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Eddy Smart Home Solutions Ltd. Announces Late Filing of 2022 Year End Financial Statements

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

TORONTO, April 18, 2023 (GLOBE NEWSWIRE) — Eddy Smart Home Solutions Ltd. (“Eddy” or the “Company”) (TSXV: EDY), announces that it will be late in filing its financial statements for the year ended December 31, 2022. It anticipates being able to file its 2022-year end financials, together with the related management’s discussion and analysis, and CEO and CFO certificates (the “Annual Documents”) on May 5, 2023, after the close.

Completion of the Company’s audit has taken longer than anticipated as a result of a number of transactions and other factors in 2022 including its public listing, growth in contracted revenues and an acquisition. Notwithstanding the anticipated delay, the Company continues to operate normally without disruption and is working diligently and expeditiously with its auditors to complete the audit as soon as possible.

The Company has informed staff of the Ontario Securities Commission (the “OSC”) about the anticipated delay for filing the Annual Documents, and has applied to the OSC pursuant to Part 3 of National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”) for a Management Cease Trade Order (“MCTO”) pending the filing of the Annual Documents, which MCTO will prohibit the Company’s management from trading in the securities of the Company until such time as the Annual Documents are filed. No decision has yet been made by the Ontario Securities Commission on this application. The Ontario Securities Commission may grant the application and issue the MCTO or it may impose an issuer cease trade order if the Annual Documents are not filed on or before the deadline of April 30, 2023.

As described above, the Company plans to file the Annual Documents on May 5, 2023. The Company will comply with the alternative information guidelines set out in Sections 9 and 10 of NP 12-203 and will file bi-weekly default status reports in the form of press releases, should the Financials not be filed at that time. If a MCTO is issued, during the period of default and until filing of the Annual Document, the Company intends to satisfy the provisions of the “alternative information guidelines” as set out in NP 12-203, including the requirement to file bi-weekly status reports in the form of news releases containing prescribed updating information. There can be no assurance that a MCTO will be issued.

Until the Company has filed the Annual Document, members of the Company’s management and other insiders are subject to an insider trading black-out as per its internal Insider Trading and Reporting Policy. The Company confirms that, other than as disclosed in prior press releases and material change reports, there have been no material business developments since the filing on November 24, 2022 of the Company’s latest interim financial reports for the nine-month period ended September 30, 2022.

The Company is not currently subject to any insolvency proceedings. If the Company provides any information to any of its creditors during the period in which it is in default of filing the Documents, the Company confirms that it will also file material change reports on SEDAR containing such information as is required.

ABOUT EDDY
Eddy is a North American provider and developer of residential and commercial smart water metering products and monitoring services, helping property owners protect, control, and conserve water usage by combining water sensing devices with behavioural learning software. For more detail on the Company’s products or corporate information please visit www.eddysolutions.com.

For further information on the financial results of the Company, please review the Company’s unaudited condensed consolidated interim financial statements and management’s discussion and analysis of the financial condition and results of operations for the three and nine months ended September 30, 2022, available on Eddy’s SEDAR website at www.sedar.com. In addition, supplemental information is available on Eddy’s website at www.eddysolutions.com/investors.

FORWARD-LOOKING INFORMATION AND STATEMENTS
This news release contains forward-looking statements within the meaning of applicable securities laws including, among others, statements concerning our objectives, our strategies to achieve those objectives, our performance, as well as statements with respect to management’s beliefs, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance, or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “expect”, “intent”, “estimate”, “anticipate”, “believe”, “should”, “plans”, or “continue”, or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. Forward looking information in this news release includes information regarding the Company’s filing of the Financials, the Company’s ability to obtain the MCTO and file bi-weekly status reports. These statements are not guarantees of future performance and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described under the heading “Risk Factors” in the Company’s filing statement dated January 6, 2022 (a copy of which can be obtained at www.sedar.com), which could cause our actual results and performance to differ materially from the forward-looking statements contained in this news release.

All forward-looking statements in this news release are qualified by these cautionary statements. Except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

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.

For further information, please contact:

Mark Silver, Executive Chairman and Chief Executive Officer
Tel: 416.221.8998
Email: ir@eddysolutions.com

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