GENAI PROVIDES UPDATE ON STATUS OF ANNUAL FINANCIAL STATEMENTS
Generative AI Solutions Corp. (OTCQB: AICOF) has provided an update regarding its previously announced Management Cease Trade Order (MCTO). The company is experiencing delays in filing its annual financial statements for the year ended January 31, 2025, as well as its interim financial statements for the three months ended April 30, 2025.
The delay is attributed to the external auditor's quality review procedures, particularly concerning the treatment and presentation of certain company acquisitions. Under the MCTO, the company's CEO Patrick Gray and CFO Paul Ciullo are restricted from trading securities until the required documents are filed and the BCSC revokes the order. The company plans to issue bi-weekly default status reports until the situation is resolved.
Generative AI Solutions Corp. (OTCQB: AICOF) ha fornito un aggiornamento riguardo al precedente Ordine di Sospensione delle Operazioni di Trading da parte della Direzione (MCTO). La societ脿 sta affrontando ritardi nella presentazione del bilancio annuale per l'anno chiuso al 31 gennaio 2025 e del bilancio intermedio per i tre mesi terminati il 30 aprile 2025.
I ritardi sono dovuti alle procedure di revisione qualit脿 da parte del revisore esterno, in particolare per quanto riguarda il trattamento e la presentazione di alcune acquisizioni aziendali. In base al MCTO, il CEO Patrick Gray e il CFO Paul Ciullo sono temporaneamente vietati dal negoziare titoli fino a quando i documenti richiesti non saranno depositati e l'ordine non sar脿 revocato dalla BCSC. La societ脿 prevede di pubblicare rapporti sullo stato di default ogni due settimane fino alla risoluzione della situazione.
Generative AI Solutions Corp. (OTCQB: AICOF) ha proporcionado una actualizaci贸n sobre la Orden de Suspensi贸n de Comercio por parte de la Direcci贸n (MCTO) previamente anunciada. La empresa est谩 experimentando retrasos en la presentaci贸n de sus estados financieros anuales para el a帽o finalizado el 31 de enero de 2025 y sus estados financieros interinos para los tres meses terminados el 30 de abril de 2025.
El retraso se atribuye a los procedimientos de revisi贸n de calidad del auditor externo, especialmente en lo que respecta al tratamiento y presentaci贸n de ciertas adquisiciones de la empresa. Bajo el MCTO, el CEO Patrick Gray y el CFO Paul Ciullo tienen prohibido negociar valores hasta que los documentos requeridos sean presentados y la BCSC revoque la orden. La empresa planea emitir informes quincenales sobre el estado de incumplimiento hasta que la situaci贸n se resuelva.
Generative AI Solutions Corp. (OTCQB: AICOF)電� 鞚挫爠鞐� 氚滍憸頃� 瓴届榿歆� 瓯半灅 欷戩 氇呺牴(MCTO)鞐� 雽�頃� 鞐呺嵃鞚错姼毳� 鞝滉车頄堨姷雼堧嫟. 須岇偓電� 2025雲� 1鞗� 31鞚� 膦呺霅� 鞐瓣皠 鞛鞝滍憸鞕� 2025雲� 4鞗� 30鞚� 膦呺霅� 3臧滌洈臧勳潣 欷戧皠 鞛鞝滍憸 鞝滌稖鞐� 歆�鞐办潉 瓴碃 鞛堨姷雼堧嫟.
鞚� 歆�鞐办潃 韸鬼瀳 鞚茧秬 須岇偓 鞚胳垬 瓯挫潣 觳橂Μ 氚� 氤搓碃鞕� 甏�霠悳 鞕鸽秬 臧愳偓鞚胳潣 頀堨 瓴�韱� 鞝堨皑 霑岆鞛呺媹雼�. MCTO鞐� 霐半澕 CEO 韺姼毽� 攴鸽爤鞚挫檧 CFO 韽� 鞁滌毟搿滊姅 頃勳殧頃� 靹滊臧� 鞝滌稖霅橁碃 BCSC臧� 氇呺牴鞚� 頃挫牅頃� 霑岅箤歆� 歃濌秾 瓯半灅臧� 鞝滍暅霅╇媹雼�. 須岇偓電� 靸來櫓鞚� 頃搓舶霅� 霑岅箤歆� 瓴╈＜搿� 旮半掣 靸來儨 氤搓碃靹滊ゼ 氚滍枆頃� 瓿勴殟鞛呺媹雼�.
Generative AI Solutions Corp. (OTCQB : AICOF) a fourni une mise 脿 jour concernant l'Ordre de Suspension des Transactions de la Direction (MCTO) pr茅c茅demment annonc茅. La soci茅t茅 rencontre des retards dans le d茅p么t de ses 茅tats financiers annuels pour l'exercice clos le 31 janvier 2025, ainsi que de ses 茅tats financiers interm茅diaires pour les trois mois clos le 30 avril 2025.
