Yangaroo Announces Rejection of Voluntary Management Cease Trade Order, Anticipated FFCTO and CFO Resignation
Yangaroo Announces Rejection of Voluntary Management Cease Trade Order, Anticipated FFCTO and CFO Resignation
Toronto, Ontario--(Newsfile Corp. - April 30, 2024) - YANGAROO Inc. (TSXV: YOO) (OTC Pink: YOOIF) (the "Company"), a software leader in media asset workflow solutions for the advertising and entertainment industries, provides an update to its news release issued on April 15, 2024 regarding the Company's inability to file the Company's audited annual financial statements, accompanying management discussion and analysis, and CEO and CFO certifications for the financial year ended December 31, 2023 (the "Annual Filings") in accordance with applicable Canadian securities laws on or before April 29, 2024 filing deadline (the "Filing Deadline").
安大略省多倫多--(Newsfile Corp.-2024 年 4 月 30 日)- YANGAROO Inc. (TSXV: YOO) (場外交易鏈接:YOOIF) (the”公司“)是廣告和娛樂行業媒體資產工作流程解決方案的軟件領導者,更新了其於2024年4月15日發佈的新聞稿,內容涉及公司無法根據適用的加拿大證券法在2024年4月29日或之前提交截至2023年12月31日的財政年度的經審計的年度財務報表、隨附的管理層討論和分析以及首席執行官和首席財務官認證(“年度申報”)(“申報”)截止日期”)。
The Company previously announced its proactive submission of an application to the Ontario Securities Commission (the "OSC") to approve a voluntary temporary management cease trade order ("MCTO") under National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"), which, if granted, would have prohibited trading in securities of the Company by the chief executive officer and chief financial officer of the Company until such time as the Annual Filings have been filed by the Company, and the MCTO lifted. The OSC rejected the Company's application for the MCTO due to the view that there is not an active, liquid market for the Company's securities based on a review of the trade volume, trade value, and number of trades over the last month. As such, the Company has been notified that the OSC will issue a failure-to-file cease trade order ("FFCTO") under Multilateral Instrument 11-103 - Failure-to-File Cease Trade Orders in Multiple Jurisdictions against the Company after the Filing Deadline.
該公司此前宣佈積極向安大略省證券委員會(“OSC”)提交申請,要求根據國家政策12-203連續披露違約停止交易令(“NP 12-203”)批准自願臨時管理停止交易令(“MCTO”),如果獲得批准,該申請將禁止公司首席執行官兼首席財務官在提交年度申報之前進行公司證券交易公司,MCTO 解除了。OSC拒絕了公司的MCTO申請,理由是根據對上個月交易量、交易價值和交易數量的審查,認爲公司的證券沒有活躍、流動的市場。因此,該公司被告知,OSC將根據第11-103號多邊文書發佈未提交的停止貿易令(“FFCTO”)- 未能在多個司法管轄區提交停止交易令 在申請截止日期之後對公司提起訴訟。
The FFTCO will prohibit any trading, whether direct or indirect, of the Company's securities in each jurisdiction in Canada until the Company is able to complete the filing of the Annual Filings and successfully apply for a revocation of the FFCTO, noting that if the Annual Filings are made within 90 days of the date of the FFCTO, including any interim financial statements, management's discussion and analysis and certifications that subsequently became due (the "Subsequent Filings"), the filing of the Annual Filings (and Subsequent Filings if applicable) will constitute the application to revoke the FFCTO. There can be no assurance that the FFCTO will be revoked on the timeline contemplated by the Company.
在公司能夠完成年度申報併成功申請撤銷FFCTO之前,FFTCO將禁止公司在加拿大每個司法管轄區進行任何直接或間接的證券交易。FFTCO指出,如果年度申報是在FFCTO發佈之日起90天內提交的,包括任何中期財務報表、管理層的討論和分析以及隨後到期的認證(“後續申報”)”),年度申報(以及後續申報,如果適用)的提交將構成撤銷 FFCTO 的申請。無法保證FFCTO將在公司設想的時間表內被撤銷。
The Company also announces that the Company's Chief Financial Officer, Frank Guo, has resigned from his position as Chief Financial Officer. Mr. Guo has elected to remain with the Company as a financial advisor in order to continue working closely with management and the auditors to complete the Annual Filings (and Subsequent Filings). The Company has appointed Grant Schuetrumpf, Chief Executive Officer of the Company, as Interim Chief Financial Officer during this period to oversee the completion and filing of the Annual Filings (and Subsequent Filings if applicable) while following steps are determined.
