Ivrnet to Continue to Rely on Extension for Time to File Financial Statements

CALGARY, AB / May 27, 2020 / Ivrnet Inc. (TSXV:IVI) (“Ivrnet” or the “Company“) announces that it will be continuing to rely on the extension period granted by the various securities commissions in Canada as a result of the COVID-19 pandemic in respect of the following filing requirements as previously press released on April 28, 2020:

1. the requirement to file audited financial statements for the year-ended December 31, 2019 (the “Financial Statements“) within 120 days of the Company’s financial year-end as required by section 4.2(b) of National Instrument 51-102 Continuous Disclosure Obligations (“NI 51-102“);
2. the requirement to file management discussion and analysis (the “MD&A“) for the period covered by the Financial Statements within 120 days of the Company’s financial year end as required by section 5.1(2) of NI 51-102;
3. the requirement to file certifications of the Financial Statements (the “Certificates” and together with the Financial Statements and the MD&A, the “Annual Filings“) pursuant to section 4.1 of National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (“NI 52-109“);
4. the requirement to file interim financial statements for the period-ended March 31, 2020 (the “Interim Financial Statements“) within 60 days after the end of the interim period as required by section 4.4(b) of NI 51-102;
5. the requirement to file management discussion and analysis (the “Quarterly MD&A“) for the period covered by the Interim Financial Statements within 60 days after the end of the interim period as required by section 5.1(2) of NI 51-102; and
6. the requirement to file certifications of the Interim Financial Statements (the “Certificates” and together with the Interim Financial Statements and the Interim MD&A, the “Interim Filings“) pursuant to section 5.1 of NI 52-109.

In addition, the Company also intends to rely on this extension period to extend the date by which it must, under applicable securities laws, deliver an annual request form as required pursuant to sections 4.6(1) of NI 51-102 and the Annual Filings and Interim Filings as required pursuant to sections 4.6(3), 4.6(5), 5.6(1) and 5.6(3) of NI 51-102.

The Company also announced that it has changed its auditor. MNP resigned as auditor of the Company and Kenway Mack Slusarchuk Stewart LLP was appointed as the successor auditor of the Company and will be auditing the Annual Financial Statements. The Company is also relying on this extension period to extend the date by which it must file the required documents regarding this change of auditor (the “Change of Auditor Filings“)

The Company is continuing to work diligently and expeditiously to file and deliver the Annual Filings, Change of Auditor Filings and annual request form on or before June 14, 2020 and to file and deliver its Interim Filings on or before July 14, 2020. In the interim, management and other insiders of the Company are subject to a trading black-out policy that reflects the principles in Section 9 of National Policy 11-207, Failure to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

As of the date of this news release, there have been no material business developments since the filing of the Company’s interim consolidated financial statements for the period ended September 30, 2019 other than as set out in the Company’s news release dated January 7, 2020 announcing the closing of a $515,174 private placement by the Company and that the Company had entered into a Third Amending Agreement to the Loan Agreement with its senior commercial lender to revise the repayment terms and amend Ivrnet’s financial covenants.

About Ivrnet

IVRnet is a software and communications company that develops, hosts, sells and supports value-added business automation software. The company’s products and services are delivered through the Internet and traditional phone network. These applications facilitate automated interaction through personalized communication between people, mass communication for disseminating information to thousands of people concurrently, and personalized communication between people and automated systems.

For further information: please contact Andrew Watts, President and CEO, Ivrnet Inc.; Suite 222, 1338 – 36 Avenue NE, Calgary, Alberta T2E 6T6; Tel/fax 1.800.351.7227; E-mail: investors@ivrnet.com; www.ivrnet.com

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Ivrnet Inc.

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