(TheNewswire)
VANCOUVER, British Columbia – TheNewswire - April 24 , 2024 – FRXInnovations Inc. (TSXV:FRXI) (FSE:W2A.F)(OTC:FRXIF) (“ FRX ” or the “ Company ”), a leaderin eco-friendly flame-retardant solutions, announces that it anticipates the filing of its annual financialstatements, management’s discussion and analysis and related officercertifications for the financial year ended December 31, 2023(collectively, the “ AnnualFilings ”) will be delayed beyond the requiredfiling deadline under Parts 4 and 5 of National Instrument 51-102 – Continuous DisclosureObligations and pursuant to National Instrument52-109 – Certification ofDisclosure in Issuer’s Annual and Interim Filings , that being April 29, 2024 (the“ Filing Deadline ”).
Due to extenuating circumstances relating to a memberof FRX’s European finance team, the Company has determined that itwill not be able to complete the audit and file the Annual Filings bythe Filing Deadline. The Company intends to workclosely with its auditor and expects to file the Annual Filings assoon as possible, and in any event no later than May 30, 2024.
The Company is providing this default announcement inaccordance with National Policy 12-203 Management Cease Trade Orders (“ NP12-203 ”). The Companyhas applied for a management cease trade order (the " MCTO ") by theOntario Securities Commission. Until the Company files the AnnualFilings, it will comply with the alternative information guidelinesset out in NP 12-203. The guidelines, among other things, require theCompany to issue bi-weekly default statusreports by way of a news release so long as the Annual Filings havenot been filed.
During the MCTO, the general investing public willcontinue to be able to trade in the Company's listed common shares.However, the Company's chief executive officer and chief financialofficer will not be able to trade in the Company's shares .
About FRX
FRX is a global manufacturing company, producing a family ofenvironmentally sustainable flame-retardant products that serve several large markets spanning textiles,electronics, automotive, electric vehicles (EV) and medical devices.FRX is led by a team of highly experienced business and technicalprofessionals and is positioned to be a leader in the rapidly changingflame-retardant plastics and additives market in response to newlegislation prohibiting Brominated and Perfluoro flame retardantchemicals.
Nofia® is a registered trademark of FRX. Nofia®products are manufactured at its manufacturing facility on the Port ofAntwerp in Belgium, one of the world's largest chemical producingclusters. Nofia Polyphosphonates are produced using sustainable greenchemistry principles such as a solvent-free production process, nowaste by-products, and near 100% atom efficiency, and are both halogen and PFAS free. FRX's portfolio includes anextensive patent estate. FRX, at the forefront of the ESG movement toa greener future, has been the recipient of numerous awards, includingthe EPA's Environmental Merit Award, the Belgium Business Award forthe Environment, and the Flanders Investment of the Year Award. FRXhas also been recognized six times on the Global Cleantech 100 list.
Cautionary Note RegardingForward-Looking Statements and Reader Advisory
Certain statements contained in this news release,including, but not limited to, statements with respect to the date theAnnual Filings will be filed, and the granting of an MCTO by theOntario Securities Commission, among other things, and statementswhich may contain words such as “expects”, “anticipates”,“intends”, “plans”, “believes”, “estimates”, orsimilar expressions, and statements related to matters which are nothistorical facts, may constitute forward-looking information withinthe meaning of applicable securities laws. Such forward-lookingstatements, which reflect management’s expectations regarding theCompany’s future growth, results of operations, performance,business prospects and opportunities, are based on certain factors andassumptions and involve known and unknown risks and uncertaintieswhich may cause the actual results, performance, or achievements to bematerially different from future results, performance, or achievementsexpressed or implied by such forward-looking statements.
These factors should be considered carefully, andreaders should not place undue reliance on the Company’s forward-looking statements. The Company believes that the expectationsreflected in the forward-looking statements contained in this newsrelease and the documents incorporated by reference herein arereasonable based on information available to it, but no assurance canbe given that these expectations will prove to be correct.
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in policies ofthe TSX Venture Exchange) accepts responsibility for the adequacy oraccuracy of this release.
Contact Information:
FRX
Mark Lotz CFO
+1 604-880-6546
Mike Goode CCO
+1 765-838-9018
FRX Investor Relations
Carl Desjardins
+1 514-818-0447
Jean-Francois Meilleur
+1 514-951-2730
Diane Wilson
+1 978-505-1275
FRX Media Inquiries
Joseph Grande
+1 413-684-2463
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