Ellipsiz Communications Ltd. Update on Cease Trade Order

TORONTO, ON / ACCESSWIRE / June 29, 2020 / Ellipsiz Communications Ltd. (TSXV:ECT) (the “Company” or “ECL”) is providing an update on the status of the filing of its annual financial statements and accompanying management’s discussion and analysis and related CEO and CFO certifications for the financial year ended December 31, 2019 (collectively “Annual Filings“) and its interim financial statements and accompanying management’s discussion and analysis and related CEO and CFO certifications for the quarter ended March 31, 2020 (the “First Quarter Filings“).

As a result of the impact of COVID-19 on the ability to travel to and from Taiwan and other challenges impacting ECL’s material business operations based in Asia, to date the Company has been unable to complete its Annual or First Quarter Filings. The Company continues to work diligently to complete these filings and will continue to provide updates while these issues are being addressed.

As required under applicable securities laws, the applicable Canadian securities regulators have now issued cease trade orders against the Company for failure to file the Annual Filings (the “CTOs”). The Company’s shares have also been halted from trading on the TSXV. The CTOs, among other things, prohibit any person or company from trading, directly or indirectly, in any security of the Company in every province or territory of Canada in which Multilateral Instrument 11-103 – Failure-to-File Cease Trade Orders in Multiple Jurisdictions applies.

Further to its press release of May 28, 2020, the Company is continuing to rely on the relief provided on March 23,2020 by the Canadian Securities Administrators (CSA) providing issuers with a 45-day filing extension for filings required on or before June 1, 2020 with respect of its First Quarter Filings all in accordance with Ontario Instrument 51-502 Temporary Exemption from Certain Corporate Finance Requirements.

In addition, the Company wishes to advise that it is relying on the relief provided on May 1, 2020 by the CSA in Ontario Instrument 51-504 Temporary Exemptions from Certain Requirements to File or Send Securityholder Materials with respect to its obligations to file its form 51-102F6 disclosure in accordance with section 9.3.1(2.2) of National Instrument 51-102.

The Company confirms that since its press release on May 28, 2020, there have been no material business developments.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information contact:

Eric Chan, CFO
T: 905 471-8800

SOURCE: Ellipsiz Communications Ltd.

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