Intema Announces Delay in Filing Annual Financial Statements

MONTREAL, April 30, 2021 (GLOBE NEWSWIRE) -- Intema Solutions Inc. (“Intema” or the “Corporation”) (TSXV: ITM, OTCMKTS: ITMZF) announces that its consolidated audited annual financial statements for the year ended December 31, 2020, including the related management’s discussion and analysis and the related CEO and CFO certifications (collectively, the “Annual Financial Documents”) will not be filed by the required filing deadline of April 30, 2021 (the “Filing Deadline”).

The Annual Financial Documents will not be filed on or before the Filing Deadline due to the delay in the completion of the audit of the Corporation’s financial statements before the Filing Deadline. The Corporation is working on the steps required to complete the Annual Financial Documents and expects to be able to file the Annual Financial Documents by May 21, 2021. The Corporation will provide updates as further information relating to the Annual Financial Documents becomes available.

The Corporation has applied to the applicable securities regulatory authorities and expects to receive a management cease trade order (“MCTO”) imposed against the Chief Executive Officer, the Interim Chief Financial Officer and each director of the Corporation precluding them from trading securities of the Corporation. The MCTO will be in effect until the Annual Financial Documents are filed, and requires that the Annual Financial Documents be filed on or before May 21, 2021.

Until the Annual Financial Documents are filed, 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.

In connection with the $5 million private placement closing announced on March 8, 2021, the Corporation paid finder’s fees in cash of $92,000, issued 1,012,120 finder’s shares at a deemed price of $0.20 per share and issued 1,397,796 finder’s warrants. Each finder’s warrant entitles the holder to acquire one common share of the Corporation at a price of $0.265 for a period of 18 months following the closing.

Furthermore, the Corporation has awarded a one-time bonus to the President and CEO relating to work completed in 2020 and Q1 2021. Subject to TSXV approval, the bonus will be paid by the issuance of 283,018 common shares at a deemed value of C$0.53 per share.

About Intema
Our goal as an emerging Esports and iGaming company is to bring the excitement of Esports betting to the entire world through fully licensed, safe and secure online platforms. Esports are organized competitive video gaming events that are watched as spectator events. Esports is the fastest growing subsector of the digital entertainment space, and COVID-19 has only accelerated this trend. HypeX.gg is a first of its kind, 'Social Gaming Platform'. It brings together the many facets of the Esports world in one centralized platform. We empower gamers by providing them cash rewards, influence/clout and an engaging community to interact with. For more information, please visit our corporate website at intema.ca

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.