TORONTO, ON / ACCESSWIRE / June 23, 2022 / RYAH GROUP Inc. The RYAH Group Inc. Board of Directors wishes to announce that on May 3, 2022, the Ontario Securities Commission (the ‘'OSC'' or the ‘'Commission'') issued a Management Cease-Trade Order ('MCTO') in the matter of RYAH Group Inc. and David R. Richards and François C. Desrosiers. This order states that the management of RYAH cannot trade in the Company's securities until two days after RYAH has filed with the Commission all the filings that are currently missing and are required to be made under the Ontario Securities law.
The missing filings are the yearly financial statements to December 31, 2021; the management discussion & analysis that accompanies audited financial statements; and the CEO and CFO certificates that are filed at the same time.
Since filing the request for the MCTO the Company has worked diligently with its auditors in rapidly completing the audit in accordance with the regulations. There have not been any changes in the RYAH Group's activities and affairs that would qualify as material, for investors. The Company expects to satisfy the provisions of the alternative information guidelines. We do not expect any further defaults or resulting MCTOs.
RYAH is working to raise additional capital through a private placement of Subordinate Voting Share Units. The results be announced in a timely fashion.
The Issuer intends on continuing to satisfy the provisions of the alternative information guidelines described in section 9 and 10 of National Policy 12-203 so long as it remains in default of the specified requirement. RYAH is not subject to any insolvency proceedings and there is no other material information concerning the affairs of the Issuer that have not been disclosed.
The Corporation and the auditors expect that the audited financial statements will be filed on SEDAR by the middle of July 2022. The Management and the Board of Directors have endeavoured to continue doing everything possible to assist the auditors in their work so the audit can be completed as soon as possible. When the audit is complete, and the documents have been filed on SEDAR, the Company will report that in a news release.
A MCTO is usually granted to give a corporation the time to remedy issues related to continuous disclosure issues (such as the timely filing of audited financial statements) while maintaining public trading in the Corporation's securities. Under a MCTO the Directors and Officers of a Corporation cannot trade the Corporation's securities for as long as the issue is not remedied. Once the situation corrected, we expect the MCTO to be lifted. While the situation lasts, officers, directors and anyone with special relationships with the Issuer cannot trade securities issued by the Company. They have all been advised of this black-out, and have agreed to abide by it.
About RYAH Group Inc.
RYAH is a big data and technology company enabling valuable AI-powered predictive analytics of the efficacy of plant-based medicines and other nutraceuticals administered through its range of innovative IoT-connected medical devices including inhalers, patches, and pens. RYAH's robust big data platform, the only one of its kind in this space, aggregates and analyzes HIPAA-compliant patient data, helping doctors and patients personalize treatments, control dosages, and better predict and monitor outcomes. The data and derived insights are also highly valuable for hospitals, clinicians, medical scientists, insurance providers, dispensaries, licensed growers, producers, and pharmaceutical companies, and to monitor and manage formulation effects on patients, based on dosages, strains, demographics, specific conditions, and a range of other factors. Exciting new directions include R&D in the realm of blockchain, NFTs and cryptocurrency that will pave the way toward successful commercialization of RYAH's big data assets. Through the above, a relentless focus on innovation, and track record of developing win-win collaborative partnerships within relevant industries, RYAH is continuously building a unique and highly valuable IP portfolio.
AI: Artificial Intelligence
IoT: Internet of Things
HIPAA: Health Insurance Portability and Accountability Act
IP: Intellectual Property
R&D: Research and Development
NFT: Non-Fungible Token
This press release contains certain forward-looking statements, including, without limitation, statements containing the words "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "in the process" and other similar expressions which constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking statements reflect the Company's current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Company's on-going filings with the securities regulatory authorities, which filings can be found at www.sedar.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.
For further information contact:
Dr. Dave Richards: [email protected]
Mr. François C. Desrosiers: [email protected]
SOURCE: RYAH Medtech Inc.