FRX Innovations Inc. Announces a Change in Auditor

Rhea-AI Summary

FRX Innovations Inc. (TSXV: FRXI.H) has announced a change in its auditor from MNP LLP to Manning Elliott LLP, effective June 16, 2025. The transition occurred at the company's request, with MNP resigning and Manning Elliott being appointed to serve until the next annual shareholders' meeting. The company has filed the required documentation, including the Notice of Change of Auditor and letters from both firms, with SEDAR+ following review by the board of directors. This change represents a significant corporate governance update for FRX Innovations, though the company notes potential risks related to the transition process and maintaining timely financial reporting obligations.

Positive

• Company proactively manages its auditing relationships by initiating the change
• Smooth transition process with proper documentation and regulatory compliance
• Transparent communication with stakeholders regarding the change

Negative

• Potential risks in transition period could affect financial reporting timelines
• Change in auditor may require adjustment period for new firm to familiarize with company operations
• Additional costs and resources may be required during transition

Toronto, Ontario--(Newsfile Corp. - June 19, 2025) - FRX Innovations Inc. (TSXV: FRXI.H) (the "Company") announces that the Company has changed its auditor from MNP LLP ("MNP") to Manning Elliott LLP ("Manning Elliott") effective as of June 16, 2025.

At the request of the Company, MNP resigned as auditor of the Company effective as of June 16, 2025 (the "Date of Resignation"). Manning Elliott was appointed as auditor of the Company effective as of June 16, 2025, to fill the vacancy from the Date of Resignation until the next annual meeting of shareholders of the Company.

In accordance with National Instrument 51-102 – Continuous Disclosure Obligations, the Notice of Change of Auditor, together with the required letters from each of MNP and Manning Elliott, have been reviewed by the board of directors of the Company and filed on SEDAR+.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact:

FRX Innovations Inc.
Marc Lebel, CEO
+1 508 335 5215
mlebel@frxpolymers.com

Forward-Looking 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 transition to its new auditor in a timely manner and comply with applicable continuous disclosure requirements.

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, including but not limited to: risks related to the auditor transition process and the Company's ability to meet its financial reporting obligations.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/256147

FAQ

Why did FRX Innovations (FRXIF) change its auditor in June 2025?

FRX Innovations requested the change, leading to MNP LLP's resignation and Manning Elliott LLP's appointment as the new auditor effective June 16, 2025.

Who is the new auditor for FRX Innovations (FRXIF)?

Manning Elliott LLP was appointed as the new auditor for FRX Innovations, effective June 16, 2025.

When will Manning Elliott's term as FRX Innovations' auditor end?

Manning Elliott will serve as auditor until the next annual meeting of shareholders of FRX Innovations.

What regulatory requirements did FRX Innovations complete for the auditor change?

FRX Innovations filed the Notice of Change of Auditor and required letters from both MNP and Manning Elliott with SEDAR+ after board review, in compliance with National Instrument 51-102.

What risks are associated with FRX Innovations' auditor change?

The company identified risks related to the auditor transition process and maintaining timely financial reporting obligations during the changeover period.