MONTREAL, June 11, 2020 (GLOBE NEWSWIRE) -- Intema Solutions Inc. (“Intema” or the “Corporation”) (TSXV: ITM, OTCMKTS: ITMZF) announces that it has made an application to the Autorité des marchés financiers (“AMF”), the Corporation's principal securities regulator in Canada, under Policy Statement 12-203 respecting Management Cease Trade Orders (“PS 12-203”) requesting that a temporary management cease trade order (“MCTO”) be granted in respect of the anticipated late filing of the annual financial statements for the year ended December 31, 2019. There is no guarantee that an MCTO will be granted.
As previously announced on May 4 and June 8, 2020, COVID-19-related restrictions have continued to delay the Corporation's filing in regard with its financial statements and management's discussion and analysis for the year ended December 31, 2019. Although the Corporation remains confident in its ability to complete its annual filings, it requires an extension of the June 15, 2020 deadline and has therefore applied for an MCTO. The Corporation anticipates that, subject to current conditions remaining the same, it will require approximately 15 additional days to complete the audit review process and in either event will use its best efforts to complete the process within the next 30 days.
If an MCTO is granted, the Corporation's directors and senior officers and other insiders will not be able to trade the Corporation's securities while the MCTO is in effect, and the Corporation will be required to comply with the provisions of the alternative information guidelines as set out in PS 12-203 for so long as the MCTO remains in effect, including the issuance of bi-weekly default status reports by way of press releases.
Unless and until such time as the Corporation files the annual statements, shareholders and potential investors of the Corporation are urged to exercise extreme caution when dealing in the securities of the Corporation. If an MCTO is granted but the Corporation is unable to file the annual statements prior to the expiry of the MCTO, it is anticipated that the AMF will issue a general "failure to file" cease trade order (CTO) prohibiting the trading by any person of any securities of the Corporation, including trades in the Corporation's common shares made through the TSX Venture Exchange, which would take effect shortly after the expiry of the MCTO and would remain in place until such time as the annual statements have been filed. Trading prices and volatility of the Corporation's securities may be negatively affected and any investment in such securities could suffer a significant decline or total loss in value. The Corporation will make further announcements with respect to the status of the filings as and when appropriate.
About Intema Solutions Inc.
Intema’s mission is to be the world’s premier digital marketing platform. The Corporation has been simplifying and optimizing the online marketing activities of medium and large companies through innovative technologies and cutting-edge expertise for over 20 years. A Canadian leader in permission-based email marketing, Intema provides a wide range of products and services, including SMS, content and predictive AI marketing, as well as related professional services. For more information, please visit our corporate website at intema.com.
This press release may contain “forward-looking statements”. All statements in this press release other than statements of historical facts, including, without limitation, those regarding the projected financial performance of the Corporation; expected development of the Corporation’s business and projects; execution of the Corporation’s vision and growth strategy; sources and availability of financing for the Corporation’s projects; renewal of the Corporation’s current customer, supplier and other material agreements; and future liquidity, working capital and capital requirements are forward-looking statements. Although the forward-looking statements in this press release are based upon what management of the Corporation believes are reasonable assumptions, there can be no assurance that they will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Corporation undertakes no obligation to update forward-looking statements except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.