VANCOUVER, BC / ACCESS Newswire / January 29, 2025 / Alset AI Ventures Inc.(TSXV:GPUS)(OTC:ALSCF)(FSE:1R60, WKN:A3ESVQ)("Alset AI" or the "Company") an artificial intelligence (AI) venture company advancing innovation through strategic investment and cloud computing solutions, announces that the filing of its audited annual financial statements for the year ended September 30, 2024, including the related management discussion and analysis, and Chief Executive Officer and Chief Financial certifications (collectively, the "Annual Financial Filings") were not filed by the required filing deadline of January 28, 2025 (the "Filing Deadline").
The Annual Financial Filings will not be filed before the Filing Deadline due to various unforeseen delays in the completion of the Company's audit of the Annual Financial Filings. The unforeseen delays are due to the fact that the Company recently changed its bookkeeper, and the file transition has caused delays in completing its audit in advance of the deadline. Consequently, the auditors require additional time to complete its audit.
The Company is working diligently with its auditors and anticipates that it will be in a position to file the Annual Financial Filings by March 11, 2025.
Pursuant to National Policy 12-203 Management Cease Trade Orders ("NP 12-203") the Company has voluntarily applied to the applicable securities regulatory authorities and received a management cease trade order related to the Company's securities to be imposed against the Chief Executive Officer and Chief Financial Officer of the Company to trade securities of the Company (the "MCTO"). The MCTO will be in effect until the Annual Financial Filings are filed.
All other securityholders will still be able to trade in the securities of the Company in accordance with applicable securities laws. Until the Annual Financial Filings are filed and the MCTO has been revoked, the Company intends to continue to satisfy the provisions of the alternative information guidelines specified in NP 12-203 by issuing default status reports in the form of further press releases every two weeks.
On behalf of Alset AI Ventures Inc.
"Adam Ingrao"
Adam Ingrao
Chief Executive Officer
About Alset AI Ventures Inc.
Alset AI is a pioneering AI and cloud computing investment firm, committed to nurturing high-potential technology companies. Through a combination of capital, strategic advisory, and cloud computing alliances, Alset AI is shaping the future of artificial intelligence and building an AI-focused venture capital platform poised for substantial growth.
For further information about Alset AI Ventures Inc., please contact:
Adam Ingrao, Chief Executive Officer
T: 1-236-312-6744
E: ir@alsetai.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable securities laws. Forward-looking statements in this release relate to, among other things, the expected timing for the filing of the Company's audited annual financial statements for the year ended September 30, 2024, and related documents (the "Annual Financial Filings"), the anticipated duration of the management cease trade order ("MCTO"), the Company's efforts to complete its audit, and its intention to provide bi-weekly default status reports in accordance with National Policy 12-203 Management Cease Trade Orders ("NP 12-203"). Forward-looking statements are based on management's current expectations, estimates, projections, assumptions, and beliefs, including, but not limited to, assumptions regarding the completion of the audit in a timely manner, the availability of necessary financial and accounting resources, the ability of the Company's auditors to complete their review without further delays, and the Company's ability to satisfy the conditions for lifting the MCTO. Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied in such statements. Such risks and uncertainties include, but are not limited to, unforeseen delays in the audit process, the risk that the Annual Financial Filings may not be filed within the anticipated timeframe, regulatory risks related to the MCTO and its potential impact on the Company, changes in accounting or regulatory requirements, and general business, economic, and competitive uncertainties. Readers are cautioned that the forward-looking statements contained in this news release should not be unduly relied upon. Except as required by applicable securities laws, the Company undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are provided in reliance on safe harbor provisions of applicable securities laws and should be read with the cautionary statements and risk factors disclosed in the Company's continuous disclosure filings available on SEDAR+ at www.sedarplus.ca.
SOURCE: Alset AI Ventures Inc.
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