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AI/ML Innovations Inc. Announces Late Filing of Annual Financial Disclosure
VICTORIA, BC / ACCESSWIRE / August 23, 2024 / AI/ML Innovations Inc. (the " Company ") (CSE:AIML...
About this update from Aiml Innovations Inc
[{"type":"text","content":"AI/ML Innovations Inc. Announces Late Filing of Annual Financial DisclosureVICTORIA, BC / ACCESSWIRE / August 23, 2024 / AI/ML Innovations Inc. (the \"Company\") (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) announces that it has made an application to the British Columbia Securities Commission (\"BCSC\") to approve a management case trade order (\"MCTO\") under National Policy 12-203 Management Cease Trade Orders (\"NP 12-203\"), which, if granted, will prohibit trading in the securities of the Company by the Chief Executive Officer and Chief Financial Officer of the Company until such time as the Required Filings (defined below) and all continuous disclosure requirements have been filed by the Company, and the MCTO has been lifted. During the period in which the MCTO is effective, the general public, who are not insiders of the Company, will continue to be able to trade in the Company's listed securities. The MCTO application has been made but there is no guarantee or assurance that the MCTO will be granted. If the MCTO is not issued by the BCSC, the applicable Canadian securities regulatory authorities could issue a general cease trade order against the Company for failure to file the Required Filings within the prescribed time period.The Company expects that it will be unable to file its audited financial statements for the financial year ended April 30, 2024, and the related management's discussion and analysis and Chief Executive Officer and Chief Financial Officer certificates for this period (collectively, the \"Required Filings\") before the filing deadline of August 28, 2024 (the \"Filing Deadline\").The Company will be late in the preparation of the Annual Filings as a result of the bookkeepers for one of its investee entities (Tech2Heal) being unable to provide the Company with certain financial information that the Company's auditors need to complete their audit. Due to the Company's material investment in Tech2Heal, Tech2Heal was required to supply documentation to be audited by the Company's auditors to support incorporation into the Company's consolidated financial statements by way of equity accounting. The bookkeepers for Tech2Heal are located in France and due to extended holidays in that country over the summer the Company is not expected to receive the information that it needs until approximately September 1, 2024.The ...