Mr. Jason Burke reports
BETTERU ANNOUNCES DELAY IN FILING OF ANNUAL FINANCIAL STATEMENTS
BetterU Education Corp. did not file its annual financial statements, related management's discussion and analysis, and chief executive officer and chief financial officer certifications by their filing deadline. The failure to complete the filing is due to continuing logistics caused by a change in the company's auditor on Aug. 13, 2020. The company's new auditor has advised the company that it anticipates being able to complete the necessary procedures for the company to finalize the following continuous disclosure documents on or before Oct. 15, 2020:
- The company's annual audited financial statements for the financial year ended March 31, 2020;
- The company's management's discussion and analysis for the financial year ended March 31, 2020.
The initial filing deadline for the documents was extended past the deadlines prescribed in National Instrument 51-102 (Continuous Disclosure Obligations) to Sept. 14, 2020, under Ontario Instrument 51-505 (Temporary Exemption from Certain Corporate Finance Requirements with Deadlines during the Period from June 2 to Aug. 31, 2020). However, due to the recent change in the company's auditor, the company's financial reporting team has experienced further delay to the filing of the documents.
In anticipation of the default described herein, the company applied to the Ontario Securities Commission (OSC) for a management cease trade order under National Policy 12-203 (Management Cease Trade Orders). The company's application to the OSC was unsuccessful. As a result, the company may be noted in default on the OSC's reporting issuer default list for failure to file the documents, and it may be noted in default on the reporting issuer list, or default issuer list, of each jurisdiction of Canada in which it is a reporting issuer, to the extent that such jurisdiction maintains a list, in accordance with the local policies and procedures of that jurisdiction, for failure to file the documents. The OSC further informed the company that failure to correct the noted deficiencies may result in a cease trade order.
The company continues to work diligently with its new auditor to file the documents, and will provide an update to the market as soon as further information about the filing of the documents becomes available.
About BetterU Education Corp.
BetterU is an education-to-employment technology company, offering an end-to-end solution and leveraging business intelligence to automate skilling, reskilling and upskilling for companies operating on domestic and global scales. The company supports the industry by providing it with everything an organization needs to launch and manage proper skill development programs so that it can focus on what really matters: its people.
Most companies spend too much time trying to source, integrate, customize and deliver fragmented skills development programs across their organizations, when they should be focused solely on supporting their people. BetterU's integrated platform brings together the right technology, a growing content library, customization and language options, and is the most efficient affordable solution on the market. The company does not sell content. It helps build better people.
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