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Labrador Technologies Inc. Announces Delay in Filing Quarterly Financial Statements

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CALGARY, Alberta, June 29, 2020 (GLOBE NEWSWIRE) -- Labrador Technologies Inc. (LTX.V) ("Labrador" or the "Company”) wishes to provide an update on COVID-19 matters and the status of the filing of interim financial statements, accompanying management discussion and analysis and related CEO and CFO certifications.

The COVID-19 pandemic is creating unprecedented challenges to the economies, logistics and financial markets. The Company's Board of Directors and Management are taking all necessary precautions to ensure the health of its employees and best manage the short-term challenges to the business.

On May 20, 2020, the Canadian Securities Administrators ("CSA") issued a notice stating that securities regulators will be providing coordinated relief consisting of a 45-day extension for certain periodic filings required to be made between June 2, 2020 and August 31, 2020 as a result of the COVID-19 pandemic. As such the Alberta Securities Commission ("ASC") has enacted Blanket Order 51-519 - Temporary Exemption from Certain Corporate Finance Requirements ("ASC 51-519"). The Company will be relying on this extension period due to delays experienced as result of the COVID-19 pandemic.

The Company will be relying on the temporary exemption pursuant to ACS 51-519 in respect to the following provisions:

  • the requirement to file interim financial statements for the three month period ended April 30, 2020 (the "Interim Financial Statements") within 60 days of the Company's second quarter as required by section 4.4(b) of NI 51-102
  • the requirement to file management discussion and analysis (the "Interim MD&A") for the period covered by the Interim Financial Statements within 60 days of the Company's second quarter as required by section 5.1(2) of NI 51-102.
  • the requirement to file certifications of the Interim Financial Statements (the "Certificates" and together with the Interim Financial Statements, the "Interim Filings") pursuant to section 5.1 of National Instrument 52-109.

The Company confirms that since the filing of its interim financial statements for the period ended January 31, 2020, there have been no material business developments other than those disclosed through Company press releases, including the press release dated June 29, 2020.

The Company is continuing to work diligently and expeditiously with its accounting staff to file the Interim Filings together on or before August 14, 2020. In the interim, management and other insiders of the Company are subject to a trading black-out policy as described, in principle, in section 9 of National Policy 11-207 - Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions.

About Labrador Technologies

Labrador Technologies Inc. is a Calgary, Alberta based technology company evaluating new opportunities in the technology sector.

For further information, please contact:

Kaan Camlioglu, Interim Chief Executive Officer T: (403) 818-1091 E: kcamlioglu@icloud.com.

Forward-Looking Statements

This news release contains forward-looking statements relating to the expected benefits to be received from the reduced payout times. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are risks detailed from time to time in the filings made by the Company with securities regulations. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.

Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.