VANCOUVER, BC / ACCESS Newswire / February 12, 2025 / Alset AI Ventures Inc. (TSXV:GPUS)(OTC:ALSCF)(FSE:1R60, WKN:A3ESVQ) ("Alset AI" or the "Company") an artificial intelligence (AI) venture company advancing innovation through strategic investment and cloud computing solutions, announces that further to its news release dated January 29, 2025 (the "Default Announcement"), the Company's principal regulator, the British Columbia Securities Commission (the "BCSC") granted a management cease trade order (the "MCTO") on January 29, 2025, under National Policy 12-203 Management Cease Trade Orders ("NP 12-203").
Pursuant to the MCTO, the Chief Executive Officer and the Chief Financial Officer may not trade in securities of the Company until such time as the Company files its annual audited financial statements for the year ended September 30, 2024, including the related management's discussion and analysis, and CEO and CFO certifications on or before March 31, 2025 (collectively the "Required Documents") and the Executive Director of the BCSC revokes the MCTO. The MCTO does not affect the ability of shareholders to trade their securities.
The Company's staff are working diligently with its auditors and the Company anticipates that it will be in a position to file the Required Documents by March 11, 2025.
The Company's Board of Directors and management confirm that they are working expeditiously to file the Required Documents and confirm that since the Company's Default Announcement:
There have been no material changes to the information contained in the Default Announcement that would reasonably be expected to be material to an investor;
There have been no failures by the Company to fulfill its stated intentions with respect to satisfying the provisions of the alternative information reporting guidelines under NP 12-203;
There has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the Default Announcement; and
There have been no material changes in respect of the Company's affairs that have not been generally disclosed.
Until the Required Documents have been filed, the Company intends to continue to satisfy the provisions of the Alternative Information Guidelines specified in NP 12-203 by issuing these bi-weekly default status reports in the form of further press releases for so long as the Company remains in default of the Required Documents filing requirement.
On behalf of Alset AI Ventures Inc.
"Adam Ingrao"
Adam Ingrao
Chief Executive Officer
About Alset AI Ventures Inc.
Alset AI is a pioneering AI and cloud computing investment firm, committed to nurturing high-potential technology companies. Through a combination of capital, strategic advisory, and cloud computing alliances, Alset AI is shaping the future of artificial intelligence and building an AI-focused venture capital platform poised for substantial growth.
For further information about Alset AI Ventures Inc., please contact:
Adam Ingrao, Chief Executive Officer
T: 1-236-312-6744
E: ir@alsetai.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
This news release contains forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements are often identified by words such as "expects," "intends," "anticipates," "believes," "estimates," "may," "could," "will," "plans," and similar expressions. These statements relate to future events or future performance, including, but not limited to, statements regarding the anticipated timing for filing the Required Documents, the Company's ability to remedy its filing default, the expected revocation of the MCTO, and the Company's continued compliance with National Policy 12-203 Management Cease Trade Orders ("NP 12-203"). Forward-looking statements are based on the Company's current expectations, beliefs, and assumptions, including assumptions regarding the timely completion of the audit process, the ability of the Company and its auditors to meet required filing deadlines, the accuracy of management's estimates and expectations, regulatory approvals, and market conditions. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied in such statements. Factors that could cause actual results to differ materially include, but are not limited to: delays in the audit process; the Company's inability to file the Required Documents within the anticipated timeframe; regulatory or compliance issues; changes in financial reporting or disclosure standards; unanticipated requests for additional information from auditors or regulators; and other unforeseen financial, operational, or regulatory developments. Additional risk factors are outlined in the Company's public filings available on SEDAR+ (www.sedarplus.ca). The Company undertakes no obligation to update or revise any forward-looking statements to reflect new information, future events, or otherwise, except as required by law. Investors are cautioned not to place undue reliance on forward-looking statements, as actual results may differ materially from expectations.
SOURCE: Alset AI Ventures Inc.
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