OTTAWA, ON / ACCESSWIRE / September 15, 2020 / betterU Education Corp. (TSXV:BTRU)(FRANKFURT:5OGA), (the "Company" or "betterU") is announcing that it did not file its annual financial statements and the related management's discussion and analysis and CEO and CFO certifications by their filing deadline. The failure to complete the filing is due to ongoing logistics caused by a change in the Company's auditors on August 13, 2020. The Company's new auditors have advised the Company that they anticipate being able to complete the necessary procedures in order for the Company to finalize the following continuous disclosure documents (collectively, the "Documents") on or before October 15, 2020:
- The Company's annual audited financial statements for the financial year ended March 31, 2020.
- The Company's Management Discussion and Analysis for the financial year ended March 31, 2020.
The initial filing deadline for the Documents was extended past the deadlines prescribed in National Instrument 51-102 - Continuous Disclosure Obligations to September 14, 2020 under Ontario Instrument 51-505 - Temporary Exemption from Certain Corporate Finance Requirements with Deadlines during the Period from June 2 to August 31, 2020. However, due to the recent change in the Company's auditor, the Company's financial reporting team have experienced further delay to the filing of the Documents.
In anticipation of the default described above, the Company applied to the Ontario Securities Commission ("OSC") for a management cease trade order under National Policy 12-203 - Management Cease Trade Orders. The Company's application to the OSC was unsuccessful. As a result the Company may be noted in default on the OSC's reporting issuer default list for failure to file the Documents and it may be noted in default on the reporting issuer list, or default issuer list, of each jurisdiction of Canada in which it is a reporting issuer, to the extent that such jurisdiction maintains a list and in accordance with the local policies and procedures of that jurisdiction, for failure to file the Documents. The OSC further informed the Company that failure to correct the above noted deficiencies may result in a cease trade order.
The Company continues to work diligently with its new auditor to file the Documents, and will provide an update to the market as soon as further information about the filing of the Documents becomes available.
About betterU Education Corp.
betterU is an education-to-employment technology company offering an end-to-end solution leveraging business intelligence to automate skilling, reskilling and upskilling for companies operating on domestic and global scales. The Company supports the industry by providing them with everything an organization needs to launch and manage proper skills development programs so that they can focus on what really matters, their people!
Most companies spent too much time trying to source, integrate, customize and deliver fragmented skills development programs across their organization, when they should be focused solely on supporting their people. betterU's integrated platform brings together the right technology, growing content library, customization, language options and is the most efficient affordable solution on the market. We don't sell content, we help build better people.
For more information, please visit https://corporate.betteru.ca/corporate-gov/
Jason Burke, CFO
betterU Education Corp.
Email: [email protected]
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SOURCE: betterU Education Corp.