RABI:CC - AdRabbit Announces Anticipated Late Filing of Interim Financial Statements and Resignation of Chief Financial Officer
(TheNewswire)
Vancouver, British Columbia - TheNewswire - August 29, 2023 - AdRabbit Limited (TSXV:RABI) (the “ Company ”) announcesthe following:
Anticipated Late Filing
The Company announced today that it expects that itwill not be filing its interim financial statements for its secondquarter ended June 30, 2023 (the " Interim Financial Statements "), its management's discussionand analysis relating thereto, and chief executive officer and chieffinancial officer certificates relating to the Interim FinancialStatements (collectively, the " Required Filings ") before the prescribed deadlineof August 29, 2023.
The expected delay in filing the Required Filings isprincipally related to the logistical complexity of an Australiancompany traded in Canada and due to staff shortages in Australia (thelocation of the parent company) and Israel (the location of theCompany’s subsidiary and management) that delayed the delivery ofinformation to the necessary parties in order to efficiently prepareand complete the Required Filings. Given that the preparation of theInterim Financial Statements is underway, the Company expects that theRequired Filings will be filed and the continuous disclosure defaultremedied as soon as possible following August 29, 2023.
Changes to Officer
The Company also announces the resignation of GidiKrupnik as the Company’s Chief Financial Officer. The Company wishesto thank Mr. Krupnik for his services and contributions.
The Company has appointed Mr. Noah Hershcoviz (thecurrent Interim Chief Executive Officer, Chairman, and a director ofthe Company), as the Interim Chief Financial Officer of the Companywhile the Company searches for a suitable replacement. This newappointment is subject to TSX Venture Exchange approval.
For further information, pleasecontact:
Noah Hershcoviz, Interim CEO, Interim CFO, and Directorof the Company
Email: noah@alabs.co
Telephone: (604) 283-6110
NEITHER TSX VENTURE EXCHANGE NOR ITSREGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIESOF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACYOR ACCURACY OF THIS RELEASE.
Caution Regarding Forward-LookingInformation
The information in this news releaseincludes certain information and statements about management's view offuture events, expectations, plans and prospects that constituteforward-looking statements. Forward-looking statements are statementsthat relate to future, not past, events. In this context,forward-looking statements often address expected future events,plans, prospects, business, and financial performance, and oftencontain words such as “anticipate”, “believe”, “plan”,“estimate”, “expect”, and “intend”, statements that anaction or event “may”, “might”, “could”, “should”, or“will” be taken or occur,or other similar expressions. All statements, other than statements ofhistorical fact, included herein are forward-looking statements,including, without limitation, statements regarding the expectedcompletion and filing of Required Filings and expected remediation ofthe continuous disclosure default, and the expectation regardingfinding a suitable replacement to the Company’s Chief FinancialOfficer. There are a numberof risks and uncertainties related to these forward-lookingstatements, which include, but are not limited to: further delaysrelated to the completion of the Required Filings, lack ofavailability of key persons, professionals or staff required tocomplete the Required Filings by the anticipated date, and otherunexpected items arising relating to the Interim Financial Statements,and the ability to identify and attract a suitable replacement ChiefFinancial Officer and that the Exchange will not permit Mr. Hershcovi z as the interimCFO.
Although the Company has attemptedto identify important factors that could cause actual actions, events,conditions, results, performance, or achievements to differ materiallyfrom those described in forward-looking statements, there may be otherfactors that cause actions, events, conditions, results, performance,or achievements to differ from those anticipated, estimated orintended. There can be no assurance that forward-looking statementswill prove to be accurate, as actual results and future events coulddiffer materially from those anticipated in such statements.Forward-looking statements are provided for the purpose of providinginformation about management's expectations and plans relating to thefuture, as at the date they are provided. The Company disclaims anyintention or obligation to update or revise any forward-lookingstatements whether as a result of new information, future events orotherwise, or to explain any material difference between subsequentactual events and such forward-looking statements, except to theextent required by applicable law. Accordingly, investors should notplace undue reliance on forward-looking statements. All theforward-looking statements are expressly qualified by the foregoingcautionary statements.
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