Tornado Global Hydrovacs Annual Filings and Business Update
CALGARY, Alberta, April 22, 2020 (GLOBE NEWSWIRE) — Tornado Global Hydrovacs Ltd. (“Tornado” or the “Company”) (TGH: TSX-V) with reference to its prior news releases dated February 3, 2020 and April 9, 2020 and the related material change reports dated February 7, 2020 April 9, 2020, respectively (the “Prior Business Updates”), Tornado announces today that it will be delaying the filing of its annual financial statements, the accompanying management’s discussion and analysis, and related CEO and CFO certifications for the financial year ended December 31, 2019 (the “Annual Filings”). The Company intends to file its Annual Filings during the week of May 18, 2020.
The Canadian Securities Administrators (“CSA”) previously announced that they are providing reporting issuers with a 45-day filing extension for filing deadlines on or before June 1, 2020. The Company is relying on this exemption with respect to its Annual Filings pursuant to ASC Blanket Order 51-517 – Temporary Exemption from Certain Corporate Finance Requirements, BC Instrument 51-515 – Temporary Exemption from Certain Corporate Finance Requirements and Ontario Instrument 51-502 – Temporary Exemption from Certain Corporate Finance Requirements. In the interim, management and other insiders of the Company are subject to a trading black-out policy that reflects the principles of section 9 of National Policy 11-207 – Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions.Other than as previously disclosed by the Company pursuant to the Prior Business Updates, there have been no material business developments since November 15, 2019 when the Company’s filed its Interim Financial Statements and related Management Discussion and Analysis for the period ended September 30, 2019.About Tornado Global Hydrovacs Ltd.The Company designs and manufactures hydrovac trucks in Canada and sells hydrovac trucks for excavation service providers to the municipal and oil and gas markets in Canada and the USA. Hydrovac trucks use high pressure water to pulverize soil and turn it into mud, and then vacuum up the resulting mud into its tank. Tornado currently operates in North America. In China, the Company’s subsidiary is used principally to source certain parts to the Company’s North America operations.For more information about Tornado Global Hydrovacs Ltd., visit www.tornadotrucks.com or contact:AdvisoryCertain statements contained in this news release constitute forward-looking statements. These statements relate to future events. All statements other than statements of historical fact are forward-looking statements. The use of the words “anticipates”, “should”, ‘‘may”, “expected”, “expects”, “believes” and other words of a similar nature are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Tornado believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Such statements include statements with respect to the intention of the Company to file the Annual Filings during the week of May 18, 2020. Actual results could differ materially from those anticipated in these forward-looking statements as a result of prevailing economic conditions, and other factors, many of which are beyond the control of Tornado. The forward-looking statements contained in this news release represent Tornado’s expectations as of the date hereof and are subject to change after such date. Tornado disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable securities regulations.Neither the Exchange nor its Regulation Service Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.