Calgary, Alberta--(Newsfile Corp. - April 26, 2024) - Eguana Technologies Inc. (TSXV: EGT) (OTCQB: EGTYF) ("Eguana" or the "Company"), a leading developer and manufacturer of high-performance energy storage systems, provides an update to its news release dated April 18, 2024 (the "Default Announcement"), in respect of the Company's anticipated delay in filing its annual financial statements for the year ended December 31, 2023 (the "Financial Statements"), the management's discussion and analysis relating to the Financial Statements, and CEO and CFO certifications relating to the Financial Statements (collectively, the "Annual Filings"), by the filing deadline on April 29, 2024 (the "Filing Deadline"), as required by National Instrument 51-102 Continuous Disclosure Obligations.
There are no material changes to the information contained in the Default Announcement. In addition: (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under National Policy 12-203 Management Cease Trade Orders and issue bi-weekly default status reports for so long as the delay in filing the Annual Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Annual Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
The Company applied to the Alberta Securities Commission, as its principal regulator and other applicable securities regulators, for a voluntary management cease trade order (the "MCTO"). If granted, the MCTO will stay in effect until the Annual Filings are filed. The issuance of the MCTO, if issued, does not affect the ability of persons other than the CEO and the CFO of the Company to trade in the Company's securities. The application for the MCTO remains subject to the risk factors described in "Forward Looking Information" below, including the risk that the MCTO application may not be successful or may not be completed prior to a securities commission issuing a failure-to-file cease trade order against the Company following the Filing Deadline.
The reason for the anticipated delay is due to personnel changes within the Company's finance team, as well as general delays with the audit. The Company's finance team has been working with reduced staff and have recently added additional accounting and financial reporting resources. The Company continues to work diligently to complete all year end working papers, any accounting entries and the financial statements and management discussion and analysis documents. The Company is making good progress, working with the auditor, to complete the Annual Filings by May 31, 2024, and will issue a news release announcing completion of such filing at that time.