TORONTO, June 07, 2019 (GLOBE NEWSWIRE) -- Internet of Things Inc. ("IoT Inc." or the "Company", TSX-V: ITT, OTC: INOTF; FSE: 7iT), announces today that the filings of its annual financial statements, the related management’s discussion and analysis and the certification of the annual filings for the year ended January 31, 2019 (collectively, the “Annual Financial Filings”) were not completed by the deadline of May 31, 2019. As a result, the Ontario Securities Commission issued a cease trade order (the “CTO”) against the Company and securities have been halted from trading on the TSX Venture Exchange (“TSXV”).
If the Company files the Annual Financial Filings within 90 days of the date of the CTO, the filing of the Annual Financial Filings constitutes the application to revoke the CTO and no application fee would be required under Appendix C of OSC Rule 13-502 — Fees to resume trading. Once the CTO is revoked, the Company will be subject to a reinstatement to trade review by the TSXV.
The Company expects to file the Annual Financial Filings within the next few days.
About Internet of Things Inc.
Internet of Things Inc. consolidates data-driven industrial IoT companies. The Company owns Weather Telematics Inc., has a joint venture channel partnership with Shanghai New Hope Data Technology Co. Ltd., and is headquartered in Toronto, Canada.
New Hope Group & Shanghai New Hope Data Technology Co. Ltd.
New Hope Group (newhopegroup.com) was founded in 1982 and is a Chinese agricultural and industrial conglomerate with more than 600 subsidiaries in 30 countries, nearly 70,000 employees and annual revenues of over 130 Billion Yuan ($25.7 Billion). Shanghai New Hope Data Technology Co., Ltd., a subsidiary of New Hope Group, is an industrial IoT / ‘Industry 4.0’ solutions provider. They are focused on the digital transformation of factories and supply chains and have a joint venture with Internet of Things Inc.
Weather Telematics Inc.
Weather Telematics Inc. is an IoT data science company offering road safety data products for industrial, government and consumer markets. Weather Telematics uses a proprietary vehicle-mounted mobile IoT sensor network and AI machine learning system to generate historical, real-time and predictive road weather conditions, for road hazard risk alerts and dynamic routing applications. Their industry-leading Predictiv RC platform mitigates weather risk, reduces traffic congestion and makes connected and autonomous navigation safer in all types of road conditions.
To learn more, visit: www.weathertelematics.com
Follow Weather Telematics on: Twitter: https://twitter.com/weathertx
Cautionary and Forward-Looking Statements
Statements contained in this news release, which are not historical facts, are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. All forward-looking statements included in this news release are based on information available to the Company on the date hereof. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results of the Company to differ materially from the conclusion, forecast or projection stated in such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to factors referenced in the Company’s other continuous disclosure filings, which are available at sedar.com. Readers should not place undue reliance on these forward-looking statements. The Company assumes no obligation to update any forward-looking statements, except as required by applicable securities laws.
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