- Cease Trade Was Strictly Caused By Additional Valuation Work Required
- Torque Expects to File its Financial Statements and Expects to Receive an Unqualified Opinion in late January 2020
- All Previously Announced Acquisitions and M&A by Torque Continuing to Move Towards Closing as Planned
TORONTO, Jan. 7, 2020 /CNW/ -- Torque Esports Corp. ("Torque" or the "Company" (TSX-V: GAME) (OTCQB: MLLLF) announces that its shares on the TSX Venture Exchange will be halt traded on January 7, 2020. The cease trade order ("CTO"), which was expected and was previously announced on December 31, 2019, is solely a result of the delay in filing its audited annual financial statements for the year ended August 31, 2019, the related management's discussion and analysis and certificates of its CEO and CFO (collectively, the "Required Filings") with Canadian securities regulators after its filing deadline.
The Company requires additional time to complete certain valuation work in connection with the audit of the Company's 2019 financial statements. The Company and its advisors are working diligently to complete such valuation work and will provide updates as further information relating to the Required Filings becomes available. The Company intends to make the Required Filings in late January 2020. The Company fully expects to receive an unqualified opinion on its financial statements. The delay is not as a result of any disagreements that the Company has with its audit firm but rather strictly due to the additional valuation work required. Further, all previously announced acquisitions by Torque are continuing to move towards closing as planned.
In connection with this delay, the Ontario Securities Commission ("OSC") issued the CTO against the Company. The Company expects the CTO to affect trading in all securities of the Company by securityholders of the Company. The CTO will remain in effect until such time as the Company has made the Required Filings. Once the Required Filings are made, such filings will constitute the Company's application to have the CTO revoked and the Company's common shares will resume trading shortly thereafter as normal.
Until the Required Filings are filed, the Company intends to provide information in accordance with National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults.
About Torque Esports
Torque Esports Corp. ("TEC") recently restructured its business and leadership team. Torque now focuses exclusively on two areas – esports racing and esports data provision. With publishing, IP, content, and data expertise in its portfolio, combined with a new board and management team, TEC is ready to lead the rush to profitability in the esports industry.
Torque aims to revolutionise esports racing and the racing gaming genre via its industry-leading gaming studio Eden Games (Lyon, France) which focuses on mobile racing games and its unique motorsport IP, including World's Fastest Gamer (created and managed by wholly-owned subsidiary IDEAS+CARS, Silverstone UK).
Building on the leading position of Stream Hatchet (a Barcelona, Spain-based wholly-owned subsidiary) Torque also provides robust esports data and management information to brands, sponsors, and industry leaders. This data allows the esports industry to monetize the huge number of eyeballs in the gaming and esports space.
Cautionary Statement on Forward-Looking Information
This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause a further delay in filing the Required Filings than currently expected by the management of the Company. These forward-looking statements include, but are not limited to, statements relating to the anticipated filing date of the end of January 2020. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. In respect of the forward-looking statements and information concerning the anticipated filing date of the Required Filings, Torque has provided such statements and information in reliance on certain assumptions that they believe are reasonable at this time, including certain expectations and assumptions concerning the Required Filings. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release.
Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on other factors that could affect the operations or financial results of the parties are included in reports on file with applicable securities regulatory authorities.
The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Torque Esports Corp.
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