VANCOUVER, BC, CANADA – August 2, 2023 - Snipp Interactive (TSX-V:SPN; OTCPK:SNIPF) (the "Corporation" or “Snipp”) is providing a status update on its audited annual financial statements and the previous temporary management cease trade order (the “MCTO”). On April 20, 2023, the Corporation announced (the “Default Announcement”) that, for reasons disclosed in the Default Announcement, the filing of the Corporation’s audited annual financial statements for the year ended December 31, 2022, and the related management’s discussion and analysis, and related certifications for this period (collectively, the “Annual Filings”) would not be completed by the prescribed deadline of May 1, 2023.
As a result of this delay in filing the Annual Filings, the Corporation’s principal regulator, British Columbia Securities Commission (“BCSC”), had previously granted the MCTO which prohibits all trading by the Chief Executive Officer and the Chief Financial Officer of the Corporation, and such other directors, officers and persons as determined by the applicable regulatory authorities, in securities of the Corporation until the MCTO is revoked.
Although the Corporation and the auditors have been working diligently on delivering the Annual Filings, the Corporation was not able to meet the previously announced filing target date of July 31, 2023 and the BCSC has issued a full trading halt on the Corporation until the Annual Filings are filed.
We are targeting the filing of our annual financial statements by August 15. We were not able to meet the prior target filing date of July 31, 2023, due to staff availability being unexpectedly limited at the end of July. Once our audited annual financial statements have been filed, we will also have our Q1 2023 interim financial statements filed within five business days. Our Q2 2023 interim financial statements will then be filed by August 29. We will arrange for an investor conference call in September to discuss our 2022 year-end financial results along with both our Q1 2023 and Q2 2023 quarterly financial results.
Atul Sabharwal, CEO and Founder of Snipp Interactive, commented, "We appreciate the support of our shareholders in recent months while we work diligently to complete our 2022 audit. Snipp Interactive continues to move forward with its many growth initiatives, and has not allowed our filing status to impede the Corporation’s strong momentum. We look forward to sharing updated financial information, as well as additional details on new customers and the success of our platform expanding into new verticals, during our upcoming investor conference call.”
Pursuant to the provisions of the alternative information guidelines specified by National Policy 12-203 - Management Cease Trade Orders (“NP 21-203”), the Corporation reports that since the Default Announcement there have not been any changes to the information contained therein that would reasonably be expected to be material to an investor, not any failure by the Corporation to fulfil its intentions as stated therein with respect to satisfying the provisions of the alternative information guidelines, and there are no additional defaults or anticipated defaults subsequent to the disclosure therein, other than the delay in filing the Annual Filings.
Further, there is no additional material information respecting the Corporation and its affairs that have not been generally disclosed and there are no insolvency proceedings against the Corporation as of the date of this Default Status Report. Until the Annual Filings have been filed, the Corporation intends to continue to satisfy the provision of the alternative information guidelines specified by NP 12-203 by issuing bi-weekly status default reports in the form of press releases, which will also be filed on SEDAR at www.sedar.com.
Snipp Interactive Inc. is a leading Platform-as-a-Service (PaaS) company in the global loyalty and promotions sector. Snipp's proprietary and modular SnippCARE (Customer Acquisition, Retention & Engagement) Platform allows its marquee list of Fortune 500 clients and world-class agencies and partners to use various modules of the Platform to run long-term and short-term programs and promotions, while continually generating and capturing unique zero party data that is invaluable in providing insights to drive sales. SnippCHECK, the Platform's Receipt Processing Module has established itself as the clear industry leader and standard by powering a large majority of all receipt-based promotions in North America. SnippLOYALTY, the Platform's full scale modular loyalty engine allows clients the flexibility of deploying any/all aspects of a standard loyalty program on a case-by-case basis. SnippREWARDS, the Platform's modular catalogue of digital and physical rewards provides clients with global and easily deployable access to an extensive catalogue of digital and physical rewards. SnippWIN, the Platform's gaming module solves for the implementation and compliance difficulties of offering games of chance and skill on a global basis and allows for the global deployment and administration of legally compliant games of chance and skill. For more information, visit Snipp's website at www.snipp.com.
Snipp is headquartered in Vancouver, Canada with a presence across the United States, Canada, Ireland, Europe, and India. Snipp is publicly listed on the TSXV in Canada and is also quoted on the OTC Pink marketplace under the symbol "SNIPF".
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Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as changes in demand for and prices for the products of the company or the materials required to produce those products, labour relations problems, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. The reader is cautioned not to put undue reliance on such forward-looking statements.
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