TORONTO, ON / ACCESSWIRE / May 7, 2024 / Volatus Aerospace Corp. (TSXV:VOL)(OTCQB:VLTTF) ("VOL" or the "Corporation") announces that the Ontario Securities Commission (the "OSC") has notified the Corporation that it has issued a failure-to-file cease trade (the "FFCTO") order against the Corporation under Multilateral Instrument 11-103 - Failure-to-File Cease Trade Orders in Multiple Jurisdictions. The FFCTO was issued as a result of the Corporation's delay in filing its annual financial statements, accompanying MD&A and CEO and CFO certifications for the fiscal year ended December 31, 2023 (the "Annual Financial Documents") beyond the regulatory deadline of April 29, 2024.
In 2023, the Corporation transitioned its auditing services from a smaller audit firm to a larger Canadian audit firm as part of our ongoing efforts to enhance transparency, governance, and the overall quality of our financial reporting processes. During this process, the evaluation of some assets encountered complexities unforeseen by management of the Corporation. While such issues have been resolved, the internal processes of the Corporation's auditors to meet their internal quality controls could not be met in time to file the Annual Financial Documents on time. The Corporation continues to make every effort to file the Annual Financial Documents and expects to be a position to file the Annual Financial Documents in a matter of days.
The FFCTO prohibits any trading, whether direct or indirect, in respect of all securities of the Corporation, including trades in the Corporation's common shares made through the TSX Venture Exchange, until such time as the Corporation is able to complete the filing of the Annual Financial Documents and successfully apply for a revocation of the FFCTO. If the Annual Financial Documents are filed within 90 days of the date of the FFCTO, such filings will constitute the Corporation's application to have the FFCTO revoked. There can be no assurance that the FFCTO will be revoked on the timeline contemplated by the Corporation. The Corporation will continue to engage with the OSC as necessary during this time and will provide further updates on the FFCTO and the filing of the Annual Financial Documents as and when appropriate.
About Volatus Aerospace Corp.
Volatus Aerospace Corp. is a leading international provider of aerial intelligence solutions, using drones and commercial aircraft. Volatus serves civil, public safety, and defense markets with imaging and inspection, security and surveillance, equipment sales and support, training, as well as R&D, design, and manufacturing. We are focused on introducing green and innovative drone solutions to supplement and replace traditional aircraft and helicopters for long-linear inspections such as pipeline, energy, rail, and cargo services. Volatus is committed to carbon neutrality; the fostering of a safe, equitable and inclusive workplace; and responsible governance.
For further information, please visit our website at www.volatusaerospace.com or contact:
Abhinav Singhvi, Chief Financial Officer
T. : (647) 877-5747
E: Abhinav.singhvi@volatusaerospace.com
Forward-Looking Statements
This news release contains forward-looking information within the meaning of applicable securities legislation, which reflects the Corporation's current expectations regarding future events, including but not limited to, statements regarding the estimated filing date of the Annual Financial Documents and the revocation of the FFCTO. Forward-looking information is based on a number of assumptions, including, but not limited to the Corporation's ability to file the Annual Financial Documents, and the Corporation's ability to meet its financing and liquidity requirements on a continuing basis. The Corporation is subject to a number of risks and uncertainties, many of which are beyond the Corporation's control. Such risks and uncertainties include, but are not limited to, but are not limited to, the risk that the Annual Financial Documents are filed later than anticipated, the risk that trading in the Corporation's securities may be halted for longer than expected and counterparty risk exposure. Actual results could differ materially from those projected herein. Forward-looking information contained in this news release is made as of the date of this news release and is subject to change. The Corporation does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.
Neither the TSX Venture Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this news release.
SOURCE: Volatus Aerospace Corp.
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