Adya Inc. (“Adya” or the “Company”), (TSX-V: ADYA) today announces that it will not file its audited annual financial statements for the fiscal year ended December 31, 2019 and the related management’s discussion and analysis, as required by Part 4 and Part 5 of National Instrument 51-102: Continuous Disclosure Obligations (collectively, the “Annual Filings”) by the filing deadline of April 29, 2020.
This news release is being issued in accordance with the blanket relief of a 45-day extension, provide by Canadian Securities Administrators and Ontario Instrument 51-502: Temporary Exemption from Certain Corporate Finance Requirements, for periodic filings normally required to be made by issuers during the period from March 23, 2020 to June 1, 2020.
In response to recent proclamations from Canadian health authorities and the challenges resulting from the COVID-19 pandemic, the Company has taken the necessary precautions to protect the health and safety of its employees and the public. Accordingly, the Company’s staff as well as its auditor’s staff have been working from home. While working remotely, the coordination of tasks and work product has been more difficult, the completion of audit procedures due to limited access to paper based supporting evidence has been delayed, and the entire audit process has been slowed.
The challenges posed by COVID-19 have resulted in a delay in the finalization and filing of the Annual Filings. However, the Company’s board of directors and its management confirm that they are working expeditiously to meet Company’s obligations related to the filing of the Annual Filings. At this time, the Company anticipates being able to complete the Annual Filings before June 15, 2020.
The Company confirms that there have been no material changes that have occurred to the Company subsequent to the filing of its Financial Statements and MD&A for the three and nine months ended September 30, 2019 on November 18, 2019, other than what has been press released and posted on SEDAR on November 19, 2019.
The Company confirms that its management and other insiders are subject to an insider trading black-out-policy that reflects the principles in section 9 of the National Policy 11-207. Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions, such that they are in a blackout period until the end of the second trading day after the Annual Filings have been disclosed by way of a news release.
Adya is a publicly traded holding company and strategic shareholder in telecommunications and technology companies. With offices located in Toronto, the company remains focused on diversifying its portfolio through the acquisition of accretive businesses, with recurring revenue, high shareholder value, and annuity revenue streams.
DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements herein may be “forward looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Adya or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Adya assumes no obligation, except as required by law, to update any forward looking statements to reflect new events or circumstances.
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.