MONTREAL, June 26, 2020 (GLOBE NEWSWIRE) -- Intema Solutions Inc. (“Intema” or the “Corporation”) (TSXV: ITM, OTCMKTS: ITMZF) announces that it has been granted a temporary management cease trade order (“MCTO”) by 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”) in respect of the late filing of its annual financial statements and management’s discussion and analysis (the “annual statements”) for the year ended December 31, 2019. The MCTO will be in effect until July 12, 2020.
The Corporation anticipates that, subject to current conditions remaining the same, it will be able to complete the audit review process by July 6, 2020, and that it will use its best efforts to complete the filing of its annual statements by July 12, 2020.
Intema also confirms that there have not been any material business developments relating to the Corporation since its last news release published on June 11, 2020.
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 the Corporation is unable to file its 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.