HPQ Silicon Faces Delay in Financial Reporting Obligations
HPQ Silicon's Financial Disclosure Update
HPQ Silicon Inc. (“HPQ” or the “Company”) (TSX-V: HPQ, OTCQB: HPQFF, FRA: O08) has announced that its audited annual financial statements, along with the management's discussion and analysis and necessary CEO and CFO certifications for the fiscal year ending December 31, 2024, will not meet the filing deadline of April 30, 2025. This delay has resulted in a default of requirements under Part 4 of National Instrument 51-102 Continuous Disclosure Obligations.
Reasons Behind the Delay
The primary reason for the postponed filings stems from a transition to a new auditing firm, Forvis Mazars S.E.N.C.R.L., which requires additional time to conduct a thorough review of the Company’s previous contracts and their implications for the financial reports.
This situation has gained urgency because, during the audit period, the Autorité des Marchés Financiers (AMF) sought further clarifications on similar contractual issues. The auditor’s evaluation intersects with the AMF’s inquiries, leading them to support HPQ in crafting a comprehensive response while finalizing the audited reports concurrently.
Expected Submission Timeline
HPQ anticipates that it will submit the necessary filings by May 6, 2025, aligning its schedule with the AMF’s timeline for addressing its questions.
Current Legal Status
The Company has confirmed that as of the date of this announcement, there are no ongoing legal proceedings against it. Moreover, there is no other significant information about HPQ’s operations that has not been disclosed publicly.
About HPQ Silicon
HPQ Silicon Inc. is a technology company based in Quebec that has been making strides in the realm of advanced materials manufacturing. The Company collaborates with leading technology partners, including PyroGenesis Canada Inc. and NOVACIUM SAS, to develop sustainable processes essential for producing materials that contribute to global net-zero emissions goals.
With its innovative initiatives, HPQ Silicon focuses on five main pillars:
- Developing green, low-cost manufacturing methods for Fumed Silica using the proprietary Fumed Silica Reactor, in partnership with PyroGenesis.
- Producing silicon-based anode materials for battery applications in cooperation with NOVACIUM SAS.
- Implementing a low-carbon chemical system for on-demand hydrogen production.
- Transforming aluminum dross into a high-value resource.
- Creating a low-cost production process for high-purity silicon through the PUREVAP™ “Quartz Reduction Reactors.”
HPQ Silicon's commitment to innovation and sustainability positions it as a key player in the evolving market for clean materials.
Contact Information
If you need more information, please reach out to:
Bernard J. Tourillon, Chairman, President, and CEO
Tel: +1 (514) 846-3271
Email: Info@hpqsilicon.com
Frequently Asked Questions
What is causing the delay in HPQ's financial filings?
The delay is primarily due to the transition to a new auditor requiring additional time to review HPQ’s prior contracts.
When does HPQ expect to file its annual financial statements?
HPQ expects to file its required documents by May 6, 2025.
Is HPQ currently involved in any legal proceedings?
No, HPQ has confirmed there are no legal actions against the Company as of now.
What are the main focuses of HPQ Silicon's operations?
HPQ focuses on manufacturing Fumed Silica, battery anode materials, hydrogen production, aluminum recycling, and high-purity silicon production.
Who can be contacted for more information about HPQ Silicon?
For inquiries, please contact Bernard J. Tourillon, the CEO, at the provided email or phone number.
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