Post by
Diomio on Jan 13, 2023 2:45pm
we might have life....
LUXXFOLIO HOLDINGS INC. 417 - 1080 Mainland St. Vancouver, BC. V6B 2T4 NEWS RELEASE Acceptance of Management Cease Trade Order Application VANCOUVER, BC – January 5, 2023 - LUXXFOLIO Holdings Inc. (the “Company” or “LUXXFOLIO”) (CSE: LUXX) (OTCQB: LUXFF) (Frankfurt/Berlin: LUH), announces that the British Columbia Securities Commission (the “BCSC”), as the Company’s principal regulator, on January 4, 2023, granted the Company’s previously announced application for the issuance of a management cease trade order (the “MCTO”) under National Policy 12-203 – Management Cease Trade Orders (“NP12-203”). The Company made the application in connection with its default with respect to having not filed its audited annual financial statements for the year ended August 31, 2022, and the management's discussion and analysis and related CEO and CFO certificates for this period (collectively, the “Required Records”) by the reporting deadline of December 29, 2022. The MCTO restricts all trading in the securities of LUXXFOLIO by the Company’s President, Kenneth MacLean, and the Company’s CFO, Geoffrey McCord, and remains in effect until the Company files the Required Records and the Executive Director of the BCSC revokes the MCTO. The Company applied for the MCTO as an alternative to the imposition by the BCSC of a full cease trade order. The MCTO order prevents the officers and/or directors named in the order from trading in LUXXFOLIO’s securities but does not affect the ability of other shareholders, including the public, to trade the Company’s securities As previously announced, the Company’s filing of the Required Records has been delayed due to a combination of factors, including the extreme and continuous contraction in Bitcoin mining economics throughout the year, which required the Company to implement multiple unanticipated business strategies to reduce operating costs and debt. The strategies created uncertainties and complexities in the audit process that resulted in delays in the preparation and completion of the Required Records. The Company anticipates that it will file the Required Records on or before February 28, 2023, to remedy the default. The Company confirms that it intends to satisfy 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 the filing of the Required Records remains outstanding