VANCOUVER, BC, April 25, 2022 /CNW/ - BYT Holdings Ltd. (CSE: BYT) ("BYT" or the "Company") announces that MNP LLP (the "Former Auditor") has resigned as auditors of the Company of its own initiative, effective on April 20, 2022.
The Company has begun the formal change of auditor process under National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102"). As part of this process, the Notice of Change of Auditor, together with the letter from the Former Auditor, have been reviewed by the Board of Directors of the Company (the "Board") and are posted at www.sedar.com.
The Former Auditor advised the Board that it is of the opinion that the alleged undisclosed related party transactions by the former Chief Executive Officer and Director of the Company, Mr. Vincent Lim (the "Alleged Transactions"), constitute a "reportable event" for an "unresolved issue", as such terms are defined in NI 51-102. Details regarding the Alleged Transactions can be found in the Company's news release dated December 1, 2021.
The Board has discussed the Alleged Transactions with the Former Auditor and has authorized the Former Auditor to respond fully to all inquiries of any successor auditor concerning the Alleged Transactions. The Former Auditor's resignation has been accepted by the Board.
The Company is in the process of selecting a successor auditor from a number of qualified firms.
BYT's operations are based out of Singapore, with its primary business being to provide one-stop turnkey engineering, procurement, and construction management solutions that range from consultancy and design, to the construction of projects involving high technology production facilities, primarily in Singapore and mainland China. BYT is also developing its waste management services division in Shanghai, China, which focuses on converting waste into organic compost.
ON BEHALF OF BYT HOLDINGS
"Sunny Li"
Sunny Li
Executive Chairman
Forward-Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in BYT' periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should, our vision" and similar expressions, are forward-looking statements. Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the novel coronavirus (COVID-19) pandemic, the specific factors disclosed here and elsewhere in BYT' periodic filings with Canadian securities regulators.
When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should, our vision" and similar expressions, are forward-looking statements. Forward-looking statements may include, without limitation, statements relating to the Company's future financial performance, financial statement filing, business development, results of operations, and financing and recapitalization opportunities, as well the evaluation of strategic alternatives. Readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. BYT disclaims any intention or obligation to update or revise such information, except as required by applicable law, and BYT does not assume any liability for disclosure relating to any other company mentioned herein.
Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE BYT Holdings Ltd.
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