RE:Looks like …. Looks like HC got out over their skis a bit in their promo statements. Here is an excerpt from their latest press release earlier today:
Vancouver, British Columbia--(Newsfile Corp. - May 12, 2023) - Hypercharge Networks Corp. (NEO: HC) (OTCQB: HCNWF) (FSE: PB7) (the "Company" or "Hypercharge"), a leading, smart electric vehicle (EV) charging solutions provider, announces that, as a result of a review by the British Columbia Securities Commission, and in furtherance of the Company's ongoing commitment to good corporate governance, the Company wishes to clarify certain disclosure and recent statements made by or on behalf of the Company.
The Company would like to clarify its disclosure and retract certain statements that were contained in the Company's investor presentation (the "Presentation"), available on its website at www.hypercharge.com/investors, and that were included in certain investor relations materials published for and on behalf of the Company between April 1, 2023 and April 10, 2023 (together with the Presentation, the "Disclosure Materials").
In particular, the Disclosure Materials included the following statements (the "Statements"):
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a statement that the Company anticipates an annual growth trajectory of 200% in charging ports sold in calendar year 2023; and
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a statement that the Company anticipates an annual growth trajectory of 300% in total revenue in calendar year 2023.
In some of the Disclosure Materials, the Statements may have been presented as a "financial outlook", as defined in National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102"), whereas the Company intended such growth trajectories to only represent the Company's goals for 2023. Further, the Disclosure Materials did not include a discussion of the material factors and assumptions used to develop the Statements, as required by NI 51-102.
The Company hereby retracts the Statements contained in the Disclosure Materials and advises that the Statements should not be relied upon by any member of the public for any purpose. The Company has requested the removal of all investor relations materials published for and on behalf of the Company since April 1, 2023. The Company has also published a revised Presentation on its website which no longer includes the Statements.