SponsorsOne Announces Delay in Filing Its Executive Compensation Due to Delays by COVID-19 and Provides Update on Financial Statements
Waterloo, Ontario - TheNewswire - July 6, 2020, SponsorsOne Inc., (CSE:SPO) (CNSX:SPO.CN) (Frankfurt:5SO), (OTC:SPONF). SponsorsOne Inc. ("SPO" or the "Company") announces that due to circumstances created by the novel coronavirus ("Covid-19"), it will be postponing the reporting of its executive compensation disclosure required to be filed pursuant to section 9.3.1(2.2) pursuant of National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102").
This news release is being issued in accordance to Ontario Instrument 51-504 - Temporary Exemptions from Certain Requirements to File or Send Securityholder Materials dated May 1, 2020 (the "Order"). SPO intends to rely on the exemption provided in this Order and to postpone the filing of its executive compensation disclosure until such time as the Company has filed and delivered to shareholders the Company's information circular related to its 2020 annual general meeting of shareholders.
SPO obtained a temporary management cease trade order ("MCTO") under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"), for it's December 31, 2019 annual financial statements which it believes it will be in a position to file by July 15, 2020. SPO has also applied for a MCTO for its March 31, 2020 quarterly financial statements which it believes it will be in a position to file by July 31, 2020.
Since April 29, 2020, SPO has put its management and certain insider under blackout trading restrictions which will continue in place until all SPO filings are current. In the interim, management will fully comply with the provisions of the "Alternative Information Guidelines" under NP 12-203.
Other than as previously disclosed and the contents hereof, there is no material information of the Corporation which has not been disclosed by timely press releases.
About SponsorsOne Inc.
SponsorsOne is the leader in the next evolution of digital marketing through influencer marketing, storytelling, and digital-commerce with the SponsorCoin platform and its highly scalable - smart contract-based digital-currency. Combined, this allows brands to build and manage exclusive and highly engaged communities of influencers (from pro to micro-influencers) within the social realm. The SponsorCoin platform provides for data-driven marketing campaigns that will change the way brands connect with their customers. SponsorCoin is a tool for brands to inspire real movements around their products and services in which their most valuable customers become their best salespeople, producing far higher ROI than current social media advertising methods. SponsorsOne, through its wholly-owned subsidiary, SponsorsOne Media Inc., provides full creative and Brand building/management services to all our Brands as well as manages the influencer communities for each Brand. If the Brand wants to get big - fast, our wholly-owned subsidiary S1 Brands Inc., will build a wholesale/retail distribution channel for the Brand acting as a master distributor. S1 Brands provides sales and marketing on behalf of the Brand to its vast network of national wholesalers and retailers and provides purchase order financing to assist the Brand in fulfilling every order. Ownership of the Brand combined with distribution, digital marketing innovation, and capital is the winning formula to build the next billion-dollar brand. To learn more, please visit www.sponsorsone.com
ON BEHALF OF THE BOARD
Gary Bartholomew, Executive Chairman
The Canadian Securities Exchange ("CSE") has neither approved nor disapproved the contents of this Press Release.
This news release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this news release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology, are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks:
- risks associated with marketing and sale of securities
- the need for additional financing requirements and access to capital, reliance on key personnel
- the potential for conflicts of interest among certain officers or directors with certain other projects
- the volatility of the volume and price of the Common Shares, the failure of the business strategy, the integrity of the Company's patents and proprietary intellectual property and competition.
The Company cautions that the foregoing list of risk factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors, and other uncertainties and potential events, including the risk factors, set out in the Company's Listing Statement. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to above will not cause such forward-looking statements and information to differ materially from actual results or events.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.