OTTAWA, July 25, 2019 (GLOBE NEWSWIRE) -- betterU Education Corp. (TSX VENTURE:BTRU) (FRANKFURT:5OGA), (the "Company" or "betterU") announces that its annual financial statements, the related management’s discussion and analysis and the related officer certifications for the financial year ended March 31, 2019 (collectively, the “Annual Filings”) will be delayed beyond the filing deadline of July 29, 2019. The Company has applied to the Ontario Securities Commission for a management cease trade order (the “MCTO”), however there is no guarantee that one will be issued.
The reason for the default in filing the Annual Filings prior to the required deadline is that the Company’s Auditors, Welch LLP, resigned as auditors effective July 12, 2019. betterU’s financial team and CEO had been in discussions with Welch for several months prior to the upcoming audit working to ensure they would be able to support the company. Welch LLP, having been the Company’s auditors for several years, also knew of the upcoming audit requirements. As the Company had been working to overcoming funding challenges over the last year, Welch LLP was kept informed of, and continued to support, the Company. On July 3, 2019, the Company closed a private placement for gross proceeds of $500,000, as previously disclosed, and provided Welch LLP with full payment of outstanding liabilities, including interest totaling $53,277. The week following, Welch LLP resigned as auditors of the Company. At no time did Welch LLP indicate to the Company that it would not perform the audit for the financial year ended March 31, 2019. The Company is in the process of engaging a replacement auditor.
If the management cease trade order is issued, the Company intends to satisfy the provisions of the alternative information guidelines set out in National Policy 12- 203 – Management Cease Trade Orders by providing updates of the status of this default on a bi-weekly basis by way of a news release and material change report.
ON BEHALF OF THE BOARD
Jason Burke CFO & Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements. In particular, this news release contains forward-looking information regarding the timing of completing and filing of the Annual Filings and the receipt of loan funding. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Actual results could differ materially because of factors discussed in the Company’s management discussion and analysis filed with applicable Canadian securities regulators, which can be found under the Company’s profile on www.sedar.com. The Company does not assume any obligation to update any forward-looking statements.
CONTACT INFORMATION
Investor Relations
1-613-695-4100
Email: ir@betteru.ca