該公司還宣佈,公司首席財務官郭富蘭已辭去首席財務官的職務。郭先生選擇繼續留在公司擔任財務顧問,以便繼續與管理層和核數師密切合作,完成年度申報(及後續申報)。在此期間,公司已任命公司首席執行官Grant Schuetrumpf爲臨時首席財務官,負責監督年度申報(以及後續申報,如果適用)的完成和提交,同時確定以下步驟。
The Company intends to continue to work diligently and expeditiously with its auditors and expects to file the Annual Filings as soon as possible, anticipated to be by the end of May 2024 and in any event no later than June 28, 2024.
公司打算繼續努力迅速地與核數師合作,並希望儘快提交年度申報,預計將在2024年5月底之前提交,無論如何都不遲於2024年6月28日。
About YANGAROO:
關於 YANGAROO:
Yangaroo is a software leader in media asset workflow and distribution solutions for the advertising, music, and awards industries. YANGAROO's patented Digital Media Distribution System is a leading secure business-to-business cloud-based solution that incorporates production services, traffic, clearance, delivery, analytics, and secure API integration for the industry's various video and audio workflow challenges.
Yangaroo 是廣告、音樂和獎項行業媒體資產工作流程和分發解決方案的軟件領導者。YANGAROO的專利數字媒體分發系統是領先的安全企業對企業基於雲的解決方案,它整合了生產服務、交通、通關、交付、分析和安全的API集成,以應對行業面臨的各種視頻和音頻工作流程挑戰。
YANGAROO has offices in Toronto, New York, and Los Angeles. YANGAROO trades on the TSX Venture Exchange (TSX-V) under the symbol YOO and in the U.S. under OTCBB: YOOIF.
YANGAROO 在多倫多、紐約和洛杉磯設有辦事處。YANGAROO在多倫多證券交易所風險交易所(TSX-V)上市,股票代碼爲YOO,在美國以場外交易所交易:YOOIF。
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For YANGAROO Investor Inquiries:
Grant Schuetrumpf
Phone: (416) 534-0607
investors@yangaroo.com
如需諮詢 YANGAROO 投資者:
格蘭特·舒特魯姆普夫
電話:(416) 534-0607
investors@yangaroo.com
Cautionary Note Regarding Forward-looking Statements
關於前瞻性陳述的警示說明
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes.
本新聞稿包含適用的加拿大證券法所指的某些前瞻性陳述和前瞻性信息(此處統稱爲 “前瞻性陳述”)。除當前或歷史事實陳述外,所有陳述均爲前瞻性陳述。前瞻性陳述通常但並非總是通過使用諸如 “預期”、“實現”、“可以”、“相信”、“計劃”、“打算”、“目標”、“持續”、“持續”、“估計”、“展望”、“預期”、“可能”、“將”、“應該” 或類似詞語來識別,包括其負面信息,暗示未來結果。
Forward looking statements are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of YANGAROO, that may cause the actual results, level of activity, performance or achievements of YANGAROO to be materially different from those expressed or implied by such forward looking statements. Although YANGAROO has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company is making forward-looking statements with respect, but not limited to, the FFCTO, including but not limited to the anticipated timeline for filing the Annual Filings (and Subsequent Filings if applicable) and the revocation of the FFCTO; and the duration and details related to Mr. Guo remaining with the Company and Mr. Schuetrumpf's appointment as Interim CEO.
前瞻性陳述受已知和未知風險、不確定性和其他因素的影響,其中許多因素是YANGAROO無法控制的,這些因素可能導致YANGAROO的實際結果、活動水平、業績或成就與此類前瞻性陳述所表達或暗示的重大差異。儘管YANGAROO試圖確定可能導致實際業績與前瞻性陳述中包含的結果存在重大差異的重要因素,但可能還有其他因素導致業績不如預期、估計或預期。公司正在就但不限於FFCTO發表前瞻性陳述,包括但不限於提交年度申報(以及後續申報,如適用)和撤銷FFCTO的預期時間表;與郭先生留在公司以及Schuetrumpf先生被任命爲臨時首席執行官的期限和細節。
Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause YANGAROO's actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, neither YANGAROO assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.
前瞻性陳述不能保證未來的表現,涉及許多風險和不確定性,其中一些將在本文中介紹。此類前瞻性陳述必然涉及已知和未知的風險和不確定性,這可能導致YANGAROO的實際表現和業績與此類前瞻性陳述所表達或暗示的對未來業績或結果的任何預測存在重大差異。任何前瞻性陳述均截至本文發佈之日作出,除非法律要求,否則YANGAROO均沒有義務公開更新或修改此類陳述以反映後續或其他方面的新信息。