MONTREAL, May 02, 2023 (GLOBE NEWSWIRE) -- (CSE: EMER) Emergia Inc. (the “Corporation or “Emergia”) announces that the filing of its audited financial statements for the fiscal year ended December 31, 2022, including the related Management Discussion and Analysis, and CEO and CFO certifications (collectively, the “Annual Financial Filings”) will not be made by the required filing deadline of April 30, 2023 (the “Filing Deadline”). As a result, the Company has applied to the British Columbia Securities Commission for a management cease-trade order (MCTO). The MCTO was approved on May 1, 2023, enabling the Company to complete its audit and file its annual financials without a full cease-trade order being issued by June 30, 2023.
The Company experienced temporary difficulties in collecting the third-party fair value appraisal of properties as required by our auditors for the Annual Financial Audit by the Filing Deadline. These difficulties delayed the auditing process of the 2022 financial statements.
The Annual Filings will be filed as soon as the audit work is completed. Currently, the Company estimates that the audited financial statements will be available during the month of June 2023. The Company therefore expects to file its 2022 Annual Financial Filings on or before June 30, 2023. The Company has all the necessary financial and human resources, including a requisite number of directors and officers in place, to address this default in a timely and effective manner and comply with all other continuous disclosure requirements (other than those associated with the default) for the duration of the default. In accordance with its regulatory obligations, the Company will disclose any other material information concerning its affairs that has not been generally disclosed. The Company hereby confirms that it intends to satisfy the provisions of the alternative information guidelines so long as it remains in default of a specified requirement.
ABOUT EMERGIA INC.
EMERGIA operates mainly in Canada in the development, acquisition, and management of multi-purpose real estate, including retail, multifamily, industrial, and office buildings as well as land for future development. The Corporation’s investment platform is based on an integrated, agile and efficient develop-to-own strategy that enables EMERGIA to benefit from development profits and the value-add while securing stable long-term returns.
Source: Emergia Inc. For more Information, please contact: Henri Petit CEO T: 1.888.520.1414 (Ext. 231) E: email@example.com