(TheNewswire)
Montréal – TheNewswire- August 2, 2022 – ZeU Technologies, Inc. (CSE:ZEU) (OTC:ZEUCF) announces thatits consolidated audited financial statements for the 15-month periodended March 31, 2022, including the related management’s discussionand analysis and the related Chief Executive Officer and ChiefFinancial Officer certifications (collectively, the “ Financial Documents ”) will not befiled by the required filing deadline of July 29, 2022.
The Financial Documents will not be filed on or before the FilingDeadline as the new Auditors require additional time to complete theaudit of the Corporation’s financial statements.
Management expects to file the Financial Documents no later thanSeptember 30, 2022. The Corporation will provide updates as furtherinformation relating to the Financial Documents becomes available.
The Corporation has applied to the applicable securities regulatoryauthorities and received a Management Cease Trade Order (“ MCTO ”) imposed against the ChiefExecutive Officer (CEO) and the Chief Financial Officer (CFO) of theCorporation, precluding them from trading securities of theCorporation. The MCTO will be in effect until the Financial Documentsare filed and requires that the Financial Documents be filed on orbefore September 30, 2022.
Until the situation is normalized, the Corporation intends to issuebi-weekly default status reports in accordance with National Policy12-203 – Management Cease TradeOrders . The Corporation intends to satisfy the provisions ofthe Alternative Information Guidelines during the period it remains indefault of the filing requirements. The Corporation confirms thatthere is no other material information relating to its affairs thathas not been generally disclosed.
“(…) We are satisfied with thework done so far by the new auditors. The transition and review of allaccounting and financial information since the corporation’screation has created a significant workload that is not expected to berecurrent. (…) we are monitoring the progress of the audit and arenot foreseeing any unresolved issues of significance at this point.The situation should be normalized shortly.” commented FrankDumas, President and CEO of ZeU Technologies, Inc.
Other than as disclosed herein, the Corporation is upto date in its filing obligations
____________________________________________________________________________________ ONBEHALF OF THE BOARD OF DIRECTORS
“FrankDumas”
Frank Dumas
President & CEO
About ZeU
ZeU is a forward-thinking Canadian technology company that hasdeveloped a state-of-the-art DLT protocol, providing the foundationfor the next generation of encrypted and distributed networks. Thanksto its high level of sophistication, ZeU’s technology maximizestransparency, security and scalability, as well as big datamanagement. ZeU’s strategy is to monetize DLT transactions indiverse sectors such as payment, gaming, data, and healthcare.
The CSE has in no way passed uponthe merits of the Transaction and has neither approved nor disapprovedthe contents of this press release.
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