TORONTO, ONTARIO--(Marketwired - May 1, 2017) - Ellipsiz Communications Ltd. (formerly NXA Inc.) (TSX VENTURE:ECT) (the "Company" or "ECL") wishes to announce that as a result of matters raised by ECL's new auditors on the application of certain IFRS policies in the current and prior periods, ECL is not be able to complete its financial statements and accompanying management discussion and analysis for the year ended December 31, 2016 (the "Financial Disclosure"), which were due to be filed on or before May 1, 2017 pursuant to relevant securities laws. While the audit is expected to be completed within two weeks, this resulted in ECL being unable to file the Financial Disclosure by May 1, 2017.
The Company intends to work diligently to file the Financial Disclosure as soon as possible and it has applied for a Management Cease Trade Order ("MCTO") under National Policy 12-203 (the "Policy") pending the filing of the Financial Disclosure on SEDAR. The Company is currently anticipates that the Financial Disclosure will be filed by no later than May 15, 2017. The granting of an MCTO is at the discretion of the Ontario Securities Commission and there can be no guarantee that an MCTO will be granted.
If an MCTO is granted under the Policy, it will be imposed against some or all of the persons who have been directors, officers or insiders of the Company instead of a cease trade order being imposed against all securities of the Company. An MCTO would not generally affect the ability of persons who have not been directors, officers or insiders of the Company to trade the securities of the Company pending the filing of the Financial Disclosure on SEDAR.
If the MCTO is granted, the Company intends to satisfy the provisions of the Alternate Information Guidelines as set out in the Policy for as long as it remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a press release.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.