AI/ML Innovations Inc. Provides Status Update
Rhea-AI Summary
AI/ML Innovations Inc. (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) has provided a status update regarding its management cease trade order (MCTO) granted by the British Columbia Securities Commission on August 29, 2024. The MCTO restricts trading for the CEO and Interim CFO until the company files its annual financial documents for the year ended April 30, 2024. The company now expects to file these documents by September 30, 2024, citing ongoing work with auditors on accounting issues related to a French investee entity.
AI/ML Innovations is focused on artificial intelligence and machine learning in digital health and wellbeing. The company has investments in Health Gauge (70% owned), Tech2Heal (22% ownership commitment), and AI Rx Inc. (70% owned), aiming to capitalize on growth areas in healthcare management solutions and precision support delivery.
AI-generated analysis. Not financial advice.
Positive
- Company is working expeditiously to file the Required Documents by September 30, 2024
- MCTO does not affect the ability of other shareholders to trade their securities
- Company has strategic investments in AI and ML-focused digital health companies
Negative
- Management cease trade order (MCTO) issued due to delay in filing annual financial documents
- Ongoing accounting issues with consolidation of a France-based investee entity
- Risk of issuer cease trade order if Required Documents are not filed in a timely manner
News Market Reaction – AIMLF
On the day this news was published, AIMLF gained 1.31%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
VICTORIA, BC / ACCESSWIRE / September 6, 2024 / AI/ML Innovations Inc. (the "Company") (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) announces that further to its news releases dated August 23, 2024 and August 29, 2024, the Company's principal regulator, the British Columbia Securities Commission (the "BCSC"), granted a management cease trade order (the "MCTO") on August 29, 2024 under National Policy 12-203 Management Cease Trade Orders ("NP 12-203"). Pursuant to the MCTO, Paul Duffy, the Chief Executive Officer, and Tim Daniels, the Interim Chief Financial Officer, may not trade in securities of the Company until such time as the Company files its annual audited financial statements, annual management's discussion and analysis and related certifications for the year ended April 30, 2024 (collectively, the "Required Documents"), and the Executive Director of the BCSC revokes the MCTO. The MCTO does not affect the ability of other shareholders to trade their securities.
The Company's Board of Directors and management confirm that they are working expeditiously to file the Required Documents and now expect to do so on or before September 30, 2024, and confirm that since the Company's news release dated August 29, 2024, there is no other material information respecting the Company's affairs that has not been generally disclosed. The Company continues to work with its auditor in relation to accounting issues raised regarding the consolidation of a France based investee entity.
Until the Required Documents have been filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines specified in NP 12-203 by issuing bi-weekly default status reports in the form of further press releases for so long as the Company remains in default of the financial statement filing requirement. In the event that the Company does not file the Required Documents in a timely manner, the Canadian Securities Regulatory Authorities may impose an issuer cease trade order on the outstanding securities of the Company.
For more information about AI/ML Innovations:
For detailed information please see AI/ML's website or the Company's filed documents at www.sedarplus.ca.
For further information, contact: Blake Fallis at (778) 405-0882 or info@aiml-innovations.com.
About AI/ML Innovations Inc.https://aiml-innovations.com/
AI/ML Innovations Inc. has realigned its business operations to capitalize on the burgeoning fields of artificial intelligence (AI) and machine learning (ML), with an initial investment focus on emerging digital health and wellbeing companies that leverage AI, ML, cloud computing and digital platforms to drive transformative healthcare management solutions and precision support delivery across the health continuum. Through strategic partnerships with Health Gauge (
Certain statements in this news release are "forward-looking statements", which reflect management's expectations regarding the timing of filing of the Required Documents. All statements other than statements of historical fact contained in this news release are forward-looking statements. Such forward-looking statements involve risks and uncertainties, as 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. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update or revise them to reflect new events or circumstances except as expressly required by applicable securities law. Further information regarding the uncertainties and risks can be found in the disclosure documents filed by the Company with the securities regulatory authorities, available at www.sedarplus.ca.
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.
SOURCE: AI/ML Innovations, Inc.
View the original press release on accesswire.com