VANCOUVER, BC, Sept. 24, 2024 (GLOBE NEWSWIRE) — NextGen Food Robotics Corp. (the Company) (CBOE: NGRB; OTC Pink: NGRBF; Frankfurt: O83) provides an update pursuant to National Policy 12-203 – Management Cease Trading Orders (“NP 12-203“).
On August 13, 2024, the Company announced that it had applied for a management cease operations order (“MCTO“) with the British Columbia Securities Commission (“Essential Services Commission of Canada“) in connection with the delay in filing its audited annual financial statements for the year ended April 30, 2024, the related management’s discussion and analysis, certificates of the chief executive officer and the chief financial officer and the annual information form for the fiscal year ended April 30, 2024 (collectively, the “Required Documents“) before the prescribed filing deadline (the “Original announcementAt that time, based on information available at the time, the Company expected to file the Required Documents by August 31, 2024. The MCTO was issued on July 30, 2024 and restricts its Chief Executive Officer and Chief Financial Officer from dealing in the Company’s securities, either directly or indirectly, until the Company files the Required Documents and the MCTO is revoked by the BCSC. On August 27, 2024, in its first bi-weekly status update, the Company announced that it expected to file the Required Documents by September 16, 2024. On September 12, 2024, the Company announced that it expected to file the Required Documents by September 27, 2024.
As of today’s date, the Company expects that the Required Documents will be filed by October 11, 2024. In addition, the Company’s interim financial report, related management discussion and analysis and certificates of the Chief Executive Officer and Chief Financial Officer for the first quarter of 2024 ended July 31, 2024 (the “Interim report for the first quarter“), which was due to be filed by September 16, 2024, is now expected to be filed by October 11, 2024. The Company will file the First Quarter Interim Report together with and immediately following the filing of the Required Documents.
The Company confirms that since the date of the Original Announcement: (i) other than as described above and in its first and second bi-weekly status updates, there have been no changes to the information set out in the Original Announcement that would be expected to be material to an investor; (ii) there has been no failure by the Company to comply with its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) other than the failure to file the 1st Quarter Interim Report, there have been no other specified failures by the Company under NP 12-203, and no further such failures are anticipated; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.
The Company confirms that it will continue to comply with the provisions of the alternative reporting guidelines set out in NP 12-203 while it remains in default with the requirement to file the Required Documents and the First Quarter Interim Report.
About NextGen Food Robotics
Nextgen Food Robotics operates dining halls and ghost kitchens from its two locations in Vancouver, BC. Additionally, the company is developing the Lily app, which is an AI-powered mobile app designed to provide personalized food recommendations and automated meal planning.
ON BEHALF OF THE BOARD OF DIRECTORS
Paul Francisco Rivas, Managing Director
1 (236) 471-1357
private@nextgenai.ca
Cautionary note regarding forward-looking information
This press release contains certain forward-looking statements within the meaning of applicable securities laws with respect to the Company. These forward-looking statements are generally identified by words such as believe, project, expect, anticipate, estimate, intend, strategy, future, opportunity, plan, may, should, will, would and similar expressions and included in this press release are statements regarding the timing of the filing of the Company’s Required Filings and First Quarter Interim Report, and the Company’s compliance with the MCTO and NP 12-203. In particular, this press release contains forward-looking information relating to the expected date of filing of the annual financial statements for the year ended April 30, 2024, the related management’s discussion and analysis, the related certifications for the financial year ended April 30, 2024, the Company’s annual information form for the fiscal year ended April 30, 2024 and the First Quarter Interim Report. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on forward-looking statements and information because the Company can give no assurance that they will prove to be correct. Because forward-looking statements and information relate to future events and conditions, they by their very nature involve inherent risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release. The forward-looking statements included in this press release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this press release are made as of the date hereof and the Company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by applicable law.
Neither Cboe Canada nor its Market Regulator (as that term is defined in the Cboe Canada Listing Manual) accepts responsibility for the adequacy or accuracy of this news release.
Source: NextGen Food Robotics Corp.