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(via TheNewswire)
[Calgary,AB – TheNewswire - July 19, 2024] – VIP Entertainment Technologies Inc. (TSXV: VIP OTC:VETIF) ("VIP" or the "Company") announces that the filing of its annual financial statements, accompanying management’s discussion and analysis and related chief executive officer and chief financial officer certificates for the fiscal year ended March 31, 2024 (the “Annual Filings“) will not be finalized by July 29, 2024 (the “Filing Deadline“), being the date that such filings are due under Parts 4 and 5 of National Instrument 51-102 - Continuous Disclosure Obligations and pursuant to National Instrument 52-109 - Certification of Disclosure in Issuer's Annual and Interim Filings.
The Company has made an application to the Alberta Securities Commission (the “ASC“), its principal regulator, for a temporary management cease trade order (the “MCTO“) under National Policy 12-203 Management Cease Trade Orders ("NP 12-203") in connection with the possible delay in the Annual Filings. If granted, there will be a prohibition of trading in securities of the Company by the chief executive officer and chief financial officer of the Company until the Annual Filings and all continuous disclosure requirements have been filed by the Company, and the MCTO has been lifted. During the period in which the MCTO is effective, the general public, who are not insiders of the Company, will continue to be able to trade in the Company's listed securities. The MCTO application has been made, but there is no guarantee or assurance that the MCTO will be granted.
The Company's failure to file its Annual Filings by the Filing Deadline is due to a combination of the resignation of its auditors in April of 2024, finding replacement auditors to complete the audit of the Company's financial statements and the recent change of chief financial officer. The Company has signed an engagement letter with a new auditor and since her appointment, Theresa Jennings, the new chief financial officer has been preparing financial information on the current and historical operations of the Company to facilitate the commencement of the audit. Ms. Jennings anticipates that the financial information would be completed in the next two weeks. Once the audit starts, the auditors expect to complete the audit within six weeks from commencement. As previously announced, the Company also anticipates completing a private placement (the "Proposed Private Placement") in the near future, and expects to use the proceeds of the Proposed Private Placement for working capital purposes, including payment of audit related fees. The Company anticipates that it will be in a position to remedy the default by filing the Annual Filings on or about Sept. 28, 2024.
The Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains in default of the above-noted filing requirements.
The Company is not currently subject to any insolvency proceedings. The Company also confirms that there is not other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this press release.
Other than as disclosed herein, the Company is up to date in its filing obligations.
About VIP Entertainment Technologies Inc.
VIP Entertainment Technologies Inc. (TSXV: VIP) is a leading provider of innovative entertainment solutions, dedicated to delivering unparalleled experiences to customers worldwide. With a focus on leveraging emerging technologies and trends, VIP is committed to shaping the future of the entertainment industry.
For media inquiries, please contact:
Randy Jennings
1-403-899-9319
Neither the TSXV 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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