LiteLink Announces Late Filing of Annual Financial Statements
VANCOUVER, BC, July 1, 2020 /CNW/ - LiteLink Technologies Inc. ("LiteLink") (CSE: LLT) (OTC: LLNKF) (FRA:C0B), a key player in logistics platforms and payment solutions, announced today that it will not file its audited financial statements for its fiscal year ended February 29, 2020 and the fifteen month period ended February 28, 2019 (the "Financial Statements"), together with its management discussion and analysis ("MD&A"), by the filing deadline of June 29, 2020.
Recent global events pertaining to COVID-19 have impacted LiteLink. The anticipated default in meeting its continuous disclosure requirements is due, in part, to business and administrative disruption experienced by LiteLink which has prevented its directors and employees from preparing LiteLink's regulatory filings in a timely fashion.
Litelink will be relying on BC Instrument 51-517 Temporary Exemption from Certain Corporate Finance Requirements with Deadlines during the Period from June 2 to August 31, 2020 ("BCI 51-517"), which provides a 45-day extension for certain regulatory filings. LiteLink will be relying on the temporary exemption under BCI 51-517 with respect to the following filing requirements:
- the requirement to file its Financial Statements within 120 days of LiteLink's financial year end, as required by section 4.2(b) of National Instrument 51-102 Continuous Disclosure Obligations ("NI 51-102");
- the requirement to file its MD&A for the period covered by the Financial Statements within 120 days of LiteLink's financial year end, as required by section 5.1 of NI 51-102; and
- the requirement to file certifications of annual filings, as required by section 4.1 of National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings;
(collectively, the "Required Filings").
LiteLink currently expects to file the Required Filings by August 7, 2020 , and notes that management and other insiders are subject to a 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.
LiteLink confirms there have been no undisclosed material business developments since the filing of LiteLink's condensed interim consolidated financial statements and associated management's discussion and analysis for the nine month period ended November 30, 2019 that have not been otherwise disclosed by LiteLink by way of news release.
The Canadian Securities Exchange has not reviewed or approved the contents of this news release.
About LiteLink Technologies Inc.
LiteLink is a major player in developing world-class enterprise platforms that utilize artificial intelligence, blockchain, and predictive analytics to solve fragmented and outdated technology problems in the logistics and digital payment industries. Its flagship 1SHIFT logistics platform offers real-time transparency and tracking which allows brokers, shippers, and carriers to track shipments and settle payments in real-time.
Cautionary Statement Regarding Forward-Looking Statements
This news release may contain certain "Forward-Looking Statements" within the meaning of Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "schedule" and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the nature of the business of LiteLink and other factors or information. Such statements represent LiteLink's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by LiteLink, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements, and LiteLink does not intend and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules, and regulations.
SOURCE LiteLink Technologies Inc.
Ashik Karim at 604-700-9226 or email: [email protected]
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