TORONTO, ONTARIO — (Marketwired) — 05/05/15 — DealNet Capital Corp. (CSE: DLS) (“DealNet” or the “Company”) announced today that it expects the Ontario Securities Commission (the “OSC”) to issue a cease trade order, effective May 6, 2015, arising from the delay in filing the Company–s annual financial statements, MD&A and related CEO and CFO certificates for its fiscal year ended December 31, 2014 (the “2014 Filings”). The 2014 Filings were required to be filed no later than April 30, 2015.
As previously announced on April 29, 2015, DealNet expects to adjust the 2013 comparative financial statements forming part of the 2014 Filings. The adjustments, however, are not of a material nature and are not expected to require the refiling of the Company–s 2013 annual financial statements.
DealNet had applied for a management cease trade order in lieu of a cease trade order. OSC staff was unwilling to recommend a management cease trade order because of the expected adjustments to the 2013 annual financial statements, regardless of materiality.
The issuance of the cease trade order will prevent trading in DealNet shares and the issuance of any securities by DealNet. Upon issuance of the cease trade order, the Company will no longer be required to satisfy the alternative information guidelines in National Instrument 12-203, including the issuance of default status update reports.
The Company is working closely with its auditors to finalize the 2014 Filings with the adjustment to 2013 comparative figures and expects to file them in a timely manner and no later than May 29, 2015.
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 refiling of the 2013 financial statements. 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 prior to making the 2014 Filings. 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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