Montréal, July 4, 2021 – TheNewswire - ZeU Technologies, Inc. (CSE: ZEU) (OTC: ZEUCF) is providing an update to its previously disclosed management cease trade order, announced on May 3, 2021, in respect of the audited annual financial statements and corresponding management’s discussion and analysis for the year ended December 31, 2020, including the related CEO and CFO certifications, collectively, the “Annual Financial Filings”, that were not filed by the required filing deadline of April 30, 2021.
The Annual Financial Filings were not filed on or before the Filing Deadline due to the delay in the completion of the audit of the Company’s financial statements before the Filing Deadline.
The Company has worked on the steps required to complete the Annual Financial Filings. Management received comments and guidance from the different entities involved in the process and provided answers to all questions and comments as well as a final version of its Financial Statements for approval in late June. The Company’s audit committee and board accepted the current version of the Financial Statements on July 2, 2021.
The Company will provide updates as further information relating to the Annual Financial Filings becomes available.
The MCTO is to be in effect until the Annual Financial Filings are filed.
In granting the initial MCTO the regulators did require that the Annual Financial Filings be filed on or before July 2, 2021.
The Company legal advisors will be in contact with the different regulatory agencies that are involved in this process and monitor the situation in order to know if a formal extension of the deadline is required. The Company will have to file its first quarter Interim Financial Statements within days of the dissemination of its Annual Financial Statements on SEDAR.
Until the Annual Financial Filings are filed, the Company intends to issue bi-weekly default status reports in accordance with National Policy 12-203 – Management Cease Trade Orders. The Company intends to satisfy the provisions of the Alternative Information Guidelines during the period it remains in default of the filing requirements. The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed.
ON BEHALF OF THE BOARD OF DIRECTORS
“ Frank Dumas”
FRANK DUMAS
President & CEO
ZeU is a forward-thinking Canadian technology company that has developed a state-of-the-art blockchain protocol, providing the foundation for the next generation of encrypted and distributed networks. Thanks to its high level of sophistication, ZeU’s technology maximizes transparency, security and scalability as well as big data management. ZeU’s strategy is to monetize blockchain transactions in diverse sectors such as payment, gaming, data, and healthcare.
Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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