ZeU Requires Additional Time to File Audited Financial Statements
Montréal – TheNewswire - August 2, 2022 – ZeU Technologies, Inc. (CSE:ZEU) (OTC:ZEUCF) announces that its consolidated audited financial statements for the 15-month period ended March 31, 2022, including the related management’s discussion and analysis and the related Chief Executive Officer and Chief Financial Officer certifications (collectively, the “Financial Documents”) will not be filed by the required filing deadline of July 29, 2022.
The Financial Documents will not be filed on or before the Filing Deadline as the new Auditors require additional time to complete the audit of the Corporation’s financial statements.
Management expects to file the Financial Documents no later than September 30, 2022. The Corporation will provide updates as further information relating to the Financial Documents becomes available.
The Corporation has applied to the applicable securities regulatory authorities and received a Management Cease Trade Order (“MCTO”) imposed against the Chief Executive Officer (CEO) and the Chief Financial Officer (CFO) of the Corporation, precluding them from trading securities of the Corporation. The MCTO will be in effect until the Financial Documents are filed and requires that the Financial Documents be filed on or before September 30, 2022.
Until the situation is normalized, the Corporation intends to issue bi-weekly default status reports in accordance with National Policy 12-203 – Management Cease Trade Orders. The Corporation intends to satisfy the provisions of the Alternative Information Guidelines during the period it remains in default of the filing requirements. The Corporation confirms that there is no other material information relating to its affairs that has not been generally disclosed.
“(…) We are satisfied with the work done so far by the new auditors. The transition and review of all accounting and financial information since the corporation’s creation has created a significant workload that is not expected to be recurrent. (…) we are monitoring the progress of the audit and are not foreseeing any unresolved issues of significance at this point. The situation should be normalized shortly.” commented Frank Dumas, President and CEO of ZeU Technologies, Inc.
Other than as disclosed herein, the Corporation is up to date in its filing obligations
____________________________________________________________________________________ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
ZeU is a forward-thinking Canadian technology company that has developed a state-of-the-art DLT protocol, providing the foundation for the next generation of encrypted and distributed networks. Thanks to its high level of sophistication, ZeU’s technology maximizes transparency, security and scalability, as well as big data management. ZeU’s strategy is to monetize DLT transactions in diverse sectors such as payment, gaming, data, and healthcare.
The CSE has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this press release.