VANCOUVER, British Columbia, May 11, 2020 (GLOBE NEWSWIRE) -- Xineoh Technologies Inc. (“Xineoh” or the “Company”) announces that it has applied to the British Columbia Securities Commission (the “BCSC”), as its principal Canadian regulator, for a decision deeming it to have ceased to be a reporting issuer in British Columbia and Alberta.
If the requested decision is made by the BCSC, Xineoh will no longer be a reporting issuer in any jurisdiction of Canada and, as a result, will no longer be required to file financial statements and other continuous disclosure documents with Canadian securities regulators. In addition, there will be resale restrictions on the securities of the Company that have been issued to securityholders pursuant to certain prospectus exemptions. Securityholders resident in Canada are advised to seek Canadian legal advice prior to any resale of their common shares of the Company.
Xineoh will continue to be subject to corporate law requirements under the Business Corporations Act (British Columbia) to prepare and distribute audited annual financial statements and hold annual meetings of shareholders. If the application is granted, Xineoh’s regulatory compliance costs will be significantly reduced, allowing it to apply more funds towards the development of its platform for predicting consumer behavior with AI.
Any securityholders seeking to provide comments or objections with respect to this application should submit them on or before June 11, 2020 by email to Xineoh’s Corporate Secretary at spaine@kingandbay.com or by mail/courier to Attention: Corporate Secretary, Xineoh Technologies Inc., 1240 – 1140 West Pender Street, Vancouver, B.C. V6E 4G1.
About Xineoh Technologies Inc.
Founded in 2014, Xineoh offers a platform for predicting consumer behavior with AI. We pride ourselves in helping our clients out-predict their competition.
For more information on Xineoh, please visit our website at https://www.xineoh.com/.
ON BEHALF OF THE BOARD
"Mark J. Morabito"
Chairman
For more information, please contact:
Carlo Valente, Chief Financial Officer
604-681-8030
Cautionary Note Regarding Forward-Looking Information
This news release discusses items that may constitute forward-looking statements within the meaning of applicable securities laws and that involve risks and uncertainties. Such statements include those with respect to the future prospects and strategy of the Company and the performance of its technology. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in such forward-looking statements are based on reasonable assumptions, they can give no assurances that those expectations will be achieved, and actual results may differ materially from those contemplated in the forward-looking statements and information. Such assumptions, which may prove incorrect, include the following: (i) the Company will succeed in obtaining any necessary future financing to fund its ongoing operations, (ii) no material obstacles, technical or otherwise, will hinder the Company's operations, and (iii) the Company will be able to implement its business plans in a profitable manner. Factors that could cause actual results to differ materially from expectations include (i) the Company's failure to make effective use of its available funds, (ii) the failure of the Company's commercialization strategy for technical, logistical, labour-relations or other reasons, (iii) an increase in the Company's operating costs above what is necessary to sustain its operations, (iv) cybersecurity issues, labour disputes or the materialization of similar risks, (v) a deterioration in capital market conditions that prevents the Company from raising the funds that it requires on a timely basis, and (vi) generally, an inability of the Company to develop and implement a successful business plan for any reason. These factors and others are more fully discussed in the Company's filings with Canadian securities regulatory authorities available at www.sedar.com. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertake no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.