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Vancouver, British Columbia--(Newsfile Corp. - June 22, 2022) - Hello Pal International Inc. (CSE: HP) (FSE: 27H) (OTC: HLLPF) ("Hello Pal" or the "Company") announces that it has made an application to the British Columbia, Alberta and Ontario Securities Commission to approve a temporary management case trade order ("MCTO") under National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"), which, if granted, will prohibit trading securities by the Company by the Chief Executive Officer and Interim Chief Financial Officer of the Corporation until such time as the Required Filings (defined below) and all continuous disclosure requirements have been filed by the Company, and the MCTO has been lifted. During the period in which the MCTO is effective, the general public, who are not insiders of the Company, will continue to be able to trade in the Company's listed securities. The MCTO application has been made but there is not guarantee or assurance that the MCTO will be granted.
The Company expects that it will be unable to file its audited financial statements for the financial year ended February 28, 2022, and the related management's discussion and analysis and Interim Chief Executive Officer and Chief Financial Officer certificates for this period (collectively, the "Required Filings") before June 28, 2022, the filing deadline (the "Filing Deadline").
The Company's failure to file its Required Filings by the Filing Deadline is due to additional time required to audit the numerous transactions carried out by the Company and its subsidiaries, during the financial year ended February 28, 2022.
The Company anticipates that it will be in a position to remedy the default by filing the Required Filings on or about August 15, 2022. The MCTO will be in effect until the Required Filings are filed.
During this MCTO, all management, officers and directors of the Company will be prohibited from trading in the Company's securities pursuant to the Company's black-out procedures.
The Company intends to satisfy the provision of the alternative information guidelines set out in sections 9 and 10 of NP 12-203 as long as the Required Filings are outstanding.
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To download Hello Pal, Language Pal, Travel Pal or the proprietary Phrasebooks please visit the IOS or Android store. For information with respect to the Company or the contents of this news release, please contact the Company, KL Wong, CEO, at (604) 683-0911 or visit the website at hellopal.com. Email inquiries can be directed to: investors@hellopal.com.