OTTAWA, Sept. 16, 2019 (GLOBE NEWSWIRE) -- betterU Education Corp. (TSX VENTURE:BTRU) (FRANKFURT:5OGA), (the "Company" or "betterU") is providing this bi-weekly default status report in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). In its initial default announcement of July 25, 2019 (the "Default Notice"), the Company announced the delay in the filing of its audited annual financial statements for the fiscal year ended March 31, 2019 (the "2018 Annual Financial Statements"), the accompanying management's discussion and analysis and the related CEO and CFO certifications (collectively, the "Annual Filings") by the filing deadline of July 29th 2019.
As previously announced, the Company applied for and was granted management cease trade orders in respect of the delayed Annual Filings (the "MCTO") by the British Columbia Securities Commission and the Ontario Securities Commission which prohibit the chief financial officer and the chief executive officer from trading in the Company's securities for so long as there are filings that are outstanding under applicable securities laws. The MCTO does not affect the ability of the general investing public to trade in the Company's listed common shares.
The audit of the 2018 Annual Financial Statements is well underway with BDO and the Company currently continues to expect to file the Annual Filings before the end of September 2019.
The Company confirms that since the Default Notice: (i) there is no material change to the information set out in the Default Notice that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has been an addition default by the Company who has not been able to file its financial statements for the first quarter ended June 30, 2019, the accompanying management's discussion and analysis and the related CEO and CFO certifications (collectively, the "Quarterly Filings") by the filing deadline of August 29th 2019 as to the dependency on the completion of the Audit underway by BDO; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.
The Company will continue to comply with the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains in default of the filing requirements set out above.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
betterU, an online education technology company, aims to provide access to quality education from around the world in order to foster growth and opportunity to those who want to better their lives. The Company plans to bridge the prevailing gap in the education and job industry and enhance the lives of its prospective learners by developing an integrated ecosystem. betterU’s offerings can be categorized into four broad functions: to compliment school programs with flexible KG-12 programs preparing children for their next stage of education, to foster an exceptional educational environment by providing befitting skills that lead to a better career, to bridge the gap between one’s existing education and prospective job requirement by training them and lastly, to connect the end user to various job opportunities.
By their nature, forward-looking statements include assumptions and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this news release, betterU will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities law, the Company assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to: industry cyclicality; the ability to secure third party agreements; successful integration of betterU’s system with third party technology; competition; reduction in demand for products; collection from customers; relationships with suppliers; product liability; intellectual property; reliance on key personnel; environmental; interest rates; uninsured and underinsured losses; operating hazards; risks of future legal proceedings; income tax matters; credit facilities; availability and terms of financing; distribution of securities; restrictions on potential growth; effect of market interest rates on price of securities; and potential dilution. betterU does not assume any obligation to update any forward-looking statements except as required by law.
On behalf of the Board of Directors,
betterU Education Corp.
Brad Loiselle, CEO