Braingrid Limited Provides Update on Status of Filing Annual and Interim Financial Statements and Management’s Discussion and Analysis
TORONTO, July 22, 2020 (GLOBE NEWSWIRE) — Braingrid Limited (CSE: BGRD) (“Braingrid”) wishes to provide an update on the status of the filing of: (i) its annual financial statements and accompanying management’s discussion and analysis, and related CEO and CFO certifications, for the financial year ended January 31, 2020 (collectively, the “Annual Filings”); and (ii) its interim financial statements and accompanying management’s discussion and analysis, and related CEO and CFO certifications, for the interim period ended April 30, 2020 (collectively, the “Interim Filings”).
Annual FilingsFurther to its press releases disseminated on May 29, 2020 and June 26, 2020, Braingrid obtained a temporary exemption (the “OSC Annual Temporary Exemption“) under Ontario Securities Commission (“OSC”) Instrument 51-502 Temporary Exemption from Certain Corporate Finance Requirements (“Instrument 51-502”) in respect of the deadline to file the Annual Filings due to delays experienced as result of the COVID-19 pandemic. Due to such delays, Braingrid was unable to file the Annual Filings on or before the deadline of July 14, 2020 under the OSC Annual Temporary Exemption. As a result, Braingrid has been noted in default on the OSC’s reporting issuer default list and a cease trade order may be issued by the OSC suspending the trading of Braingrid’s common shares.Braingrid is continuing to work diligently and expeditiously with its auditors to file the Annual Filings on or before July 31, 2020 and will issue a news release announcing completion of such filings at such time. For further information regarding the OSC Annual Temporary Exemption, please refer to Braingrid’s press release disseminated on May 29, 2020.Interim FilingsFurther to its press release disseminated on July 2, 2020, Braingrid also obtained a temporary exemption (the “OSC Interim Temporary Exemption”) under Instrument 51-502 in respect of the deadline to file the Interim Filings due to delays experienced as a result of the COVID-19 pandemic. Braingrid is continuing to work diligently and expeditiously to file the Interim Filings on or before August 13, 2020. For further information regarding the OSC Interim Temporary Exemption, please refer to Braingrid’s press release disseminated on July 2, 2020.Braingrid confirms that since June 26, 2020, there have been no material business developments. Additional information regarding Braingrid is available on SEDAR www.sedar.com.About Braingrid:Braingrid is a global technology company committed to the best interests of the precision agriculture industry for the long term. We provide valuable grow analytics by capturing real-time data using our technology platform to increase revenues, reduce costs, risks and improve yield – making it easier for the grower to operate efficiently and effectively. Braingrid is listed on the CSE under the symbol BGRD.The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.Media Contact:Braingrid Limited
Chief Financial Officer