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VANCOUVER, BC, May 11, 2021 /CNW/ - AZN Capital Corp. (the "Company" or "AZN") (TSXV: AZN) (OTC: AZNVF) announces that the Company is subject to a Cease Trade Order issued by the British Columbia Securities Commission for failure to file its annual financial statements and related documents for the fiscal year ended December 31, 2020 (the "Annual Financial Statements") by the deadline of April 30, 2021 as required by applicable Canadian securities laws.
The Company advises that the failure to file the Annual Financial Statements resulted from delays caused by the public disposition of substantially all of the assets of the Company and its U.S. subsidiaries conducted in late December 2020, coupled with incremental delays resulting from the effects of COVID-19 on work schedules, availability and timelines. The Company is actively working to complete the required filings as soon as possible so that the cease trade order can be lifted.
The Company expects to file the Annual Financial Statements as soon as they are available, and will issue a news release once the Annual Financial Statements have been filed.
ON BEHALF OF THE BOARD OF DIRECTORS
AZN CAPITAL CORP.
Chief Executive Officer, President and Director
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.
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes, but is not limited to, statements regarding the timing, review, completion and filing of the Annual Financial Statements, and the grant and duration of the cease trade order; business goals and objectives of the Company, and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the Company may not complete its audit and file the Annual Financial Statements as currently anticipated, or at all; and other related risks as more fully set out in the documents disclosed under the Company's filings at www.sedar.com.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's ability to complete and file the Annual Financial Statements and the lifting of the cease trade order. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
SOURCE AZN Capital Corp.
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