Vancouver, British Columbia--(Newsfile Corp. - January 29, 2025) - Turnium Technology Group Inc. (TSXV: TTGI) (FSE: E48) ("Turnium" or the "Company") announces today that it was unable to meet the January 28, 2025 deadline to file its Audited Annual Financial Statements, Management's Discussion and Analysis, and related CEO and CFO certificates for the fiscal year ended September 30, 2024 (collectively, the "Annual Filings"), as required under applicable Canadian securities laws.
In connection with the Company's inability to file the Annual Filings on time, the Company applied, and received approval, for a Management Cease Trade Order (the "MCTO") from the British Columbia Securities Commission under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"). The Company will have until March 31, 2025 to file its Annual Filings.
The Company's delay in filing the Annual Filings is due to the fact that it needs more time to prepare the Audited Annual Financial Statements, and complete the financial audit with its auditor. This delay has arisen due to increased transaction volume, following a recent acquisition by the Company.
The Company remains confident in its ability to complete the Annual Filings and is actively coordinating necessary tasks on a daily basis. The Company anticipates that, subject to current conditions remaining the same, it will be able to file the Annual Filings by the end of February, 2025, and in any event on or prior to March 31, 2025 (in accordance with the terms of the MCTO).
Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out under sections 9 and 10 of NP 12-203. The guidelines, among other things, require the Company to issue bi-weekly default status reports, in the form of news releases, for so long as the Annual Filings have not been filed.
While the MCTO is in effect, the general investing public will continue to be able to trade freely in the Company's listed common shares. However, the MCTO will prohibit the Company's Chief Executive Officer and Chief Financial Officer from trading securities of the Company for so long as the Annual Filings are not filed. Additionally, the Company will be prohibited from directly or indirectly issuing or acquiring securities from insiders or employees of the Company until such time as the Annual Filings and all continuous disclosure requirements have been filed by the Company, and the MCTO has been lifted.
The Company confirms as of the date of this news release that there is no insolvency proceeding against it and there is no other material information concerning the affairs of the Company that has not been generally disclosed.
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About Turnium Technology Group Inc.: "Let's get IT done."
Turnium Technology Group Inc. (TTGI) acquires companies that complement its Technology-as-a-Service (TaaS) strategy, integrates them to generate efficiencies, and delivers their solutions through a global channel partner program to customers worldwide. TTGI's mission is to provide IT providers with a complete, white-labelled portfolio of business technology solutions, enabling them to quickly add new services in response to customer demand.
In essence, Turnium is building a TaaS platform that incorporates all the services, platforms, and capabilities that ISPs, MSPs, IT Providers, VoIP/UCaaS, CCaaS, or Cloud Providers might need. Additionally, Turnium provides deployment resources, hardware, delivery, support, and marketing and sales enablement to help channel partners go to market quickly and deliver exceptional quality.
Turnium delivers secure, cost-effective, uninterrupted, and scalable global IT solutions to its channel partners and their end-customers-ensuring that "We get IT done, right."
For more information, contact sales@ttgi.io, visit www.ttgi.io or follow us on Twitter @turnium.
Turnium Contact:
Investor Relations: Bill Mitoulas, Email: investor.relations@ttgi.io, Telephone: +1 416-479-9547
Media inquiries: please email media@ttgi.io
Sales inquiries: please email sales@ttgi.io
www.ttgi.io, www.turnium.com, www.claratti.com
CAUTIONARY NOTES
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws, including, without limitation, statements with respect to: statements regarding the timing, review, completion and filing of the Annual Filings by the end of February, 2025 (or, failing that, March 31, 2025) and the Company's ability to comply with the provisions of the alternative information guidelines described in NP 12-203.
Such statements involve known and unknown risks, uncertainties, and other factors and assumptions which may cause the actual results, performance, or achievements of the Company, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements or information including, without limitation, the risk of the Company not being able to file the Annual Filings on time and the other factors disclosed under "Risk Factors" in the Company's Management's Discussion and Analysis for the year ended September 30, 2023, and those risks described in other documents incorporated or deemed to be incorporated by reference therein. Such statements can be identified by the use of words such as "expect", "anticipate", and other similar terminology, or state that certain actions, events, or results "may", "could", "might", or "will" be taken, occur, or be achieved.
These statements reflect the Company's current expectations regarding future events, performance, and results and speak only as of the date of this news release. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except as required by securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if the Company's expectations regarding future events, performance, or results change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238922
SOURCE: Turnium Technology Group Inc.
