MONTREAL, July 21, 2023 (GLOBE NEWSWIRE) -- (CSE: EMER) Emergia Inc. (the "Corporation" or "Emergia") provides the status update related to the Management Cease Trade Order ("MCTO") initially issued by the British Columbia Securities Commission (the "BCSC") on May 2, 2023 in accordance with National Policy 12-2023 Management Cease Trade Order ("NP 12-2023").
The MCTO was issued against the Corporation's Chief Executive Officer and its Chief Financial Officer because the Corporation failed to file its audited financial statements for the fiscal year ended December 31, 2022, including the related Management Discussion and Analysis (collectively, the "Annual Financial Filings") on or before April 30, 2023 (the "Filing Deadline") as required under Part 4 and Part 5 of National Instrument 51-102 Continuous Disclosure Obligations ("NI 51-102").
The Corporation was later granted an extension deadline to July 14, 2023 to file the 2022 Annual Financial Filings and 2023 quarterly interim filings.
The Failure-to-File Cease Trade Order ("FFCTO") was issued against the Corporation on July 19, 2023, due to the non-respect of the extended deadline, in accordance with the National Policy 11-207 Failure-to-File Cease Trade Orders in Multiple Jurisdictions ("NP 11-207").
While during the MCTO, the trade in the Corporation's common shares is only forbidden to Corporation's Chief Executive Officer and Chief Financial Officer, but not to the general public, during the CTO, all trades are forbidden until the Annual Financial Fillings have been filed and the Executive Director of the BCSC revokes the CTO.
The Corporation continues to closely collaborate with the auditors and appraisers to file the 2022 Annual Financial Filings and 2023 quarterly interim filings by September at the latest.
ABOUT EMERGIA INC.
EMERGIA operates mainly in Canada in the development, acquisition, and management of multi-purpose real estate, including retail, multifamily, industrial, and office buildings as well as land for future development. The Corporation's investment platform is based on an integrated, agile and efficient develop-to-own strategy that enables EMERGIA to benefit from development profits and the value-add while securing stable long-term returns.
For more information, please visit www.emergia.com and www.sedar.com. EMER.CN
Source: Emergia Inc.
For more Information, please contact:
Henri Petit
CEO
T: 1.888.520.1414 (Ext. 231)
E: hpetit@emergia.com
Forward-Looking Information
This press release contains forward-looking information within the meaning of applicable securities laws. All information and statements other than statements of historical facts contained in this press release are forward-looking information. Such statements and information may be identified by looking for words such as "about", "approximately", "may", "believes", "expects", "will", "intend", "should", "plan", "predict", "potential", "project", "anticipate", "estimate", "continue" or similar words or the negative thereof or other comparable terminology. Such forward-looking information includes, without limitation, statements with respect to the effect of the global market conjuncture on the Corporation's financial condition, the anticipated closing of the Private Placement, business strategy and plans, and objectives of or involving the Corporation. The forward-looking information is based on certain key expectations and assumptions made by the Corporation, including expectations and assumptions concerning satisfaction of all conditions of closing, absence of exercise of any termination right and the timing and receipt of regulatory approval with respect to the Private Placement and the issuance of the private placement shares and the availability of capital resources. Although the Corporation believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information since no assurance can be given that they will prove to be correct. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the effect of the global market conjuncture on the Corporation's financial condition, the real estate industry, and society as a whole. the market for the common shares, volatility of market price for common shares and other risks generally attributable to the business of the Corporation. For additional information with respect to risks and uncertainties, refer to the annual MD&A of the Corporation for the year ended December 31, 2021 filed on SEDAR at www. sedar.com.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE CORPORATION AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE CORPORATION MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.
