Radient Technologies Inc. Provides Status Update Radient Technologies Inc. Provides Status Update Regarding its Delayed Annual Financial Statements EDMONTON, ALBERTA, August 26, 2021 - Radient Technologies Inc. (“Radient” or the “Company”)
(TSXV: RTI) (OTC Pink: RDDTF) is pleased to provide the following status update regarding its press release dated
July 29, 2021 (the “
Default Announcement”), in which the Company announced it has delayed filing its audited annual financial statements (the “
Statements”) for its financial year ended March 31, 2021 and the related Management’s Discussion and Analysis and Certifications by the Chief Executive Officer and Chief Financial Officer (collectively the “
Required Filings”).
The Company previously applied to the Alberta Securities Commission (the “Principal Regulator”), British Columbia Securities Commission, Ontario Securities Commission, the Manitoba Securities Commission, Saskatchewan Financial and Consumer Affairs Authority, Newfoundland and Labrador, Director of Securities, New Brunswick Financial and Consumer Services Commission, Nova Scotia Securities Commission, Prince Edward Island, Superintendent of Securities, and Autorit des marchs financiers pursuant to Part 4 of National Policy 12-203 (“NP 12-203”) for a Management Cease Trade Order (“MCTO”) as an alternative to a general cease trade order in connection with the late filing of the Required Filings (the “Default”). The MCTO was granted by the Principal Regulator on July 30, 2021 and will remain in effect until the Default is remedied. The MCTO prohibits trading in securities of the Company, whether direct or indirect, by the Company’s Chief Executive Officer and Chief Financial Officer. The issuance of the MCTO generally does not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in their securities.
The Company now anticipates that it will be able to collect the requisite information, the auditor will be able to complete the audit and the Company will be able to complete the Required Filings by early September 2021, but in any event no later than September 15, 2021. Other than as set out herein, and the announcements related to the pending M&A transactions, the Company confirms that (a) there have been no changes to the information contained in the Default Announcement that would reasonably be expected to be material to an investor, (b) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines under NP 12-203, (c) there is no anticipated specified default (as such term is defined in NP 12-203) subsequent to the Default, and (d) there is no other material information concerning the affairs of the Company that has not been generally disclosed.
Should the Company fail to make its Required Filings on or before September 15, 2021, the Principal Regulator can impose a cease trade order that all trading in securities of the Company cease for such period of time as the Principal Regulator may deem appropriate.