Ce retard est attribu茅 aux proc茅dures de revue qualit茅 de l'auditeur externe, notamment en ce qui concerne le traitement et la pr茅sentation de certaines acquisitions de la soci茅t茅. En vertu du MCTO, le PDG Patrick Gray et le directeur financier Paul Ciullo sont interdits de n茅gocier des titres jusqu'脿 ce que les documents requis soient d茅pos茅s et que la BCSC l猫ve l'ordre. La soci茅t茅 pr茅voit de publier des rapports d'茅tat de d茅faut toutes les deux semaines jusqu'脿 la r茅solution de la situation.
Generative AI Solutions Corp. (OTCQB: AICOF) hat ein Update zu dem zuvor angek眉ndigten Management Cease Trade Order (MCTO) ver枚ffentlicht. Das Unternehmen erlebt Verz枚gerungen bei der Einreichung seiner Jahresfinanzberichte f眉r das zum 31. Januar 2025 endende Gesch盲ftsjahr sowie der Zwischenfinanzberichte f眉r die drei Monate bis zum 30. April 2025.
Die Verz枚gerung ist auf die Qualit盲tspr眉fungsverfahren des externen Pr眉fers zur眉ckzuf眉hren, insbesondere im Hinblick auf die Behandlung und Darstellung bestimmter Unternehmensk盲ufe. Gem盲脽 dem MCTO sind der CEO Patrick Gray und der CFO Paul Ciullo vom Handel mit Wertpapieren ausgeschlossen, bis die erforderlichen Dokumente eingereicht und die BCSC die Anordnung aufhebt. Das Unternehmen plant, bis zur L枚sung der Situation alle zwei Wochen Berichte zum Status des Versto脽es herauszugeben.
- None.
- Company failed to file annual financial statements on time
- Management (CEO and CFO) are under a cease trade order
- Interim financial statements for Q1 2025 are also delayed
- External audit review has identified concerns regarding acquisition treatments
Pursuant to the MCTO, the Corporation's CEO, Patrick Gray, and the Corporation's CFO, Paul Ciullo, may not trade in securities of the Corporation until such time as the Corporation files its annual audited financial statements, annual management's discussion and analysis and related certifications for the year ended January 31, 2025 (collectively, the "Annual Filings"), and the BCSC revokes the MCTO.
The MCTO does not affect the ability of shareholders, other than the Company's CEO and CFO, to trade their securities.
The filing of the Company's unaudited interim financial statements, management's discussion and analysis and related CEO and CFO certifications for the three-months ended April 30, 2025 (the "Interim Filings", and together with the Annual Filings, the "Required Documents"), have also been delayed as a result in the delay in completing the Annual Filings. The Company expects the Interim Filings to be filed concurrently with the Annual Filings.
The Company is working diligently with its auditors and expects that the Required Documents will be filed as soon as possible. The MCTO will remain in effect until two full business days following the receipt by the OSC of all filings the Company is required to make under applicable securities law (including the Required Documents).
As previously reported, the delay is outside of the Company's control and due solely to quality review of audit procedures and financial review procedures of their external auditor, including in respect of the treatment of certain acquisitions of the Company and their presentation in the financial statements.
The Company confirms that it intends to satisfy the provisions of NP聽12-203 and issue bi鈥憌eekly default status reports for so long as the Company remains in default of the financial statement filing requirement, containing any material changes to the information in this release, all actions taken by the Company to remedy the default; particulars of any failure by the Company to fulfill these provisions, any subsequent defaults of the Company requiring a default announcement and any other material information concerning the affairs of the Company not previously disclosed.
On Behalf of the Board,
Patrick Gray
CEO, Director and Chairman of the Board
Generative AI Solutions Corp.
Toll-free
Outside
[email protected]
About Generative AI Solutions Corp.
GenAI is a pioneering artificial intelligence company focused on developing a vertically integrated AI solutions business through its proprietary MAI Cloud鈩�platform, with the development and commercialization of AI-powered tools and solutions for businesses and consumers across multiple industries. At GenAI, our mission is to harness the power of AI to create transformative products and services that benefit business and consumers across various sectors. Our team of talented AI professionals and engineers are dedicated to developing state-of-the-art AI- based solutions that have broad applicability and can be seamlessly integrated into diverse workflows. By leveraging our MAI Cloud鈩�platform and our expertise in machine learning, natural language processing, and data analytics, we build versatile high-performance tools that redefine efficiency, productivity, and user experience.
For more information on GenAI, please visit .
Forward-Looking Information and Statements
This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements.
Generally, such forward-looking information or forward-looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved".
Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company's ability to continue as a going concern; the Company's ability to continue to develop revenue generating applications; continued approval of the Company's activities by the relevant governmental and/or regulatory authorities; and the continued growth of the Company; and Company's ability to continue to meet the requirements of listing of the CSE.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
View original content to download multimedia:
SOURCE Generative AI Solutions Corp.
FAQ
What is the current status of AICOF's financial statements filing?
Why was a Management Cease Trade Order (MCTO) issued for AICOF?
Who is affected by AICOF's Management Cease Trade Order?
What is causing the delay in AICOF's financial statements?
How is AICOF addressing the financial filing delay?
