NexOptic Technology Corp. Announces Delay in Filing 2024 Annual Financial Statements

Rhea-AI Summary

NexOptic Technology Corp. (NXOPF) has announced a delay in filing its 2024 annual financial statements and related documents. The delay is attributed to two main factors: difficulties in obtaining third-party information and confirmations, and the recent appointment of a new Chief Financial Officer. The company expects to complete the filings within approximately three weeks, but may take up to two months. As a result, a Management Cease Trade Order (MCTO) has been issued by the British Columbia Securities Commission. While public trading of NexOptic's shares on the TSXV will continue, the CEO and CFO are temporarily restricted from trading company shares. The company confirms it will comply with alternative information guidelines and is not under any insolvency proceedings.

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• Delay in filing 2024 annual financial statements and related documents
• Management Cease Trade Order (MCTO) issued, restricting CEO and CFO from trading company shares
• Filing delay could extend up to two months

VANCOUVER, BC / ACCESS Newswire / May 1, 2025 / NexOptic Technology Corp. (TSXV:NXO) (the "Company") announced today that it is delayed in filing its audited annual financial statements for the year ended December 31, 2024 (the "Annual Financial Statements"), the related management's discussion and analysis and CEO and CFO certifications (collectively, the "Annual Filings") due to a combination of factors, including as a result of delays in receiving information and confirmations from third parties, and as a result of the appointment of a new Chief Financial Officer in the weeks leading up to the deadline for the Annual Filing. The Company will work with its auditors to complete the audit of the Annual Financial Statements and anticipates that, subject to current conditions remaining the same, it will require approximately three additional weeks to complete the process of preparing the Annual Filings and in any event will use its best efforts to complete the process within the next two months.

As a result of the delay in filing the Annual Filings, the Company applied to the British Columbia Securities Commission to request a management cease trade order (the "MCTO") be issued in accordance with National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"). The MCTO was issued today.

During the period in which the MCTO is in effect, the general investing public will continue to be able to trade in the Company's common shares listed on the TSX Venture ("TSXV"). However, for the duration of the MCTO, the Company's Chief Executive Officer and Chief Financial Officer will not be able to trade in the Company's common shares, nor will the Company be able to, directly or indirectly, issue securities to or acquire securities from an insider or employee of the Company except in accordance with legally binding obligations to do so. The Company confirms that it will comply with the alternative information guidelines set forth in NP 12-203 for so long as it remains in default of the requirement to file the Annual Filings. The Company is not subject to any insolvency proceedings. The MCTO will remain in effect until the Company files the Annual Filings or the MCTO is otherwise revoked or varied.

About NexOptic Technology Corp.

NexOptic is an innovative imaging AI company headquartered in Vancouver, Canada offering world-leading patented and patent pending AI solutions for imaging known as ALIIS™ (All Light Intelligent Imaging Solutions) and NexCompress.

For more information about NexOptic Technology Corp., please visit the Company's website at www.nexoptic.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:

This news release includes certain "forward-looking information" as defined under applicable Canadian securities legislation, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions and includes information regarding: the Annual Filings, including the anticipated delay in filing the Annual Filings the timing to complete the Company's audit, the ability of the Company to file the Annual Filings by the timelines set out in this news release, the ability of the Company to be in compliance with NP 12-203, and expectations for other economic, business, and/or competitive factors. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information.

Investors are cautioned that forward-looking information is not based on historical fact but instead reflects management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the Company may not complete its audit and file the Annual Filings as currently anticipated, or at all; the Company will be subject to a general cease trade order in the event that the MCTO is not granted and/or the Annual Filings are not completed and filed; and the Company may not be able to comply with NP 12-203.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. Although the Company has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information, which speak only as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

On Behalf of the Board of Directors

Chief Executive Officer - Paul McKenzie
Tel: +1 (604) 669-7330 ext. 1
Email: admin@nexoptic.com

SOURCE: NexOptic Technology Corp.

View the original press release on ACCESS Newswire

FAQ

Why is NXOPF delayed in filing its 2024 annual financial statements?

NexOptic (NXOPF) is delayed due to difficulties obtaining third-party information and confirmations, as well as the recent appointment of a new Chief Financial Officer.

What is the impact of the Management Cease Trade Order (MCTO) on NXOPF shareholders?

The MCTO allows public investors to continue trading NXOPF shares on TSXV, but restricts the CEO and CFO from trading company shares until the annual filings are completed.

When will NexOptic Technology Corp. complete its 2024 annual financial filings?

The company expects to complete the filings within approximately three weeks but may take up to two months to finalize the process.

Is NexOptic Technology Corp. (NXOPF) facing insolvency proceedings?

No, the company explicitly stated it is not subject to any insolvency proceedings.