TORONTO / ACCESSWIRE / May 28, 2020 / Digicrypts Blockchain Solutions Inc. ("DIGIMAX" or the "Company"), (CSE:DIGI) today announces that it will not file its audited annual financial statements for the fiscal year ended January 31, 2020 and the related management's discussion and analysis, as required by Part 4 and Part 5 of National Instrument 51-102: Continuous Disclosure Obligations (collectively, the "Annual Filings") by the conventional filing deadline of June 1, 2020.
This news release is being issued in accordance with the blanket relief of a 45-day extension, provide by Canadian Securities Administrators and Ontario Instrument 51-502: Temporary Exemption from Certain Corporate Finance Requirements, for periodic filings normally required to be made by issuers during the period from March 23, 2020 to June 1, 2020.
In response to recent proclamations from Canadian health authorities and the challenges resulting from the COVID-19 pandemic, the Company has taken the necessary precautions to protect the health and safety of its employees and the public. Accordingly, the Company's staff as well as its auditor's staff have been working from home. While working remotely, the coordination of tasks and work product has been more difficult, the completion of audit procedures due to limited access to paper based supporting evidence has been delayed, and the entire audit process has been slowed.
The challenges posed by COVID-19 have resulted in a delay in the finalization and filing of the Annual Filings. However, the Company's board of directors and its management confirm that they are working expeditiously to meet Company's obligations related to the filing of the Annual Filings. At this time, the Company anticipates being able to complete the Annual Filings before July 15, 2020, with a targeted date sooner than that.
The Company confirms that there have been no material changes that have occurred to the Company subsequent to the filing of its Financial Statements and MD&A for the three and nine months ended October 31, 2019, other than what has been press released and posted on SEDAR.
The Company confirms that its management and other insiders are subject to an insider trading black-out-policy that reflects the principles in section 9 of the National Policy 11-207. Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions, such that they are in a blackout period until the end of the second trading day after the Annual Filings have been disclosed by way of a news release.
DigiMax is based in Toronto and is the first global company in the Digital Security space to be both publicly listed (listed on the Canadian Securities Exchange-symbol: DIGI) and to be approved by OSC in Ontario, Canada as an 'Exempt Market Dealer'.
DigiMax (through its subsidiary Digimax Capital Corp.) is currently seeking to become a registered dealer in several other countries and is developing a state-of-the-art platform with its partners to provide qualified investors preferred access to high quality security offerings in the form of both conventional securities, and as the market evolves, into the rapidly growing Digital Security market.
The Company has a highly qualified management team with extensive experience in global financial and capital markets, combined with a rapidly expanding global presence with joint venture partnerships already established in such important geographies as USA, Hong Kong, Indonesia, Malaysia, England, Singapore, Korea and Malta with discussions or negotiations underway in several more.
President & CEO
SOURCE: DigiMax Global Solutions