Zecotek Photonics terminates RTO with Equinex North
2020-12-02 17:03 ET - News Release
Mr. Sergei Tsakunov reports
ZECOTEK PHOTONICS INC. ANNOUNCES TERMINATION OF LETTER AGREEMENT WITH EQUINEX NORTH AMERICA CORPORATION
Further to Zecotek Photonics Inc.'s news release dated Oct. 14, 2020, Zecotek's non-binding letter agreement dated Oct. 9, 2020, with Equinex North America Corp. has been terminated. The Company is reviewing other potential acquisition targets and will provide an update in this regard if appropriate documentation respecting a transaction is executed. As noted in its news release dated November 26, 2020, the Company has completed the sale of its operating subsidiaries, which it considers to be an important step in its restructuring, as this will improve the Company's financial position and make it easier to negotiate any future acquisition.
The Company also announces that it was not able to file its audited Annual Financial Statements for the year ended July 31, 2020 and related Management's Discussion and Analysis by the prescribed deadline of November 30, 2020. The Company is taking steps to have its annual audit completed and will provide an update in the near future. In the interim, the Company anticipates that it will be placed on the defaulting issuer list by the applicable regulatory authorities and that a cease trade order respecting the Company's securities will be imposed. Trading in the Company's securities is currently halted by the TSX Venture Exchange in connection with a previously announced transaction.
We seek Safe Harbor.
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