Vancouver, British Columbia--(Newsfile Corp. - November 21, 2023) - NetCents Technology Inc. (CSE: NC) (FSE: 26N) (OTC: NTTCF) ("NetCents" or the "Company"), a cryptocurrency payments company, reaffirms its commitment to regulatory compliance in response to the BCSC Notice of Hearing.
Initially, the Company was advised not to discuss BCSC matters, but with this recent announcement by the BCSC, the Company confirms its ability to be fully transparent and provide all relevant information. For over half a decade, NetCents has navigated through a series of challenges presented by the BCSC. Despite diligently responding and providing all information required by the Commission, the Company has encountered a lack of affirmative support. As a Canadian company at the forefront of innovation in the cryptocurrency sector, this lack of engagement has been disheartening.
The Company holds on record a written acknowledgment from the BCSC confirming that its operations were not deemed an illegal exchange prior to the implementation of new registration requirements, announced by the BCSC on August 15, 2022, for all cryptocurrency exchanges-a registration the Company was actively undertaking until it officially closed the NC Exchange in January 2023 - a process that the Company undertook with the guidance of the BCSC. In September 2022, the Company proactively contacted the BCSC, communicating the Company's intention to cease exchange operations to ensure that it remained within its obligations as an exchange.
The protracted nature of this engagement, spanning almost five years, has seen the Company continually reaching out to the BCSC to address and resolve these matters, including the release of funds to the coin holder. The Company's efforts to establish a dialogue, however, have been met with silence for the past two years.
Despite the absence of positive reinforcement from the regulatory body, NetCents remains undeterred in its mission. The Company continues to seek a resolution and advocate for its cause and the coin holders, fortified by the belief in the importance of its work and the value it brings to its users and the industry.
NetCents is prepared to present its case on the scheduled date and will defend its position with the full expectation of a fair and just process. The Company anticipates that the outcome will reflect its dedication to compliance and the innovative spirit that drives the company.
As of today, the Company continues to be subject to a cease trade order and is working diligently to complete the annual financial statements for the fiscal year ending October 31, 2021, and the fiscal year ending October 31, 2022.
About NetCents
NetCents Technology Inc., the transactional hub for all cryptocurrency payments, equips forward-thinking businesses with the technology to seamlessly integrate cryptocurrency processing into their payment model without taking on the risk or volatility of the crypto market. NetCents Technology is registered as a Money Services Business (MSB) with FINTRAC.
For more information, please visit the corporate website at www.net-cents.com or contact Investor Relations at investor@net-cents.com.
On Behalf of the Board of Directors
NetCents Technology Inc.
"Clayton Moore"
Clayton Moore, CEO, Founder and Director
NetCents Technology Inc.
350 - 375 Water Street
Vancouver, BC, V6B 5C6
Cautionary Note Regarding Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements" within the meaning of applicable Canadian securities laws ("forward-looking statements"). All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements including without limitation, timing of finalizing and filing of the Company's financial statements, expected growth and success of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change
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