Frankly Inc. Provides Update Regarding Reliance on Temporary Regulatory Filing Relief
NEW YORK, May 28, 2020 /CNW/ -- Frankly Inc. ("Frankly" or the "Company"), a multi‑platform engagement, monetization and data company and a wholly-owned subsidiary of Torque Esports Corp. (TSXV:GAME) (OTCQB: MLLLF) ("Torque"), provides the following update with respect to the Company's reliance on the temporary blanket relief (the "Relief") for market participants published by the Canadian Securities Administrators, which Relief provides reporting issuers with a 45-day extension for filings required on or before June 1, 2020 as a result of the impacts of the ongoing COVID-19 pandemic.
The Company had previously announced that it was relying on the Relief, in accordance with BC Instrument 51-515 – Temporary Exemption from Certain Corporate Finance Requirements, with respect to the filing of its audited annual consolidated financial statements and accompanying management's discussion and analysis and related CEO and CFO certificates for the fiscal year ended December 31, 2019 (collectively the "Annual Filings"), which were required to be filed on or before April 29, 2020. As a result of the Relief, provided the Company is still a "reporting issuer" at such time, the Annual Filings are required to be filed on or before June 13, 2020.
The Company advises that it also intends to rely on the Relief with respect to the filing of its interim financial report and accompanying management's discussion and analysis and related CEO and CFO certificates for the three-month period ended March 31, 2020 (the "Q1 2020 Filings"), which are required to be filed on or before June 1, 2020. As a result of the Relief, provided the Company is still a "reporting issuer" at such time, the Q1 2020 Filings are required to be filed on or before July 16, 2020.
Since the Company's initial announcement on April 28, 2020 that it was relying on the Relief, the only material business development has been the completion of the business combination pursuant to which the Company was acquired by Torque, which transaction was completed on May 8, 2020.
Cautionary Statement on Forward-Looking Information
This news release includes forward-looking information regarding Frankly, including statements with respect to timing of the filing of the Annual Filings and Q1 2020 Filings and the Company's expectation to apply to cease to be a reporting issuer. Forward-looking information depends on certain assumptions that management deems to be reasonable in the circumstances, but such assumptions may prove to be incorrect and the actual outcome of any forward‑looking information cannot be guaranteed. In making the forward-looking information contained in this news release, management has made assumptions which they believe to be reasonable in the circumstances, including assumptions relating to the expected timing to complete an application to cease to be a reporting issuer in Canada, and assumptions regarding the Company's ability to file the Annual Filings and Q1 2020 Filings, as applicable, by the extended deadline. However, such forward‑looking information may not occur as contemplated or at all, and actual results could differ materially from those contemplated or expected as a result of known and unknown risk factors and uncertainties. Such risks include, but are not limited to, risks that the Company will be unable, for any reason, to cease to be a reporting issuer by the extended filing deadlines or that the Company may be unable to file the Annual Filings and/or the Q1 2020 Filings by the applicable extended filing deadline, and general risks relating to the ongoing COVID-19 pandemic and the prevailing volatile and adverse general market conditions. Accordingly, readers should not place undue reliance on forward‑looking information contained in this news release. Except as required by applicable securities laws, forward-looking information speaks only as of the date on which they are made and Frankly undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
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SOURCE Frankly Media
Released May 28, 2020