NovX21 Inc. Provides Default Status Report
15.06.2016 | FSCwire
Montréal - NovX21 Inc. (“NovX21’’ or the “Corporation”) is providing this bi-weekly default status report in accordance with Policy Statement 12-203 respecting Cease Trade Orders for Continuous Disclosure Defaults (“Policy Statement 12-203”). On May 3, 2016, the Corporation announced (the “Default Announcement”) that, for the reasons set out in the Default Announcement, the filing of the Corporation's audited annual consolidated financial statements for the year ended December 31, 2015, its related Management's Discussion and Analysis and Chief Executive Officer and Chief Financial Officer certifications (the “Required Filings”) would not be filed by the prescribed filing deadline of April 29, 2016 (the “Filing Deadline”).As a result of this delay in the filing of the Required Filings, the Autorité des marchés financiers (the “AMF”), as principal regulator, granted a temporary management cease trade order (the “MCTO”) on May 3, 2016 against Nicole Blanchard, Manuel Guedes, Hojatollah Vali, Salvatore Infantino and Sam Szlamkowicz, as opposed to a general cease trade order against the Corporation. The MCTO prohibits all trading in securities of the Corporation, whether directly or indirectly, by the Corporation's officers and directors. The MCTO does not affect the ability of shareholders who are not insiders of the Corporation to trade their securities. However, the applicable Canadian securities regulatory authorities could determine, in their discretion, that it would be appropriate to issue a general cease trade order against the Corporation affecting all of the securities of the Corporation.
On June 2, 2016 the Corporation announced a change of its auditors as Raymond Chabot Grant Thornton, the predecessor auditors of the Corporation, resigned of its position, at the CEO's request. The CEO appointed MNP LLP, as successor auditors, to act for the preparation of the Required Filing.
The process of change of auditors and the additional time needed by the Corporation’s bookkeeping service provider to complete the preparation of the audited annual consolidated financial statements resulted in the Corporation not being able to meet its obligations to proceed with the filing of the Required Filing prior to May 30, 2016 as previously announced on May 3, 2016 and May 17, 2016. The Corporation is also in default to proceed with the filing of its unaudited condensed interim financial statements as at March 31, 2016 (the “Interim Financial Statements”). NovX21's Board of Directors and management confirm once again that they are working expeditiously to meet the Corporation's obligations relating to the filing of the Required Filings and the Interim Financial Statements and expect to file such documents by no later than July 3, 2016.
Pursuant to the provisions of the alternative information guidelines specified in Section 4.4 of Policy Statement 12-203, and except as provided herein, the Corporation reports that since the Default Announcement:
- There have been no material changes to the information contained in the Default Announcement;
- There have been no failures by the Corporation to fulfill its stated intentions with respect to satisfying the provisions of the alternative reporting guidelines;
- There has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the Default Announcement; and
- There is no other material information respecting the Corporation's affairs that has not been generally disclosed.
Until the Required Filings and the Interim Financial Statements have been filed, the Corporation intends to continue to satisfy the provisions of the alternative information guidelines specified in Section 4.4 of Policy Statement 12-203 by issuing bi-weekly default status reports in the form of further press releases, which will also be filed on SEDAR. The Corporation would file, to the extent applicable, its next default status report on or about June 29, 2016.
About NovX21
NovX21 operates an industrial prototype plant for the recovery of Platinum Group Elements (Platinum, Palladium and Rhodium, or PGMs). The plant is located near Quebec City in St-Augustin-de-Desmaures. Its patented process yields more than 97% recoveries of PGMs, and is not only much less capital extensive but also operates much more rapidly than conventional plants, thus dramatically lowering the amount of time that its customers’ capital is tied up as work-in-process inventory. NovX21’s mission is to sustainably recover precious metals by recycling end-of-life PGM containing components while meeting global “green” standards for the automobile industry. For more information visit: www.novx21.com.
Contacts
Sam Szlamkowicz, Director NovX21
sam@shefa.com
(514) 884-3122
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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