Vancouver, British Columbia--(Newsfile Corp. - June 4, 2019) - Calyx Ventures Inc. (TSXV:CYX) (the "Company") announces that it has filed its audited annual financial statements, management discussion and analysis and certifications (collectively, the "Annual Filings") for the year-end December 31, 2018, as well as its financial statements, management discussion and analysis and certifications for the three-month interim period ended March 31, 2019 (collectively, the "Interim Filings").
On May 6, 2019 a Cease Trade Order (the "CTO") was imposed by the British Columbia Securities Commission ("BCSC") for failure to file the Company's Annual Filings within the prescribed timeframe. The Company was delayed in completing the required filings due to timing constraints in the interpretation and reconciliation of the analysis and information provided by a specialist to the auditors on the Company's internal controls and systems related to cryptocurrency operations.
In connection with the 2018 year-end, the Company reassessed the profitability of its subsidiary, Canada Blockchain Holdings Corp., and the sale of hash-power to cryptocurrency mining pools. It was determined, due to the costs of providing power and the management of assets, the operations did not meet profit expectations and the Company began the process to cease all activities related to the sale of power.
The Company continues to focus on and develop it's fully integrated cannabis and hemp online portal, LeafHub, which can facilitate both retail and wholesale transactions from a single interface. The new version of LeafHub has been significantly redesigned and engineered to include many new features as well as a proprietary fully integrated messaging application.
Following completion of the Annual Filings, and the Interim Filings, the Company believes it will satisfy all of the conditions for the revocation of the CTO by the BCSC. As a result of the CTO, the TSX Venture Exchange (the "Exchange") suspended trading in the Company's common shares effective May 7, 2019. Following revocation of the CTO, the Company intends to apply to the Exchange for the reinstatement of the trading. The reinstatement of trading is subject to the Company satisfying the terms and conditions imposed by the Exchange, which including demonstrating compliance with the continued listing requirements of the Exchange.
Calyx operates a software development business which produces custom software for enterprises and innovative, well-financed startups. Calyx operates through two wholly-owned subsidiaries, Cannigistics Agri-Solutions Corp., a software development business that has created a software platform originally designed for advanced indoor agriculture, has now evolved to serve a wider range of industries and Canada Blockchain Holdings Corp., a company previously operating in the blockchain technology and cryptocurrency sector. Calyx also owns a portfolio of proprietary intellectual property with applications in crop enhancement, as well as messaging software assets.
For further information about Calyx, please visit www.calyxbio.com or contact:
President and Chief Executive Officer
Calyx Ventures Inc.
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.
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the revocation of the CTO and the proposed reinstatement of trading on the Exchange. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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