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Toronto, Ontario--(Newsfile Corp. - April 29, 2024) - Blue Horizon Global Capital Corp. (CSE: BHCC) (the "Corporation"), an investment company whose primary objective is to identify promising companies with excellent projects, innovative technologies, or both, announced today that it was not able to file its audited financial statements for its fiscal year ended December 31, 2023 (the "Annual Financial Statements") and accompanying management's discussion and analysis and related Chief Executive Officer and Chief Financial Officer certificates relating thereto (collectively, the "Required Filings") before the prescribed deadline of April 29, 2024.
The delay in the filing of the Required Filings is due to the Corporation's recent change of business from a technology company to an investment company and the subsequent resignation of its former auditors. In addition, third party valuations for the Corporation's various investments are needed for audit purposes, and the Corporation has determined that it will not be able to file Required Filings on time.
As a result of the delay in the filing of the Required Filings, the Corporation expects to be noted in default by applicable securities regulatory authorities in Canada and that the Ontario Securities Commission, as principal regulator, will issue a 'failure-to-file' cease trade order ("CTO") in accordance with the principles and guidance set out in National Policy 11-207 - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions of the Canadian Securities Administrators.
The CTO is expected to prohibit any trading in securities of the Corporation for so long as it remains in effect, in all Canadian jurisdictions in which the Corporation is a reporting issuer as well as certain other Canadian jurisdictions based on the provisions of local securities legislation and is anticipated to remain in effect until after the Required Filings have been filed. The CTO is also expected to result in a suspension of the Corporation's shares from trading on the Canadian Stock Exchange ("CSE"), which will continue until the CTO is revoked and all CSE requirements are satisfied.
The Corporation intends to provide updates if and when necessary in accordance with applicable securities laws.
About Blue Horizon
Blue Horizon is an investment company whose primary objective is to identify promising companies with excellent projects, innovative technologies or both, using management's extensive experience in deal sourcing and capital combination to maximize returns for its shareholders. Blue Horizon will invest its funds with the aim of generating returns from capital appreciation and investment income. It intends to accomplish these goals through the identification of and investment in securities of private and publicly listed entities across a wide range of sectors and industry areas, including but not limited to the technology, software development and biotechnology industries.