NexOptic Technology Corp. Provides Default Status Report on Annual Financial Statements

Rhea-AI Summary

NexOptic Technology Corp. (NXOPF) has provided a default status report regarding its delayed annual financial statements for 2024. The company previously received a Management Cease Trade Order (MCTO) from the British Columbia Securities Commission on May 1, 2025, due to its inability to file required financial documents by the April 30, 2025 deadline. The delay was attributed to issues in receiving third-party information and the recent appointment of a new CFO. NexOptic confirms no material changes or additional defaults since the MCTO notice and expects to complete the required filings by June 30, 2025.

Positive

• Company is working actively with auditors to complete the financial statements
• Company maintains compliance with alternative information guidelines under NP 12-203
• Clear timeline provided for completion of filings by June 30, 2025

Negative

• Failure to file annual financial statements by required deadline
• Management Cease Trade Order (MCTO) imposed by regulators
• Operational issues including delays in receiving third-party information

VANCOUVER, BC / ACCESS Newswire / June 16, 2025 / NexOptic Technology Corp. (TSXV:NXO) (the "Company") announces that further to its news releases dated May 1^st, May 15^th and May 30^th, 2025 and the material change report dated May 2, 2025, the Company provides its bi-weekly default status report in the form of a news release as required under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203").

On May 1, 2025, the Company disseminated a news release (the "MCTO Notice") disclosing that it had voluntarily applied to the British Columbia Securities Commission (the "BCSC") for a management cease trade order ("MCTO") as it was not able to complete and file its audited financial statements, CEO and CFO certifications, and management discussion & analysis (the "Annual Filings") for the year ended December 31, 2024 (the "Annual Financial Statements") by the filing deadline of April 30, 2025 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 Filings. On May 1, 2025, the BCSC granted the MCTO.

The Company confirms that since the date of the MCTO Notice:

(i) there has been no material change to the information set out in the MCTO Notice that has not been generally disclosed;

(ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203;

(iii) there has not been any other specified default by the Company under NP 12-203; and

(iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.

The MCTO stipulated that the Annual Filings were to be filed by no later than June 30, 2025. The Company is working diligently with its auditors to complete the audit of the Annual Financial Statements. The Company now expects to complete the filings of the Annual Filings by June 30, 2025, and it will issue a news release once the Annual Filings have been filed. Until filing of the Annual Filings, the Company intends to satisfy the provisions of the alternative information guidelines as required by NP 12-203.

Capitalized terms used and not otherwise defined herein shall have the respective meanings ascribed to them in the MCTO Notice.

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 default status report 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 default status report, 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 Company fails to file the bi-weekly default status report during the period of the MCTO 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 did NexOptic Technology (NXOPF) receive a Management Cease Trade Order in 2025?

NexOptic received an MCTO because it failed to file its 2024 annual financial statements, CEO and CFO certifications, and MD&A by the April 30, 2025 deadline due to delays in receiving third-party information and the recent appointment of a new CFO.

When will NexOptic Technology (NXOPF) file its delayed 2024 annual financial statements?

NexOptic expects to complete and file its 2024 annual financial statements by June 30, 2025.

What is the current status of NexOptic's (NXOPF) Management Cease Trade Order?

The MCTO remains in effect while NexOptic works with auditors to complete the required filings. The company confirms no material changes or additional defaults since the initial MCTO notice.

What caused the delay in NexOptic's (NXOPF) 2024 financial statement filing?

The delay was caused by a combination of factors, including delays in receiving information and confirmations from third parties, and the appointment of a new Chief Financial Officer shortly before the filing deadline.