HIGHLIGHTS:
- Kuuhubb Inc. announces change of auditors from MNP LLP to MS Partners LLP
- Finnish subsidiary Kuu Hubb Oy’s Debt Restructuring application has been received and approved; proceedings will be conducted under the jurisdiction of the District Court of Helsinki, in Finland, governed by the Finnish Restructuring of Enterprises Act (47/1993, ”REA”)
- Debt Restructuring initiative focused specifically on its Finnish subsidiary Kuu Hubb Oy is intended to improve the company’s financial situation by decreasing its current debt burden
TORONTO, Sept. 17, 2021 (GLOBE NEWSWIRE) -- Kuuhubb Inc. (“Kuuhubb” or the “Company”) (TSXV: KUU), a mobile game development and publishing company focused on providing the female audience with creative interactive gaming experiences, announces today that it has changed its auditors from MNP LLP ("Former Auditor") to MS Partners LLP ("Successor Auditor") effective September 14th, 2021. The Board of Directors of the Company appointed the Successor Auditor as the new auditor effective August 31st, 2021, until the close of the Company's next Annual General Meeting.
There were no reservations in the Former Auditor's audit reports for any financial period during which the Former Auditor was the Company's auditor. There are no "reportable events" (as the term is defined in National Instrument 51-102 – Continuous Disclosure Obligations) between the Company and the Former Auditor.
In accordance with National Instrument 51-102, the Notice of Change of Auditor, together with the required letters from the Former Auditor and the Successor Auditor, have been reviewed by the Company's Audit Committee and have been filed on SEDAR accordingly.
Kuu Hubb Oy (Finnish Subsidiary) Debt Restructuring Update:
The application to undergo Debt Restructuring proceedings for Kuuhubb Inc’s Finland based subsidiary Kuu Hubb Oy (Finnish Business ID: 2645999-5), has been received and approved. The approved restructuring proceedings will be conducted under the jurisdiction of the District Court of Helsinki, in Finland. The restructuring proceedings are governed by the Finnish Restructuring of Enterprises Act (47/1993, ”REA”).
Jouni Keränen, CEO of Kuuhubb Inc., states, “The application for debt restructuring of our subsidiary Kuu Hubb Oy has been approved and the process is moving forward. While this process will take several months, we are confident that the outcome will lead to an improved financial situation and a decrease in the company’s current debt burden.” Keränen also added, “We would also like to thank MNP LLP for their guidance and expertise while working with us, and are pleased to announce that MS Partners LLP will be an important partner in the evolution of Kuuhubb Inc. as we embark upon the next stages of our Company’s growth plans.”
About MS Partners LLP
MS Partners LLP, headquartered in Toronto, Canada is a chartered professional accounting firm providing a full range of accounting, auditing, fraud and IFRS conversion services to not-for-profits, private, and small-to-mid cap publicly listed companies.
About Kuuhubb Inc.
Kuuhubb is a publicly listed mobile game development and publishing company, targeting the female audience with bespoke mobile experiences. Our Mission is to become a top player in the female mobile game space. We believe in empowering women by creating games and apps that will have our female audience relax, express and entertain themselves every day. Through our games and partnerships with select developers, we explore new lifestyle trends that can be converted into games and apps which will bring value to our users, employees, and shareholders. Headquartered in Helsinki, Finland, Kuuhubb has a global presence with a strong focus on U.S. and Asian markets.
Cautionary Note Concerning Forward-Looking Information
This press release contains forward-looking information. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to future revenue and development, growth of the Company’s business, the expected debt restructuring and bankruptcy process of Kuu Hubb Oy, its expected impacts and benefits on the Company and on Kuu Hubb Oy, and the emergence from the debt restructuring process) are forward looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: risks related to the growth strategy of the Company; the possibility that results from the Company’s growth plans will not be consistent with the Company's expectations; the early stage of the Company's development; competition from companies in a number of industries; the ability of the Company to manage expansion and integrate acquisitions into its business, future business development of the Company, including the ability to complete the sale of Recolor OY and the Codecacao Acquisition on terms which are economic or at all; the ability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on its business segments, capital market conditions, restrictions on labour and international travel and supply chains; the risk that the debt restructuring process described herein will not be completed as expected by the Company, or at all; the risk that the Company and Kuu Hubb Oy will not be able to emerge from the debt restructuring process with a stronger financial position; the reputational damage that could be incurred by the Company and/or Kuu Hubb Oy because of the debt restructuring process, including the impact on their ability to maintain relationships with key vendors, suppliers, employees and other business partners, and the ability of the Company and Kuu Hubb Oy to secure financing in the future on commercially attractive terms or at all; the potential negative impacts of the debt restructuring process on the Company’s current financing partners; and the other risks disclosed under the heading "Risk Factors" in the Company's management discussion and analysis for the twelve months ended June 30, 2020 filed on SEDAR at www.sedar.com. Forward-looking information speaks only as of the date on which it is provided and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes thatthe assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee offuture performance and accordingly undue reliance should not be put on such information due to the inherent uncertaintytherein.
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.
For further information, please contact:
Kuuhubb Inc.
Jouni Keränen – CEO
jouni@kuuhubb.com
Office: +358 40 590 0919
Bill Mitoulas
Investor Relations
bill@kuuhubb.com
Office: +1 (416) 479-9547
