NextGen Food Robotics Updates Expected Filing of Financials
NextGen Food Robotics Corp. Updates on MCTO Status
NextGen Food Robotics Corp. (the “Company”) (CBOE: NGRB; OTC Pink: NGRBF; Frankfurt: O83) is pleased to report further developments regarding the management cease trade order (MCTO) it initiated to comply with financial regulatory standards. The Company is dedicated to maintaining transparency with its stakeholders as it works towards meeting its filing obligations.
Understanding the Management Cease Trade Order
In July 2024, the Company applied for the MCTO due to an unfortunate delay in filing mandatory audited annual financial statements for the fiscal year ending April 30, 2024. While initially hoping to resolve this situation and file the required documents by August 31, 2024, circumstances have led to an extension of this timeline. The MCTO prohibits its Chief Executive Officer and Chief Financial Officer from trading Company securities until the necessary documents are filed and the order is revoked.
Ongoing Challenges and Adjustments
As of the latest update, the Company now anticipates that it will be able to submit the required documents by September 27, 2024. The delay is primarily attributed to the Company needing specific financial details from a third-party service provider, which its auditors have requested to complete their assessment. This information is crucial for presenting a complete picture of expenditures relating to services rendered to the Company.
Commitment to Transparency
The Company reassures investors that aside from the previously communicated challenges, there have not been additional issues impacting its reporting status. It continues to adhere to the alternative information guidelines set forth in National Policy 12-203 while remaining committed to fulfilling its corporate obligations.
Moving Forward with Innovation
NextGen Food Robotics operates commissary and ghost kitchens enhancing food service operations from its facilities in Vancouver. The Company is also actively developing the "Lily app", an innovative AI-driven mobile application aimed at offering users personalized food suggestions and an effortless meal-planning experience. This development reflects the Company’s focus on integrating technology into the food service industry, which is pivotal for growth.
About NextGen Food Robotics
NextGen Food Robotics is dedicated to revolutionizing the food industry through automation and tailored customer experiences. The Company’s ongoing initiatives not only position it at the forefront of food tech but also deepen its engagement with modern consumer needs.
Contact and Additional Information
For more information, please contact Paul Francisco Rivas, Chief Executive Officer, via phone at 1 (236) 471-1357 or via email at privas@nextgenai.ca.
Frequently Asked Questions
What is the purpose of the management cease trade order?
The MCTO is implemented to restrict certain officers of the Company from trading in its securities while they work on resolving filing delays.
What documents are required for compliance?
The required documents include audited financial statements, management discussion and analysis, and related certifications for the fiscal year.
How is NextGen Food Robotics planning to resolve its filing issues?
The Company is actively collaborating with its auditors to gather necessary financial information from a third party.
What innovations is the company currently pursuing?
The Company is developing the "Lily app", which is designed to offer personalized food recommendations through AI technology.
What should investors expect next?
Investors can expect updates as the Company works towards meeting its filing obligations and continues to execute its innovative strategies.
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