Business
American Aires Inc. Announces Updates on Annual Filings, Litigation and Listing Matters, Cease Trade Order, and 2024 Financial Statements
Toronto, Ontario--(Newsfile Corp. - May 8, 2026) - American Aires Inc. (CSE: WIFI) (OTC Pink: AAIRF) (the "Company") announces that further to the Company's news releases dated April 7, 2026 and April 17, 2026, it will not file its audited annual financial statements for the fiscal year ended December 31, 2025, together with the related management's discussion and analysis and CEO and CFO certifications (collectively, the "Required Filings"), because the audited financial statements have not...
About this update from American Aires, Inc.
[{"type":"text","content":"Toronto, Ontario--(Newsfile Corp. - May 8, 2026) - American Aires Inc. (CSE: WIFI) (OTC Pink: AAIRF) (the "Company") announces that further to the Company's news releases dated April 7, 2026 and April 17, 2026, it will not file its audited annual financial statements for the fiscal year ended December 31, 2025, together with the related management's discussion and analysis and CEO and CFO certifications (collectively, the "Required Filings"), because the audited financial statements have not been completed following the resignation of the Company's former auditors, AGT Partners LLP ("AGT") on April 6, 2026. Accordingly, the Company has received a cease trade order from the Ontario Securities Commission dated May 6, 2026 (the "CTO"). As a result of the CTO, the trading of the Company's common shares on the Canadian Securities Exchange (the "CSE") has been suspended and shareholders will be prohibited from trading in the Company's securities. In addition, the OTC Markets Group has informed the Company that the Company's stock will be moved from the OTCQB market to the OTC Pink market, and will trade under "AAIRF".","length":1213,"tagName":"p"},{"type":"text","content":"Following AGT's resignation, the Company's ability to complete the audit has been constrained by the Company's very tight liquidity, which over the past number of quarters has been primarily focused on its business operations and pursuing legal proceedings against certain former officers and related parties (the "Litigation") in connection with alleged misconduct and related matters. In addition, and as a result of our previously disclosed liquidity constraints, the Company is currently facing demand letters from several suppliers. The Company is working to resolve and settle these matters with our long time partners. As a result of the foregoing, the Company's ability to effect the audit remained constrained and it requires additional time to complete its year-end financial reporting and audit processes.","length":842,"tagName":"p"},{"type":"text","content":"As disclosed in the Company's news release dated April 17, 2026, the Company is evaluating its liquidity constraints and continues to implement cash management and operational efficiency measures wh...