TORONTO, ONTARIO — (Marketwired) — 04/29/15 — DealNet Capital Corp. (CSE: DLS) (“DealNet” or the “Company”), announced today that it expects to be delayed in filing its annual financial statements, MD&A and related CEO and CFO certificates for its fiscal year ended December 31, 2014 (the “Year End Filings”). The Year End Filings are required to be filed no later than April 30, 2015. The expected delay is the result of a review by Management of certain transactions in prior years which will likely require adjustment(s). The Company continues to work with its auditors to review these specific transactions and expects that this review is to result in a restatement of the comparative financial information in the Year End Filings. Management anticipates filing the Year End Filings on or before May 29, 2015.
As a result of this delay, DealNet has requested that its principal regulator, the Ontario Securities Commission, issue a management cease trade order that prohibits the CEO and CFO of the Company from trading in securities of DealNet until the Year End Filings have been filed. The issuance of a management cease trade order would not affect the ability of others to trade DealNet shares. If the Ontario Securities Commission does not agree to issue a management cease trade order, a cease trade order will be issued so long as the Year End Filings have not been made. The issuance of a cease trade order would prevent trading in DealNet shares generally and the issuance of any securities by DealNet.
The Company intends to satisfy the provisions of the alternative information guidelines in National Instrument 12-203 so long as the Year End Filings have not been made, including the issuance of default status update reports every two weeks during that period.
The Company is also announcing that Fraser Elliott has tendered his resignation as a director, effective April 28, 2015. The Company wishes to thank Fraser for his service and dedication to the Company.
Forward-looking Statements
Certain statements in this news release constitute “forward-looking” statements. These statements relate to future events or our future performance. Forward-looking statements include the expectation that there will be no restatement of the 2013 financial statements and the issuance of a management cease trade order rather than a cease trade order. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to vary from those expressed or implied by such forward-looking statements. Forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date of this news release. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, further review by the Company–s auditors and any decision of the Ontario Securities Commission to impose a cease trade order rather than a management cease trade order. Although the forward-looking statements contained in this news release are based upon what management of DealNet believes are reasonable assumptions on the date of this news release, DealNet cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release.
About DealNet Capital Corp.
DealNet Capital Corp. focuses on two key vertical markets, Consumer Engagement and Consumer Finance. Through acquisitions, the Company has become a leader in the Consumer Engagement space helping their corporate customers –speak– to their consumers the way they want to be spoken to using live Voice, Chat, Text, Email and Proximity based engagement solutions. The Company has leveraged its engagement business to offer home improvement financing solutions to consumers, which offer attractive yields and low default rates. The Company continues to seek acquisitions in these key markets.
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The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
DealNet Capital Corp.
Michael Hilmer
COO, Interim President and CEO
+1-416-420-5529
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