Toronto, Ontario--(Newsfile Corp. - May 2, 2023) - Champion Gaming Group Inc. (TSXV: WAGR) ("Champion Gaming" or the "Company") announces that, further to its press release dated April 17, 2023, the Company has been granted a management cease trade order (the "MCTO") by the Ontario Securities Commission (the "OSC"), pursuant to the Company's application made under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"). The MCTO as issued is in connection with the delay by the Company in filing its annual audited consolidated financial statements (the "Financial Statements") and related management discussion and analysis ("MD&A") for the year ended December 31, 2022, by the prescribed deadline of May 1, 2023. The issuance of the MCTO will not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in their securities.
Following the recent change of auditor within such close proximity to the year-end of the Company, the Company and the auditor requires additional time to finalize their review of the financial information of the Company and to gain reasonable comfort to complete and file the Financial Statements and MD&A.
The Company anticipates that it will be in a position to prepare and file the Financial Statements and MD&A on or prior to June 30, 2023.
The Company confirms that it will satisfy the provisions of the Alternative Information Guidelines set out in NP 12-203. Furthermore, the Company's directors and officers will remain subject to a trading black-out pursuant to which such persons are prohibited from trading any securities of the Company until the end of the second full trading day following on which the Annual Financial Statements and related MD&A is filed on SEDAR, and a corresponding news release is issued by the Company pursuant to NI 51-102. The Company confirms that there is no other material information relating to its affairs that has not been disclosed.
About Champion Gaming
Champion Gaming is a sports content, data and analytics company that provides predictive and prescriptive analytical models and win probability applications and statistics in the sports industry for teams, media, fans, and bettors. The sports analytical and data solutions currently offered by Champion to its customers include: a fully customized probability engine; interactive sports matchup models; spread and over/under distributions; and sports statistics and historical data statistics.
Further information on Champion Gaming can be found on SEDAR at www.sedar.com.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance of the Corporation. The use of any of the words "could", "intend", "expect", "believe", "will", "may", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the ability of the Corporation to successfully manage the risks inherent in pursuing business opportunities in the online gaming industry, and the ability of the Corporation to obtain qualified staff, equipment and services in a timely and cost-efficient manner to develop its business, the state of the capital markets, and the impact of the COVID-19 pandemic. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the parties. Forward-looking information necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Such risks and factors include, but are not limited to, the risk that the Corporation's management is unable to obtain qualified staff, equipment and services in a timely and cost-efficient manner to develop its business. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
For further information, please contact:
Champion Gaming Group Inc.
Chief Executive Officer
Neither the TSX Venture Exchange 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 news release.
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