Halifax, Nova Scotia / April 29, 2020 – Metamaterial Inc. (the “Company” or “META“) (CSE: MMAT) announced today that due predominantly to the challenges associated with dealing with the COVID-19 pandemic the Company has postponed the filing of the annual financial statements of Metamaterial Technologies Inc. (“MTI“) for the year ended December 31, 2019 (the “MTI Annual Financial Statements“). The MTI Annual Financial Statements were required to be filed no later than April 29, 2020 by META pursuant to securities laws. MTI amalgamated with Continental Precious Minerals Subco Inc. (“CPM Subco“) effective as of March 5, 2020 to form Metacontinental Inc., which is now a wholly-owned subsidiary of META.
The work from home policies in place as a result of COVID-19 have contributed to the delay in the timely completion of the filing of the MTI Annual Financial Statements. META is relying on exemptive relief recently granted by Canadian securities regulatory authorities that allows it to delay the filing of its annual documents required by National Instrument 51-102 by April 29, 2020. In response to the coronavirus disease 2019 pandemic, securities regulatory authorities in Canada have granted a blanket exemption allowing issuers an additional 45 days to complete their regulatory filings.
META estimates that the MTI Annual Financial Statements will be available for filing at its earliest opportunity, which is expected to occur in mid-May 2020. Until such time as the MTI Annual Financial Statements are filed, META’s management and other insiders will be subject to a trading blackout that reflects the principles contained in section 9 of National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
There have been no material business developments since the date of the last interim financial statements, filed on January 28, 2020, a copy of which is available on SEDAR at www.sedar.com. The interim financial results for the three and nine month periods of the Company, ending February 29, 2020, pre the amalgamation between MTI and CPM Subco, will be filed by the close of business on April 29, 2020, which, once filed, will be available on SEDAR at www. sedar.com.
For further information please contact:
Mayank Mahajan, CPA, CA, MBA
CFO and Corporate Secretary
About Metamaterial Inc.
META is changing the way we use, interact and benefit from light. META designs and manufactures advanced materials and performance functional films which are engineered at the nanoscale to control light and electromagnetic waves. META is currently developing new materials with diverse applications in the automotive, aerospace, consumer electronics and medical industries. META has a growing patent portfolio with three core technologies; holographic, lithographic and wireless sensing, designed for high volume applications. META is headquartered in Dartmouth, Nova Scotia and has offices in London, UK and Pleasanton, California.
This release includes forward-looking information within the meaning of Canadian securities laws regarding the Company and its business, which may include, but are not limited to, statements with respect to the listing of the common shares of the Company on the CSE, and the timing of such events. Often but not always, forward-looking information can be identified by the use of words such as “expect”, “intends”, “anticipated”, “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would” or “will” be taken, occur or be achieved. Such statements are based on the current expectations and views of future events of the management of the Company, and are based on assumptions and subject to risks and uncertainties. Although the management of the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including risks regarding the technology industry, market conditions, economic factors, management’s ability to manage and to operate the business and the equity markets generally. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to publicly update or revise any forward looking statement, whether as a result of new information, future events, or otherwise
The CSE has neither approved nor disapproved the contents of this news release.