Halifax, NS, Canada, July 16, 2020 – Metamaterial Inc. (CSE: MMAT) (“Metamaterial” or the “Company“) announced today that, as a result of unforeseen delays related to the effects of the resignation of Metamaterial’s Chief Financial Officer on May 26, 2020, and the additional work required to identify and transition this function to an Interim Chief Financial Officer, which have been exacerbated by challenges associated with dealing with the COVID19 pandemic, the Company is not in a position to file its unaudited financial statements for the three months ended March 31, 2020 (the “Q1 Financial Statements”) and its management’s discussion and analysis relating to the Q1 Financial Statements (“MD&A”) before the prescribed deadline of July 16, 2020. Metamaterial anticipates filing the Q1 Financial Statements and the MD&A on or about July 24, 2020. In addition, the Company fully expects filing the Q2 Financial Statements on or before August 31, 2020.
The Company intends to satisfy the provisions of the alternative information guidelines under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”) by issuing bi-weekly default status reports in the form of news releases so long as it remains in default of the filing requirements set out above. The Company is making an application to the applicable securities regulatory authorities under National Policy 12-203 requesting that a management cease trade order be imposed in place of any general cease trade order in respect of this late filing, if it is deemed necessary. It is expected that approval will be forthcoming in due course.
Keith Abriel, Interim CFO stated, “It is with great reluctance that we have delayed the filing of our financial statements, however we would like to take a small amount of time to ensure their accuracy given the complications imposed by the COVID pandemic coupled with the CFO transition.”
Metamaterial is changing the way we use, interact and benefit from light. Metamaterial designs and manufactures advanced materials and performance functional films which are engineered at the nanoscale to control light and electromagnetic waves. Metamaterial is currently developing new materials with diverse applications in the automotive, aerospace, consumer electronics and medical industries. Metamaterial has a growing patent portfolio with three core technologies; holographic, lithographic and wireless sensing, designed for high volume applications. Metamaterial is headquartered in Dartmouth, Nova Scotia and has offices in London, UK and Pleasanton, California.
This news release may contain “forward-looking information” as defined in applicable Canadian securities legislation. All statements, other than statements of historical fact included in this release, including, without limitation, statements regarding the impact of the operational restructuring and future plans and objectives of Metamaterial, constitute forward-looking information that involve various risks and uncertainties. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, expectations regarding the time needed to complete and file the Q1 Financial Statements and MD&A. There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information.
Important factors that could cause actual results to differ materially from Metamaterial’s expectations include general global economic conditions. For additional information with respect to risk factors applicable to Metamaterial, reference should be made to Metamaterial’s continuous disclosure materials filed from time to time with securities regulators.
The CSE has neither approved nor disapproved the contents of this news release.
For further information: Metamaterial Inc., 1 Research Dr, Dartmouth, NS, B2Y 4M9, [email protected]; Keith Abriel, Interim CFO, (902) 482-5729