 및 관련 인증서 제출이 지연될 것이라고 발표했습니다. MCTO는 CEO와 CFO가 필수 서류 제출 및 명령 해제 전까지 회사 증권 거래를 제한합니다.
지연 사유는 외부 감사인이 특정 인수 건 처리와 관련하여 감사 절차 및 재무 검토 절차의 품질 검토를 진행 중이기 때문입니다. 당초 제출 목표일은 2025년 6월 30일이었으나, 현재는 2025년 7월 31일까지 제출할 예정입니다. MCTO는 다른 주주들의 거래 능력에는 영향을 미치지 않습니다.
Generative AI Solutions (OTCQB : AICOF) a fourni une mise à jour concernant son Management Cease Trade Order (MCTO). La société a annoncé un retard dans le dépôt de ses états financiers annuels, MD&A et certifications associées pour l'exercice clos le 31 janvier 2025. Le MCTO interdit au CEO et au CFO de négocier les titres de la société jusqu'à ce que les documents requis soient déposés et que l'ordre soit levé.
Ce retard est dû à la révision qualitative en cours des procédures d'audit et d'examen financier par leur auditeur externe, notamment en ce qui concerne le traitement de certaines acquisitions. Alors que la date initiale de dépôt était fixée au 30 juin 2025, la société prévoit désormais de déposer les documents requis d'ici le 31 juillet 2025. Le MCTO n'affecte pas la capacité des autres actionnaires à négocier.
Generative AI Solutions (OTCQB: AICOF) hat ein Update zu seiner Management Cease Trade Order (MCTO) veröffentlicht. Das Unternehmen gab eine Verzögerung bei der Einreichung des Jahresabschlusses, des MD&A und der zugehörigen Zertifizierungen für das zum 31. Januar 2025 endende Geschäftsjahr bekannt. Die MCTO untersagt dem CEO und CFO den Handel mit Unternehmenswertpapieren, bis die erforderlichen Unterlagen eingereicht und die Anordnung aufgehoben ist.
Die Verzögerung ist auf die laufende Qualitätsprüfung der Prüfungsverfahren und finanziellen Überprüfungen durch den externen Prüfer zurückzuführen, insbesondere hinsichtlich der Behandlung bestimmter Akquisitionen. Während ursprünglich der 30. Juni 2025 als Einreichungsdatum vorgesehen war, erwartet das Unternehmen nun die Einreichung der erforderlichen Unterlagen bis zum 31. Juli 2025. Die MCTO beeinträchtigt nicht die Handelsfähigkeit anderer Aktionäre.
- None.
- Delay in filing annual financial statements and related documents beyond the expected June 30 deadline
- Management Cease Trade Order (MCTO) restricting CEO and CFO from trading company securities
- External audit review complications regarding treatment of acquisitions
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 and it is now expected that the Required Documents will be filed on or about July 31, 2025.
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
Why did Generative AI Solutions (AICOF) receive a Management Cease Trade Order?
When will AICOF file its delayed annual financial statements?
Can shareholders still trade AICOF stock during the Management Cease Trade Order?
What is causing the delay in AICOF's financial statement filing?
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