Tickers: XTSX:EYC, PINX:EYCCF
Tags: #Healthcare
Toronto, ON; - TheNewswire - June 20, 2019 - Eyecarrot Innovations Corp (Eyecarrot) (TSX-V: EYC | OTCQB: EYCCF) announces that its principal regulator, the British Columbia Securities Commission (BCSC), has accepted the Company's application for a management cease trade order (the "MCTO"). The application for the MCTO was made by EYC as the company will not be able to file its annual audited financial statements, management's discussion and analysis and CEO and CFO certificates (collectively, the "2019 Annual Audited Financial Statements") by the filing deadline of June 28, 2019 as prescribed by National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102").
During the period in which the MCTO is effective, the general investing public, who are not insiders of the Company, will continue to be able to trade in the Company's listed common shares. However, the Company's CEO and CFO will not be able to trade the Company's shares until such time as the Annual Filings have been filed by the Company and the MCTO has been lifted.
The Company has been unable to complete its audit due to [the withholding of certain financial records of the Company, which the Company has since re-created in full]. The Company anticipates that the audit will be completed, and the 2019 Annual Audited Financial Statements will be filed by July 31, 2019.
Until the Company completes the filing of the 2019 Annual Audited Financial Statements, the Company will comply with the alternative information guidelines set out in National Policy 12-203- Cease Trade Orders for Continuous Disclosure Defaults for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws.
The guidelines, among other things, require the Company to issue bi-weekly default status reports by way of a news release so long as the 2019 Annual Audited Financial Statements have not been filed. In addition, the Company has made an application to the applicable regulatory authorities for a management cease trade order ("MCTO"). There is no certainty that such order will be granted. If a MCTO is granted, the general investing public will still be able to trade EYC shares, however, the Company's Chief Executive Officer, Chief Financial Officer and such other directors, officers and persons as determined by the applicable regulatory authorities, will not be able to trade EYC shares. If a MCTO is not granted, the applicable regulatory authorities may issue a cease trade order against the Company for failure to file the 2019 Annual Audited Financial Statements within the prescribed time period.
About Eyecarrot Innovations Corp (EYC)
Eyecarrot's BinoviTM platform is an innovative healthcare technology solution that integrates software, hardware, data and expert knowledge. Binovi helps Optometrists treat vision issues with in-office therapy as well as doctor-led home-based activities to better serve and increase the patient's experience and their therapy needs. The goal is to help transform vision performance for the 1 in 4 people worldwide that suffer from vision-related issues going beyond visual acuity. The company is transforming how vision healthcare services are integrated, while addressing key challenges in the health system.
On behalf of the Board of Directors
Adam Cegielski
President | CEO
Terry Uppal
Investor Relations
Toll-free: 1 (844) 866-6162
https://www.eyecarrot.com/investors/
Forward looking information:
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition and development plans do not change as a result of unforeseen events and that the Company obtains regulatory approval. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company's financial condition and development plans change, and delays in regulatory approval, as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com . The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law. 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.
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