MISSISSAUGA, ONTARIO -- (Marketwired) -- 06/30/17 -- DataWind Inc. (TSX: DW) (the "Company"), the leader in delivering Internet access to emerging markets, has received a default notification from the Ontario Securities Commission regarding a delay in the filing of its audited annual financial statements for the year ended March 31, 2017, the related management's discussion and analysis, certificates of its CEO and CFO and its annual information form.
The auditor has requested additional time as they are still performing procedures related to expenditures. The Company's board of directors and management confirm that the audit is on-going and that they are working diligently with the Company's auditor to complete the annual filings.
In accordance with National Policy 12-203 - Management Cease Trade Orders ("NP 12-203") the Company has applied for a management cease trader order and intends to comply with the provisions of the alternative information guidelines as set out in NP 12-203 for as long as it remains in default.
The Company intends to file the annual filings no later than July 30, 2017.
About DataWind
DataWind Inc. is a leader in providing affordable mobile Internet connectivity in emerging markets. The company's patented, cloud-based technology reduces up to 97% the amount of data needed for web browsing, providing a broadband experience on any network -- even on legacy 2G networks that are still prevalent in developing countries. DataWind also provides economical smartphones and tablets that come bundled with one year of unlimited internet access, making it the largest tablet provider in India. DataWind's unique solution offers broad social and economic benefits for the billions of people around the world for whom an Internet connection was previously out of reach. DataWind is traded on the Toronto Stock Exchange (TSX: DW). For more information, visit www.datawind.com.
Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information includes information with respect to our goals, beliefs, plans, expectations, anticipations, estimates and intentions. Forward-looking information is identified by the use of terms and phrases such as "may," "would," "should," "could," "expect," "intend," "estimate," "anticipate," "plan," "foresee," "believe," and "continue," or the negative of these terms and similar terminology, including references to assumptions. Please note, however, that not all forward-looking information contains these terms and phrases. Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond our control. These risks and uncertainties could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk factors identified in the Company's prospectus dated June 27, 2014, which is available on the SEDAR website at www.sedar.com. Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and we do not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.
No securities regulatory authority has either approved or disapproved the contents of this press release/media advisory.
SOURCE DataWind Inc.
Contacts:
Company Contact:
Suneet Singh Tuli
Chief Executive Officer and President
DataWind Inc.
905-671-0202
suneet@datawind.com
