Toronto, ON – RIWI Corp. (TSXV: RIWI) (OTC: RWCRF) (the “Company” or “RIWI”), a global trend-tracking and prediction technology firm, announces that it will be unable to file its annual financial statements, management discussion and analysis and related CEO and CFO certificates for the year ended December 31, 2022 (the “Required Filings”) which are required to filed on or before May 1, 2023 (the “Filing Deadline”).
In connection with the anticipated delay, the Company has applied to the Ontario Securities Commission requesting that a management cease trade order (“MCTO”) be imposed to restrict trading in the Company’s securities by the CEO, CFO and directors of the Company, as opposed to a general cease trade order, which would restrict all trading in the Company’s securities. If granted, the MCTO will be in effect until the Required Filings are filed or until it is revoked or varied.
The Company will be unable to complete the Required Filings by the Filing Deadline due to delays in audit process arising from the complexities associated with the acquisition (“Acquisition”) by the Company of Research on Mobile which was completed on July 1, 2022. Upon completion of the audit process, the Company will immediately remedy the default and file the Required Filings, on or before June 30, 2023.
The Company intends to satisfy the provisions of the alternative information guidelines set out in sections 9 and 10 of National Policy 12-203 Management Cease Trade Orders so long as the Required Filings are outstanding. The Company has not taken any steps towards any insolvency proceeding and the Company has no other material information to release to the public.
RIWI is a global trend-tracking and prediction technology firm. On a monthly or annual subscription basis, RIWI offers its clients tracking surveys, continuous risk monitoring, predictive analytics and ad effectiveness tests in all countries – without collecting any personally identifiable data. https://riwi.com
Signed: “Greg Wong”
Greg Wong, Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTION REGARDING FORWARD-LOOKING INFORMATION:
Information and statements contained in this news release that are not historical facts are “forward-looking information” within the meaning of Canadian securities legislation that involves risks and uncertainties. Forward-looking information included herein is made as of the date of this news release and RIWI does not intend, and does not assume any obligation, to update forward-looking information unless required by applicable securities laws. Forward-looking information relates to future events or future performance and reflects management of the Company’s expectations or beliefs regarding future events. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information.