(TheNewswire)
VANCOUVER, British Columbia – TheNewswire - June 13, 2024 – FRX Innovations (TSXV:FRXI) (FSE:W2A.F) (“FRX” or the “Company”), previously announced that, as a result of delays in completion of its audit, the Company had not filed its annual financial statements and accompanying management's discussion and analysis for the fiscal year ended December 31, 2023 (the "Annual Filings") by April 30, 2024, being the date that such filings are due under applicable Canadian securities law requirements.
The Company was granted a management cease trade order (the "MCTO") by the Ontario Securities Commission (”OSC”) on May 10, 2024. Due to unforeseen circumstances, the audit has been further delayed and the OSC has today granted a further extension of two weeks beyond the original sixty days.
The Company further reports that its comprehensive standstill agreement with its major lender expired according to its original terms but prior to the Company’s completion of its strategic options process as contemplated by the agreement.
As the strategic options process is ongoing, the Company and its major lender are diligently engaged in negotiations to extend the arrangement and are currently operating under the assumption that the standstill agreement remains in effect in order to provide a clear pathway for the strategic options process to unfold.
Further updates will be provided as negotiations progress.
Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in National Policy 12-203. The guidelines, among other things, require the Company to issue bi-weekly status reports by way of a news release so long as the Annual Filings have not been filed.
During the MCTO, officers, directors, and other special relationship persons are in a blackout period for the duration of the (anticipated) default and have been advised of this by the Company.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About FRX Innovations
FRX Innovations is a global manufacturing company, producing a family of environmentally sustainable flame-retardant products that serve several large markets spanning textiles, electronics, automotive, electric vehicles (EV) and medical devices. FRX is led by a team of highly experienced business and technical professionals and is positioned to be a leader in the rapidly changing flame-retardant plastics and additives market in response to new legislation prohibiting Brominated and Perfluoro flame retardant chemicals.
Nofia® is a registered trademark of FRX. Nofia® products are manufactured at its manufacturing facility on the Port of Antwerp in Belgium, one of the world's largest chemical producing clusters. Nofia Polyphosphonates are produced using sustainable green chemistry principles such as a solvent-free production process, no waste by-products, and near 100% atom efficiency, and are both halogen and PFAS free. FRX's portfolio includes an extensive patent estate. FRX, at the forefront of the ESG movement to a greener future, has been the recipient of numerous awards, including the EPA's Environmental Merit Award, the Belgium Business Award for the Environment, and the Flanders Investment of the Year Award. FRX has also been recognized six times on the Global Cleantech 100 list.
Cautionary Note Regarding Forward-Looking Statements and Reader Advisory
Certain statements contained in this news release, including, but not limited to, statements with respect to the Offering, the completion of the Offering, the size, amount and type of securities issued under the Offering, participation in the Offering by related parties and the amount of such participation, among other things, and statements which may contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions, and statements related to matters which are not historical facts, may constitute forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management’s expectations regarding the Company’s future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.
These factors should be considered carefully, and readers should not place undue reliance on the Company’s forward- looking statements. The Company believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable based on information available to it, but no assurance can be given that these expectations will prove to be correct. In addition,
Contact Information:
FRX Polymers
Mark LotzCFO
+1 604-880-6546
mlotz@frxpolymers.com
Mike Goode CCO
+1 765-838-9018
mgoode@frxpolymers.com
FRX Innovations Investor Relations and Media Inquiries
Investor Relations
Carl Desjardins
+1 514-818-04477
Jean-Francois Meilleur
+1 514-951-2730
Diane Wilson
+1 978-505-1275
ir@frx-innovations.com
Media Inquiries
Joseph Grande
+1 413-684-2463
joe@jgrandecommunications.com
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