Business
American Aires Announces Revocation of Failure-to-File Cease Trade Order
Toronto, Ontario--(Newsfile Corp. - March 13, 2023) - American Aires Inc. (CSE: WIFI) (OTC Pink: ...
About this update from American Aires, Inc.
[{"type":"text","content":"American Aires Announces Revocation of Failure-to-File Cease Trade OrderToronto, Ontario--(Newsfile Corp. - March 13, 2023) - American Aires Inc. (CSE: WIFI) (OTC Pink: AAIRF) (the \"Company\" or \"Aires\") is pleased to announce that it has been successful in its application to the Ontario Securities Commission, Alberta Securities Commission and British Columbia Securities Commission (collectively, the \"Commissions\") to revoke the failure-to-file cease trade order issued by the Ontario Securities Commission on May 6, 2022 (the \"CTO\").The CTO was issued as a result of the Company's delay to file its audited annual financial statements, management's discussion and analysis and certificates of the Chief Executive Officer and Chief Financial Officer for the year ended December 31, 2021 (collectively, the \"Annual Continuous Disclosure Documents\") which were due to be filed on May 2, 2022. The Company experienced delays associated with the completion of its annual audit due to difficulties in obtaining third-party shipping data from some of the Company's fulfillment centres.Subsequent to the issuance of the CTO, delays with the audit continued and the Company failed to file the interim financial statements, management's discussion and analysis and certificates of the Chief Executive Officer and Chief Financial Officer for the periods ended March 31, 2022 which were due to be filed on May 30, 2022, June 30, 2022 which were due to be filed on August 29, 2022 and September 30, 2022 which were due to be filed on November 29, 2022 (collectively, the \"Interim Continuous Disclosure Documents\" and together with the Annual Continuous Disclosure Documents, the \"Continuous Disclosure Documents\").The Company has remedied these defaults by filing the Continuous Disclosure Documents and the CTO was revoked by the Commissions on March 10, 2023. In the absence of the Company's filing of a management information circular, it has filed a Form 52-110F2 Audit Committee Disclosure as required by National Instrument 52-110, Form 51-102F6V Statement of Executive Compensation as required by National Instrument NI 51-102 and Form 58-101F2 Corporate Governance Disclosure as required by National Instrument NI 58-101 on SEDAR.Additionally, as a condition to revoke the Cease Trade Order, the Company provided an undertaking to the Ontario Securities Com...