LevelJump Announces Anticipated Delay in Filing Year-End Reporting Documents

Rhea-AI Summary

LevelJump Healthcare has announced a delay in filing its annual audited financial statements for the fiscal year ending December 31, 2024. The company expects a cease trade order from the Ontario Securities Commission due to missing the April 30, 2025 deadline.

The delay stems from the company's significant growth, with gross revenues increasing over 30% between September 2023 and September 2024, primarily due to Alberta acquisitions. To address these challenges, LevelJump has:

• Implemented new accounting software and controls
• Engaged Ernst & Young as external consultants
• Made improvements following OSC's disclosure review

LevelJump expects to file the required documents within 30 days after the deadline and plans to apply for reinstating its TSX Venture Exchange listing afterward.

Positive

• 30% increase in gross revenues between Sep 2023-2024 due to Alberta acquisitions
• Retained Ernst & Young LLP as external consultant to improve financial reporting
• Implementation of new accounting software and controls to streamline future acquisitions

Negative

• Failure to file annual audited financial statements by April 30, 2025 deadline
• Anticipated cease trade order from Ontario Securities Commission
• Integration challenges with multiple acquisitions affecting timely reporting
• Trading suspension on TSX Venture Exchange pending required filings

Toronto, Ontario--(Newsfile Corp. - April 30, 2025) - LevelJump Healthcare Corp. (TSXV: JUMP) ("LevelJump" or the "Company") wishes to advise shareholders that its annual audited financial statements for the fiscal year ending December 31, 2024, will not be completed by the filing deadline of April 30, 2025 (the "Filing Deadline"). As a result, the Company anticipates that a cease trade order will be issued shortly after the Filing Deadline by the Ontario Securities Commission ("OSC") for failure to file the annual financial statements, accompanying management discussion and analysis and officer certifications for the fiscal year ending December 31, 2024 (the "Required Filings").

Reasons for the Anticipated Delay

As the financial statements of LevelJump show, the Company has experienced unprecedented growth over the last 2 to 3 years, primarily due to acquisitions. Between September 30, 2023, and September 30, 2024, for example, gross revenues increased by over 30% due in large part to the Alberta acquisitions. Such growth does not come without challenges, however. The Company is required to integrate the historical and current records of each acquisition into its existing accounting platform. Quite often, such integration cannot be completed without significant time and effort.

To create a more streamlined process to support this type of growth into the future, a decision was made to implement important changes to the Company's accounting software and controls during fiscal 2024 which have taken time to implement. Additionally, during a continuous disclosure review by the Ontario Securities Commission (the "OSC") in connection with the issuance of a revocation order issued on April 23, 2024, several other accounting reporting improvements have been made.

The Company has drawn upon several different resources to increase the robustness and accuracy of its financial reporting. It has, for example, retained Ernst & Young LLP as an external consultant to review the financial reporting of the Company.

The Company is confident that its upgraded accounting reporting will enable it to integrate new acquisitions on a much more timely basis and help to control the costs in meeting the Company's continuous disclosure obligations.

Based on the foregoing and indications from its auditors, Ziefmans LLP, the Company is confident that it will be able to file the Required Filings within 30 days after the Filing Deadline.

Once the Required Filings have been made, the Company intends to proceed with an application to the TSX Venture Exchange to reinstate its listing. A further news release will be issued at that time.

About LevelJump Healthcare

LevelJump Healthcare Corp., (TSXV: JUMP) provides telehealth solutions to client hospitals and imaging centers through its Teleradiology division, as well as in person radiology services through its Diagnostic Centres. JUMP focuses primarily on critical care for urgent and emergency patients, establishing integral relationships in the communities we serve.

ON BEHALF OF THE BOARD OF DIRECTORS OF
LEVELJUMP HEALTHCARE CORP.

Mitchell Geisler
Chief Executive Officer

Email: info@leveljumphealthcare.com
Tel.: 647-670-1106

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the Company's business plans and the outlook of the Company's industry. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, Canadian Teleradiology Services, Inc., their securities, or their respective financial or operating results (as applicable).

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/250257

FAQ

Why is LevelJump (JMPHF) delaying its 2024 year-end financial statements?

LevelJump is delaying its 2024 year-end financial statements due to rapid growth from acquisitions (30% revenue increase), implementation of new accounting software, and the need to integrate multiple acquisition records into their accounting platform.

When will LevelJump (JMPHF) file its delayed 2024 financial statements?

Based on auditor indications, LevelJump expects to file the required financial statements within 30 days after the April 30, 2025 deadline.

What are the consequences of LevelJump's (JMPHF) delayed financial filing?

The Ontario Securities Commission will issue a cease trade order shortly after April 30, 2025, and the company's listing on TSX Venture Exchange will be suspended until the required filings are completed.

How much revenue growth did LevelJump (JMPHF) achieve through its Alberta acquisitions?

LevelJump reported over 30% increase in gross revenues between September 30, 2023, and September 30, 2024, primarily due to its Alberta acquisitions.

What steps is LevelJump (JMPHF) taking to improve its financial reporting?

LevelJump has hired Ernst & Young LLP as external consultants, implemented new accounting software and controls, and made several accounting reporting improvements following an OSC disclosure review.