VANCOUVER, BC, Oct. 26, 2023 /CNW/ - BYT Holdings Ltd. (CSE: BYT) ("BYT" or the "Company") announces that, further to its press release dated April 28, 2023, it has cancelled an aggregate of 41,068,437 common shares of the Company (the "Shares") issued to certain former management team members and shareholders (each, a "FormerHolder") effective October 16, 2023 (the "ShareCancellation"). The Shares are being cancelled pursuant to agreements of voluntary surrender, each signed between the Company and the Former Holders dated November 9, 2022 and November 28, 2022.
Following the Share Cancellation and as at the date of this announcement, the Company has 63,039,201 issued and outstanding Shares. The cancelled Shares represented 39.45% of the Company's issued Share capital immediately prior to the Share Cancellation.
As noted in its press release of December 1, 2021, the Company's interim financial statements for the period ended September 30, 2021, including the related management discussion and analysis and certifications (the "InterimFilings") were not filed by the requisite filing deadline under Canadian securities laws as a result of the investigation by the Company of certain alleged transactions. Accordingly, the British Columbia Securities Commission (the "BCSC") and the Ontario Securities Commission (together with the BCSC, the "Regulators") issued a cease trade order (the "CTO") prohibiting the trading in all securities of the Company on December 3, 2021. The CTO shall remain in effect until such time as the Regulators issue a revocation order revoking the CTO.
About BYT Holdings
BYT's operations are based out of Singapore, with its primary business being to provide one-stop turnkey engineering, procurement, and construction management solutions that range from consultancy and design, to the construction of projects involving high technology production facilities, primarily in Singapore and other parts of Southeast Asia.
ON BEHALF OF BYT HOLDINGS
"Sunny Li"
Sunny Li
Executive Chairman and CEO
Forward-Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in BYT's periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should, our vision" and similar expressions, are forward-looking statements. Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the novel coronavirus (COVID-19) pandemic, the specific factors disclosed here and elsewhere in BYT's periodic filings with Canadian securities regulators.
When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should, our vision" and similar expressions, are forward-looking statements. Forward-looking statements may include, without limitation, statements relating to the Company's future financial performance, financial statement filing, business development, results of operations, future business strategies and financing and recapitalization opportunities, as well the evaluation of strategic alternatives. Readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. BYT disclaims any intention or obligation to update or revise such information, except as required by applicable law, and BYT does not assume any liability for disclosure relating to any other company mentioned herein.
Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE BYT Holdings Ltd.
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