is it bankruptcy ??? Revolugroup Canada management resign;
Revolugroup Canada management resign; cancels financing
2024-10-17 15:03 ET - News Release
An anonymous director reports
REVOLUGROUP CANADA INC. ANNOUNCES MANAGEMENT CEASE TRADE ORDER UPDATE AND BOARD CHANGES
Revolugroup Canada Inc. has provided an update in accordance with National Policy 12-203 (Management Cease Trade Orders) regarding the previously announced management cease trade order (MCTO) issued by the British Columbia Securities Commission (BCSC) on Sept. 28, 2024.
The MCTO was issued due to the company's delay in filing its audited annual financial statements, management's discussion and analysis, and related chief executive officer and chief financial officer certifications for the fiscal year ended May 31, 2024. The company continues to work diligently to complete the required annual filings and, further to the Oct. 3, 2024, news release, expects to file them by Nov. 30, 2024.
As required by NP 12-203, Revolugroup will continue to issue biweekly updates until the annual filings are completed. The company confirms that, as of the date of this news release and except for the information disclosed herein, there have been no material changes or developments that have not been publicly disclosed.
The MCTO restricts the trading of securities by the company's CEO, CFO and certain other insiders until the annual filings are filed. The general public will continue to be able to trade Revolugroup shares on the TSX Venture Exchange.
Board update
The company announces that, following careful consideration, interim CEO Erik Aaron Lara Riveros, interim CFO Dominic duru, and chairman Yoel Rosenheck have submitted their resignations, effective Oct. 16, 2024, from the company and all subsidiaries. Their decision allows the company to appoint a new leadership team better suited to guide Revolugroup through its ongoing development and financing efforts. The company thanks them for their service during this transitional period.
Loan update
The $500,000 (U.S.) loan from Meridien Holdings announced on Sept. 9, 2024, was not completed and has been cancelled in full.
May 6 2024, private placement update
Furthermore, the company wishes to inform shareholders that the private placement announced on May 6, 2024, has not been completed and has been cancelled effective immediately.
About Revolugroup Canada Inc.
Revolugroup is a multiasset, multidivisional, publicly traded Canadian company deploying advanced technologies in banking, mobile apps, money remittance, cross-border foreign exchange payments, mobile phone top-ups, e-gaming, health care payments, e-sports, invoice factoring, on-line travel, vacation resorts, blockchain systems and fintech app sectors.