GoverMedia Plus Canada Corp. Announces Delay In Filing 2018 Financial Results and Management Cease Trade Order
May 13, 2019
Vancouver, British Columbia: May 13, 2019 - GoverMedia Plus Canada Corp. (“GoverMedia” or the “Company”), discloses today that it has failed to comply with the requirement to file, within the time period prescribed, annual financial statements for its fiscal year ended December 31, 2018, the related management’s discussion and analysis and the related officer certifications of the annual filings (collectively, the “2018 Annual Financial Filings”). As a result, on May 6, 2019 the British Columbia Securities Commission issued a cease trade order (the “Cease Trade Order”) against the Company pursuant to National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions and its common shares have been halted from trading on the Canadian Securities Exchange (the “CSE”).
The Company was unable to complete and file its 2018 Annual Financial Filings before the filing deadline of April 30, 2019, in part, because it has not received the financial results from its Russian subsidiary, GoverMedia Plus LLC (“GoverMedia Russia”). In addition, the Company was unable to reach an engagement agreement with KPMG LLP, the Company’s auditor, with respect to auditing the Company’s 2018 financial statements. As a result, the Company intends to ask KPMG LLP to resign as auditor of the Company and to engage another firm in its place. The Company is in the process of selecting a replacement auditor. Once this process is completed, KPMG LLC formally resigns or is terminated, and a new auditor is appointed, the Company will make further public disclosure, undertake the procedures and make the filings with respect to these events, as required under applicable securities laws. GoverMedia Russia also intends to engage an audit firm to replace KPMG LLC as its auditors.
For further information, please contact:
Roland J. Bopp
President and CEO