TORONTO (ONTARIO) / ACCESSWIRE / September 20, 2024 / AI/ML Innovations Inc. (the “AI/ML Innovations Inc.”)Business“) (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) announces that further to its press releases dated August 23, 2024, August 29, 2024 and September 6, 2024, the Company’s primary regulator, the British Columbia Securities Commission (the “BCSC“), granted a management cease trading order (the “MCTO“) on August 29, 2024 pursuant to National Policy 12-203 Management Cease Trade Orders (“NP 12-203“). Pursuant to the MCTO, Paul Duffy, the Chief Executive Officer, and Tim Daniels, the Interim Chief Financial Officer, may not trade in securities of the Company until the Company files its audited annual financial statements, annual management’s discussion and analysis and related certifications for the year ended April 30, 2024 (collectively, the “Required documents“), and the BCSC’s CEO revokes the MCTO. The MCTO does not affect the ability of other shareholders to trade their securities.
Due to circumstances reasonably related to the Company’s delay in filing the Required Documents, in addition to the default to which this Default Status Report relates, the Company will not meet the deadline for filing its unaudited interim financial statements, interim management’s discussion and analysis and related certifications for the three-month period ended July 31, 2022 (collectively, the “Provisional depositsDue to the Company’s delay in preparing the required documents, the interim filings could not be properly completed in accordance with Canadian securities laws and regulations. Under the securities laws of the provinces in which AI/ML is a reporting issuer, the interim filings must be filed no later than September 29, 2024.
The Company’s Board of Directors and management confirm that they are working expeditiously to file the required documents and expect to do so no later than September 30, 2024, and confirm that since the Company’s press release dated September 6, 2024, there is no other material information regarding the Company’s affairs that has not been publicly disclosed. The Company continues to work with its auditor regarding the audit of the accounting data of its France-based investor, Tech2heal, to support the integration into the Company’s consolidated financial statements through equity accounting. In addition, the Company expects to file interim documents no later than October 15, 2024.
Until the required documents and interim filings have been filed, the Company intends to continue to comply with the provisions of the alternative information guidelines specified in Notice 12-203 by publishing bi-weekly default status reports in the form of supplemental press releases for as long as the Company remains in default of filing its financial statements. In the event that the Company fails to file the required documents and interim filings in a timely manner, the Canadian securities regulatory authorities may impose a cease trade order on the outstanding securities of the Company.
On behalf of the Board of Directors
Tim Daniels, Executive Chairman
About AI/ML Innovations Inc. https://aiml-innovations.com/
AI/ML Innovations Inc. has reorganized its business operations to capitalize on the rapidly growing fields of artificial intelligence (AI) and machine learning (ML), initially focusing its investments on emerging digital health and wellness companies that leverage AI, ML, cloud computing and digital platforms to deliver transformative healthcare management solutions and precision support delivery across the healthcare continuum. Through strategic partnerships with Health Gauge Inc. (95.2% owned by AIML), Tech2Heal (up to 22% ownership, of which 12.44% is currently owned by AIML), AI Rx Inc. (70% owned by AIML), NeuralCloud Solutions Inc. (100% owned by AIML) and other planned accretive investments, the Company continues to capitalize on expanding growth areas, benefiting all of the Company’s stakeholders. AI/ML shares trade on the Canadian Securities Exchange under the symbol “AIML”, on the OTCQB Venture Market under the symbol “AIMLF” and on the Frankfurt Stock Exchange under the symbol “42FB”.
For more information on AI/ML innovations:
For detailed information, please refer to AI/ML’s website or the company’s filings at www.sedarplus.ca
For more information contact: Blake Fallis at (778) 405-0882 or (protected email)
Certain statements contained in this press release are “forward-looking statements,” which reflect management’s expectations regarding the timing of required filings and interim filings. All statements other than statements of historical fact contained in this press release are forward-looking statements. These forward-looking statements involve risks and uncertainties because they reflect management’s current beliefs and are based on information currently available to it. Actual results may differ materially from those anticipated in the statements made. Forward-looking statements are expressly qualified in their entirety by this cautionary statement. Forward-looking statements are made as of the date of this press release and the Company undertakes no obligation to update or revise them to reflect new events or circumstances, except as expressly required by applicable securities laws. Further information regarding uncertainties and risks can be found in the Company’s disclosure documents filed with securities regulatory authorities, available at: www.sedarplus.ca.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: AI/ML Innovations, Inc.
