BMTC Group Inc. Provides Update on Postponement of Reporting Due to Delays Caused by COVID-19

MONTREAL, May 29, 2020 /CNW/ - BMTC Group Inc. (the "Company") (TSX: GBT) provides an update further to its announcement made on April 30, 2020 that, due to logistics and delays caused by the COVID-19 virus, it is relying on the exemption provided by Decision N^o2020-PDG-0023 of the Autorité des marchés financiers and an equivalent exemption provided by the Ontario Securities Commission to postpone the filing of the following continuous disclosure documents (collectively, the "Annual Documents"):

• the Company's annual audited consolidated financial statements for the year ended January 31, 2020 as required by section 4.2 of National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102");
  
  
• the Company's annual management report (MD&A) for the year ended January 31, 2020 as required by subsection 5.1(2) of NI 51-102;
  
  
• the Company's annual information form for the year ended January 31, 2020 as required by section 6.2 of NI 51-102.

Pursuant to such decision, a company required to make certain filings during the period from March 23, 2020 to June 1, 2020 has an additional 45 days from the deadline otherwise applicable under Quebec securities laws to make the filing. The Company now expects to issue and file a press release announcing its annual results after the close of business on June 8, 2020 and to file the Annual Documents on June 12, 2020, in accordance with such decision.

The Company will also be relying on the exemption provided by Decision N^o2020-PDG-00037 of the Autorité des marchés financiers and an equivalent exemption provided by the Ontario Securities Commission to postpone the filing of the following continuous disclosure documents (collectively, the "Q1 Interim Documents"):

• the Company's consolidated interim financial statements for the three-month period ended April 30, 2020 as required by section 4.4 of NI 51-102;
  
  
• the Company's interim management report (MD&A) for the three-month period ended April 30, 2020 as required by subsection 5.1(2) of NI 51-102.

Pursuant to such decision, a company required to make certain filings during the period from June 2, 2020 to August 31, 2020 has an additional 45 days from the deadline otherwise applicable under Quebec securities laws to make the filing. The Company expects to file the Q1 Interim Documents after the close of business on or about July 3, 2020.

Until the Company has filed the Q1 Interim Documents, members of the Company's management and other insiders are subject to an insider trading black-out policy that reflects the principles in section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

The Company has gradually reopened its sales network, comprised of the Ameublements Tanguay banner in the Quebec City area and the Brault & Martineau and EconoMax banners in the Montreal area, in compliance with public health orders and directives. Other than as disclosed in the preceding sentence and the Company's press release dated April 30, 2020, there have not been any material business developments since October 31, 2019, being the date of the Company's latest interim financial report.

Caution regarding Forward-Looking Statements

This press release contains certain forward-looking statements with respect to the Company. These forward-looking statements are identified by the use of terms and phrases such as "anticipate", "believe", "estimate", expect", "intend", "may", "plan", "predict", "project", "will", "would", as well as the negative of these terms and similar terminology, including references to assumptions.

Forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by these forward-looking statements. Results indicated in forward-looking statements may differ materially from actual results for a number of reasons which the Company has identified in the 2019 annual information form under "Narrative Description of the Business - Risk Factors", and other risks detailed from time to time in the Company's continuous disclosure documents.

The reader is cautioned that the factors we refer above are not exhaustive of the factors that may affect any of the Company's forward-looking statements. The reader is also cautioned to consider these and other factors carefully and not to put undue reliance on forward-looking statements.

The Company made a number of assumptions in making forward-looking statements in this press release. The Company considers the assumptions on which these forward-looking statements are based to be reasonable.

These statements reflect current expectations regarding future events and operating performance and speak only as of the date of release of this press release, and represent the Company's expectations as of that date. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.

About BMTC Group Inc.

BMTC Group Inc.'s Common Shares are listed on the Toronto Stock Exchange and through its subsidiary Ameublements Tanguay Inc., and its two divisions, Brault & Martineau and EconoMax, the Company is a major retailer of furniture, electronic goods and household appliances operating in the province of Quebec.

SOURCE BMTC Group Inc.

Ms Marie-Berthe Des Groseillers, President and Chief Executive Officer, BMTC Group Inc., 514-648-5757

Related Links

https://www.bmtc.ca