Montréal, Québec (FSCwire) - NovX21 Inc. (“NovX21’’ or the “Corporation”) is providing this
bi-weekly default status report in accordance with Policy Statement 12-203 respecting Cease Trade Orders for Continuous
Disclosure Defaults (“Policy Statement 12-203”). On May 3, 2016, the Corporation announced (the “Default
Announcement”) that, for the reasons set out in the Default Announcement, the filing of the Corporation's audited annual
consolidated financial statements for the year ended December 31, 2015, its related Management's Discussion and Analysis and
Chief Executive Officer and Chief Financial Officer certifications (the “Required Filings”) would not be filed by the prescribed
filing deadline of April 29, 2016 (the “Filing Deadline”).
As a result of this delay in the filing of the Required Filings, the Autorité des marchés financiers (the “AMF”), as
principal regulator, granted a temporary management cease trade order (the “MCTO”) on May 3, 2016 against Nicole Blanchard,
Manuel Guedes, Hojatollah Vali, Salvatore Infantino and Sam Szlamkowicz, as opposed to a general cease trade order against the
Corporation. The MCTO prohibits all trading in securities of the Corporation, whether directly or indirectly, by the
Corporation's officers and directors. The MCTO does not affect the ability of shareholders who are not insiders of the
Corporation to trade their securities. However, the applicable Canadian securities regulatory authorities could determine, in
their discretion, that it would be appropriate to issue a general cease trade order against the Corporation affecting all of the
securities of the Corporation.
NovX21's Board of Directors and management confirm that the audit is on-going and that they are working expeditiously to meet
the Corporation's obligations relating to the filing of the Required Filings by no later than May 30th, 2016.
Pursuant to the provisions of the alternative information guidelines specified in Section 4.4 of Policy Statement 12-203, the
Corporation reports that since the Default Announcement:
- There have been no material changes to the information contained in the Default Announcement;
- There have been no failures by the Corporation to fulfill its stated intentions with respect to satisfying the provisions
of the alternative reporting guidelines;
- There has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of
the Default Announcement; and
- There is no other material information respecting the Corporation's affairs that has not been generally disclosed.
Until the Required Filings have been filed, the Corporation intends to continue to satisfy the provisions of the alternative
information guidelines specified in Section 4.4 of Policy Statement 12-203 by issuing bi-weekly default status reports in the
form of further press releases, which will also be filed on SEDAR. The Corporation would file, to the extent applicable, its next
default status report on or about May 31st, 2016.
Should NovX21 fail to file the Required Filings by May 30th, 2016 or fail to provide bi-weekly status reports in
accordance with Policy Statement 12-203, the AMF can impose a cease trade order on NovX21, such that all trading in securities of
the Corporation cease for such period as the AMF may deem appropriate.
About NovX21
NovX21 operates an industrial prototype plant for the recovery of Platinum Group Elements (Platinum, Palladium and Rhodium, or
PGMs). The plant is located near Quebec City in St-Augustin-de-Desmaures. Its patented process yields more than 97% recoveries of
PGMs, and is not only much less capital extensive but also operates much more rapidly than conventional plants, thus dramatically
lowering the amount of time that its customers’ capital is tied up as work-in-process inventory. NovX21’s mission is to
sustainably recover precious metals by recycling end-of-life PGM containing components while meeting global “green” standards for
the automobile industry. For more information visit www.novx21.com
Contacts
Sam Szlamkowicz
Director
NovX21
sam@shefa.com
(514) 884-3122
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/NovX05172016.pdf
Source: NovX21 Inc. (TSX Venture:NOV)
www.novx21.com
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