GlobeNewswire — TORONTO and TAMPA, Fla., May 01, 2023 — Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) (“Voxtur” or the “Company”), a North American technology company creating a more transparent and accessible real estate lending ecosystem, announced today the appointment of MNP LLP (“MNP”) as auditor of the Company, effective immediately. MNP is one of the largest full-service chartered professional accountancy and business advisory firms in Canada, with more than 100 offices across Canada. The reporting package relating to the appointment of MNP will be available on SEDAR (www.sedar.com) under the Company’s issuer profile within the time period prescribed by NI 51-102.
The Company also announced today that, further to its press release of April 3, 2023, it is unable to complete and file its audited annual financial statements (the “Statements”) for its financial year ended December 31, 2022, the related Management’s Discussion and Analysis, and Certifications by the Chief Executive Officer and Chief Financial Officer (collectively, the “Required Filings”). Under National Instrument 51-102 – Continuous Disclosure Obligations of the Canadian Securities Administrators, the Required Filings must be filed by May 1, 2023 (the “Deadline”). The Company experienced an unexpected delay in filing the Required Filings by the Deadline due to the resignation of its auditor, Marcum LLP (see April 3, 2023 press release of the Company).
The Company has applied to the Ontario Securities Commission (the “Principal Regulator”), as well as the securities regulatory authorities in each of the other Provinces and Territories of Canada other than Quebec, pursuant to National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”) for a Management Cease Trade Order (“MCTO”) as an alternative to a general Cease Trade Order in connection with the late filing (the “Default”) of the Required Filings. If the MCTO is granted, it will remain in effect until the Default is remedied. The issuance of a MCTO generally does not affect the ability of persons who are not directors, officers, or insiders of the Company to trade their securities.
The Company will endeavour to complete the Required Filings within sixty (60) calendar days following the Deadline.
The Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains in default of the filing requirements described above.
The MCTO prohibits trading in securities of the Company, whether direct or indirect, by:
- the Company’s Chief Executive Officer;
- the Company’s Chief Financial Officer; and
- the members of the board of directors of the Company or other persons or companies who had, or may have had, access directly or indirectly to any material fact or material change with respect to the Company that has not been generally disclosed.
Should the Company fail to make its Required Filings on or before July 1, 2023, the Principal Regulator can impose a cease trade order that all trading in securities of the Company cease for such period of time as the Principal Regulator may deem appropriate.
The Company has not taken any steps towards any insolvency proceeding and the Company confirms that there is no material information relating to its affairs that has not been generally disclosed.
Voxtur is a transformational real estate technology company that is redefining industry standards in a dynamic lending environment. The Company offers targeted data analytics to simplify tax solutions, property valuation and settlement services throughout the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently value assets, originate and service loans, securitize portfolios and evaluate tax assessments. The Company serves the property lending and property tax sectors, both public and private, in the United States and Canada. For more information, visit www.voxtur.com.
This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) which reflect the expectations of management regarding the Company’s strategic initiatives, plans, business prospects, and opportunities. Forward-looking statements should not be read as guarantees of future events, performance or results, and give rise to the possibility that management’s predictions, forecasts, projections, expectations, or conclusions will not prove to be accurate, that the assumptions may not be correct and that the Company’s future growth, financial performance and objectives and the Company’s strategic initiatives, plans, business prospects and opportunities, including the duration, impact of and recovery from the COVID-19 pandemic, will not occur or be achieved. Any information contained herein that is not based on historical facts may be deemed to constitute forward-looking information within the meaning of Canadian and United States securities laws. Forward-looking information may be based on expectations, estimates and projections as at the date of this news release, and may be identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. Forward-looking information may include but is not limited to: the effects of unexpected costs, liabilities or delays; success of software activities; the competition for skilled personnel; expectations for other economic, business, environmental, regulatory and/or competitive factors related to the Company, or the real estate industry generally; anticipated future production costs; and other events or conditions that may occur in the future. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the information is provided. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information include but are not limited to: additional costs related to acquisitions; integration of acquired businesses; implementation of new products; changing global financial conditions, especially in light of the COVID-19 global pandemic; reliance on specific key employees and customers to maintain business operations; competition within the Company’s industry; a risk in technological failure, failure to implement technological upgrades, or failure to implement new technological products in accordance with expected timelines; changing market conditions; failure of governing agencies and regulatory bodies to approve the use of products and services developed by the Company; the Company’s dependence on maintaining intellectual property and protecting newly developed intellectual property; operating losses and negative cash flows; and currency fluctuations. Accordingly, readers should not place undue reliance on forward-looking information contained herein.
This forward-looking information is provided as of the date of this news release and, accordingly, is subject to change after such date. The Company does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Voxtur’s common shares are traded on the TSXV under the symbol VXTR and in the US on the OTCQB under the symbol VXTRF.
Chief Investment Officer
Tel: (416) 708-9764