ATW Tech Inc. Provides Update on MCTO
Montreal – TheNewswire - May 16, 2023 – ATW Tech Inc. (the “Company” or “ATW”) (TSXV:ATW) is providing an update with respect to its previously announced management cease trade order (“MCTO”) issued by the Corporation’s principal regulator, the Autorité des marchés financiers (the “AMF”), on May 2, 2023. The MCTO was issued in connection with the delay by the Company in filing its audited financial statements, management’s discussion and analysis and related certification for the period ended December 31, 2022 (collectively the “Required Documents”), before the prescribed deadline of May 1st, 2023. The Corporation’s Board of Directors and management confirm they are working expeditiously to file the Required Documents as soon as they are available but no later than June 30, 2023. As previously announced, pursuant to the MCTO, Carlos Bedran, Michel Guay, Christian Trudeau and Louis Lessard may not trade securities of the Company until such time as the Company files the Required Documents and the AMF revokes the MCTO. The MCTO does not affect the ability to other shareholders to trade their securities.
The Corporation is providing this bi-weekly default status report in accordance with Policy Statement 12-203 Respecting Management Cease Trade Orders (“PS 12-203”). Until such time as the Corporation files the Required Documents and the MCTO has been revoked, the Corporation intends to follow the provisions of the alternative information guidelines set out in PS 12-203, including the issuance of bi-weekly default status reports in the form of news releases.
Pursuant to the provisions of the alternative information guidelines specified in PS 12-203, the Corporation confirms that, as of the date of this news release, that there have been no material change to the information contained in the Default Announcement issued on May 1st 2023 (the “Default Announcement”) that would reasonably be expected to be material to an investor; (b) there have been no failure by the defaulting Company to fulfill its stated intentions with respect to satisfying the provisions of the alternative information guidelines under PS 12-203; (c) there has not been, nor is there anticipated to be, any specified default subsequent to the default which is subject of the Default Announcement; and (d) there is no material information concerning the affairs of the Company that has not been generally disclosed.
ATW TECH PROFILE
ATW Tech is a technology company, owner of several recognized technology platforms such as Semeon Analytics, Option.vote and Voxtel. Semeon Analytics is a highly accurate and flexible text analysis platform for customer reviews and uses a unique combination of machine learning and natural language processing (NLP) to discover significant trends in customer reviews across all channels. Option.vote offers a customized multimethod voting system for unions, political parties, professional associations, and anyone looking for a secure way to reduce their voting costs and improve their participation rate. VoxTel specializes in telephone billing and alternative payment solutions for fixed and mobile lines.
Forward-Looking Statements and Disclaimer
Certain information contained herein may constitute “forward-looking information” or “forward-looking statements” under Canadian securities legislation. Such forward-looking statements, including but not limited to statements relating to the expected development and operations of the Corporation, statements concerning the timing, review, completion and filing of the Required Documents as well as the duration of the MCTO, involve risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Corporation will not update any forward-looking statements or forward-looking information included herein, except as required by applicable securities laws.
Additional information regarding ATW Tech is available on SEDAR www.sedar.com