NuRAN ANNOUNCES CEASE TRADE ORDER ISSUED BY THE BRITISH COLUMBIA SECURITIES COMMISSION
Quebec, QC, Canada, Thursday, May 19, 2022 – NuRAN Wireless Inc. (“NuRAN” or the "Company")) (CSE: NUR) (OTC: NRRWF) (FSE: 1RN), announces that the Company's principal regulator, the British Columbia Securities Commission (the "BCSC") has issued a Cease Trade Order (the "CTO") as a result of the Company's auditor Mallette LLP including a modified audit opinion in their audit report accompanying the audited financial statements of the Company for the year ended December 31, 2021. The qualification in the audit opinion arose in connection with the Company’s inability to provide sufficient evidence concerning cutoff procedures between years relating to the inability to complete physical inventory counts which was exacerbated by the travel restrictions due to the ongoing COVID-19 pandemic, and the classification between inventories and accrued revenues relating to the adoption of IFRS 15.
The Company has alternative means of providing such evidence and management of the Company is currently working expeditiously with the Company's independent auditors to re-file the annual audited financial statements for the year ended December 31, 2021, accompanied by an auditor's report that expresses an unmodified opinion, which the Company anticipates will be done shortly. Upon filing of the revised audit report, the Company will apply to the BCSC for a revocation of the CTO and subsequent approval for the resumption of trading of the Company's common shares. Further updates will be provided in due course.
A copy of the CTO can be found on the BCSC's website at: https://www.bcsc.bc.ca.