NEW YORK--(BUSINESS WIRE)--GetSwift Technologies Limited ("GetSwift" or the "Corporation"; NEO: “GSW”), a leading provider of last mile SaaS logistics technology, announces that the British Columbia Securities Commission (the “Commission”), the Corporation’s principal regulator, has issued a cease trade order (the “Order”) as a result of the delay in filing the Corporation’s audited annual financial statements for its year ended June 30, 2021 and related management’s discussion and analysis (collectively, the “2021 Annual Financial Statements”), the Corporation’s Annual Information Form for the year-ended June 30, 2021 (the “AIF”), and the CEO and CFO certifications to be delivered in respect of the 2021 Annual Financial Statements and the AIF (the “Certifications”).
The delay in the filing of the 2021 Annual Financial Statements is due to the Corporation’s auditor requiring more time to complete its audit procedures related to the Corporation’s annual financial statements for the year ended June 30, 2021.
As a result of the Order, a person or company must not trade in or purchase a security of the Corporation in any jurisdiction in which the Corporation is a reporting issuer, except in accordance with certain conditions that are contained in the Order, for so long as the Order remains in effect. The Order provides that, despite the Order, a beneficial security holder of the Corporation who is not, and was not as at October 5, 2021 (the “Order Date”), an insider or control person of the Corporation, may sell securities of the Corporation acquired before the Order Date if (1) the sale is made through a “foreign organized regulated market”, as defined in section 1.1 of the Universal Market Integrity Rules of the Investment Industry Regulatory Organization of Canada and (2) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation. Holders of the Corporation’s securities are urged to consult with their own investment or legal advisors about the implications of the Order.
The Order takes automatic effect in each jurisdiction of Canada that has a statutory reciprocal order provision, subject to the terms of the local securities legislation, and provides that trading cease in respect of each security of the Corporation. In addition, commencing October 6, 2021, the common shares of the Corporation listed on the NEO Exchange will be halted from trading while the Order remains in effect.
As disclosed in the Corporation’s news release dated October 4, 2021, the Corporation has provided its auditor with all information within the time required by the auditor to complete its audit procedures in compliance with applicable laws. The Corporation stands ready to assist, and provide any resources necessary, for the auditor to promptly complete its audit so that the 2021 Annual Financial Statements, the AIF, and the Certifications can be finalized and filed as soon as practicable.
The Corporation anticipates the filing the 2021 Annual Financial Statements, AIF, and Certifications will initiate the review process by the Commission for a revocation of the Order, which the Corporation anticipates will be issued in due course following such filing.
A copy of the Order has been posted on the website of the Commission at: https://www.bcsc.bc.ca/-/media/PWS/New-Resources/Decision-and-Orders/Cease-Trade-Orders/2021/2021-BCSECCOM-387.pdf
About GetSwift Technologies Limited
Technology to Optimise Global Delivery Logistics
GetSwift is a technology and services company that offers a suite of software products and services focused on business and logistics automation, data management and analysis, communications, information security, and infrastructure optimization and also includes ecommerce and marketplace ordering, workforce management, data analytics and augmentation, business intelligence, route optimization, cash management, task management shift management, asset tracking, real-time alerts, cloud communications, and communications infrastructure (collectively, the “GetSwift Offering”). The GetSwift Offering is used by public and private sector clients across industries and jurisdictions for their respective logistics, communications, information security, and infrastructure projects and operations.
GSW is headquartered in New York and its common shares are listed for trading on the NEO Exchange under the symbol “GSW”. For further background, please visit the Corporation’s profile on SEDAR at www.sedar.com and the Corporation’s website at www.getswift.co.
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this news release and to other matters identified in public filings relating to the Corporation, to the future outlook of the Corporation and anticipated events or results and may include statements regarding the future financial performance of the Corporation. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts. Forward-looking Statements in this press release include statements related to the anticipated timing for filing of the 2021 Annual Financial Statements, AIF, and Certifications, the anticipated timing of the Commission’s review in respect of the revocation of the Order, and the anticipated timing of the revocation of the Order. Forward-looking Statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation's expectations include, without limitation, the availability and capacity of management and the Corporation’s auditor to complete the audit procedures required under applicable laws and the Corporation’s ability to file the 2021 Annual Financial Statements, AIF, and Certifications, the Commission’s timing to complete its review in respect of the revocation of the Order, the Commission’s timing for issuance of an order revoking the Order following its review of the 2021 Annual Financial Statements, AIF, and Certifications, and the Corporation’s continued compliance with its obligations under applicable securities laws. The Corporation undertakes no obligation to update or revise any Forward-looking Statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Corporation to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any Forward-looking Statement. Any Forward-looking Statements contained in this press release are expressly qualified in their entirety by this cautionary statement.