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MONTREAL, May 10, 2021 (GLOBE NEWSWIRE) -- (CSE: EMER) Emergia Inc. (the “Corporation” or “EMERGIA”) announced today that a cease trade order ("CTO") has been issued by its principal regulator, the British Columbia Securities Commission (the "BCSC"), for failure to file its audited annual financial statements, management’s discussion and analysis and related certifications for the fiscal year ended December 31, 2020 (the “Documents”) on or before April 30, 2021, as required under applicable securities laws.
The delay in the completion of the required filings is mainly due to the fact that the auditors were missing an appraisal report of Emergia’s principal asset allowing the auditors with sufficient time to conduct a full review before the BCSC's filing deadline.
Management would like shareholders to know that the auditors are currently proceeding to the final review of the materials provided.
The auditor has estimated that the audit will be completed by May 17, 2021. Once the audit is completed and the Documents filed, the CTO will be vacated. If additional time is required to complete the audit, Emergia will communicate the new time estimate to shareholders.
ABOUT EMERGIA INC.
EMERGIA operates mainly in Canada in the development, acquisition and management of multi-purpose real estate, including retail, multi-residential, industrial, and office buildings as well as land for future development. The Corporation’s investment platform is based on an integrated, agile and efficient develop-to-own strategy that enables EMERGIA to benefit from development profits and the value-add while securing stable long-term returns.
Source: Emergia Inc.
For more Information, please contact:
T: 1.888.520.1414 (Ext. 231)
This press release contains forward-looking information within the meaning of applicable securities laws. All information and statements other than statements of historical facts contained in this press release are forward-looking information. Such statements and information may be identified by words such as “about”, “approximately”, “may”, “believes”, “expects”, “will”, “intend”, “should”, “plan”, “predict”, “potential”, “project”, “anticipate”, “estimate”, “continue” or similar words or the negative thereof or other comparable terminology. Such forward-looking information includes statements pertaining to the expected date if filing of the Documents. The forward-looking information is based on certain key expectations and assumptions made by the Corporation. Although the Corporation believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information since no assurance can be given that they will prove to be correct. For additional information with respect to risks and uncertainties, refer to the annual MD&A of the Corporation for the year ended December 31, 2019 and to the other periodic filings that the Corporation has made and may make in the future with the securities commissions or similar regulatory authorities in Canada, all of which are available under the Corporation’s SEDAR profile at www.sedar.com.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE CORPORATION AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE CORPORATION MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.