(TheNewswire)
Toronto, Ontario – TheNewswire- May 8, 2024 - Zonetail Inc. (“Zonetail” orthe “Company”) (TSXV:ZONE) (OTC:ZTLLF) announces that theOntario Securities Commission (the"OSC") has notified the Company that it has issued afailure-to-file cease trade order (the "FFCTO") againstthe Company under Multilateral Instrument 11-103 - Failure-to-FileCease Trade Orders in Multiple Jurisdictions. The Company applied fora management cease trade order and regrets the decision of the OSC inissuing a FFCTO. The FFCTO was issued as a result of the Company's delay in filing its annual financialstatements, accompanying MD&A and CEO andCFO certifications for the fiscal year ended December 31, 2023 (the"Required Filings") beyond the regulatory deadline of April29, 2024.
The Company's delay in filing its Required Filings bythe Filing Deadline is due to unexpected delays in commencing theaudit of the Company, which is being carried out by MNP LLP, theCompany's auditor (the "Auditor"). The Company expects to bein a position to issue and file the Required Filings between May 17,2024 and May 24, 2024.
The FFCTO prohibits any trading, whether direct orindirect, in respect of all securities of the Company, includingtrades in the Company's common shares made through the TSX VentureExchange, until such time as the Company is able to complete thefiling of the Required Filings and successfully apply for arevocation of the FFCTO. If the Required Filings are filed within 90days (expected no later than May 24, 2024) of the date of the FFCTO,such filings will constitute the Company's application to have theFFCTO revoked. There can be no assurance that the FFCTO will berevoked on the timeline contemplated by the Company. The Company willcontinue to engage with the OSC as necessary during this time and willprovide further updates on the FFCTO and the filing of the RequiredFilings as and when appropriate.
The Company expects to file its Required Filings wellbefore as noted above the expiration of the three-month period afterthe Filing Deadline as prescribed by NP 12-203. Further, the Companyhas confirmed that it intends to satisfy the provisions of thealternative information guidelines described in Sections 9 and 10 ofNP 12-203 for so long as it remains in default for failure to file theRequired Filings.
The Company confirms that it is not subject to anyinsolvency proceeding as of the date hereof. The Company also confirmsthat there is no other material information concerning the affairs ofthe Company that have not been generally disclosed as of the dateherein.
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
About Zonetail
Zonetail Inc. (TSXV: ZONE) (OTC Pink: ZTLLF) is amobile platform and market network. Our Mission is to provide astate-of-the-art mobile platform that enables high-rise residents tobetter manage their homes by connecting people to products, amenities,and services. Our Vision is to build a critical mass of users in thehard-to-reach, high rise residential vertical, through a unique mobilemarket network model - providing vital information, products, andservices at the tap of a screen. We are the search engine to optimizeyour home. Zonetail is partnered with Yardi, Shiftsuite and now MRISoftware which together account for an estimated 50 million householdsacross North America.
Please visit https://www.zonetail.com .
For more information, please contact:
Mark Holmes, President and CEO, Zonetail Inc.
T: (416) 994-5399 E: mark@zonetail.com
Legal Disclaimer and Forward-LookingStatements
This press release contains forward-looking statementsthat relate to Zonetail’s current expectations and views of futureevents. In some cases, these forward-looking statements can beidentified by words or phrases such as “may”, “will”,“expect”, “anticipate”, “aim”, “estimate”,“intend”, “plan”, “seek”, “believe”, “potential”,“continue”, “is/are likely to” or the negative of these terms,or other similar expressions intended to identify forward-lookingstatements. Certain matters discussed in this announcement containstatements, estimates and projections about the growth of Zonetail’sbusiness, potential distribution partnerships and/or clients, andrelated business strategy. Such statements, estimates and projectionsmay constitute forward-looking statements within the meaning of thefederal securities laws. Factors or events that could cause our actualresults to differ may emerge from time-to-time. Zonetail undertakes noobligation to publicly update or revise any forward-lookingstatements, whether as a result of new information, future events orotherwise. The recipient of this information is cautioned not to placeundue reliance on forward-looking statements. Forward-lookingstatements are based on certain assumptions and analysis made byZonetail in light of its experience and perception of historicaltrends, current conditions and expected future developments and otherfactors Zonetail believes are appropriate, and, are subject to risksand uncertainties. Although Zonetail believes that the assumptionsunderlying these statements are reasonable, they may prove to beincorrect. Given these risks, uncertainties and assumptions,prospective purchasers should not place undue reliance on theseforward-looking statements.
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