TORONTO, ON / ACCESSWIRE / April 28, 2023 / HIRE Technologies Inc. (TSXV:HIRE.V)(OTCQB:HIRRF) (“HIRE” or the “Company“), a company focused on modernizing and digitizing human resources solutions, announces that its application to the Ontario Securities Commission (“OSC“) to approve a management cease trade order (“MCTO“) under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“) has been denied. The Company previously reported a delay in filing its Annual Financial Statements for the fiscal year ended December 31, 2022, as outlined in the Company’s news release dated April 17, 2023. The Company continues to expect it will be unable to file its audited financial statements for the year ended December 31, 2022, and the management’s discussion and analysis and related Chief Executive Officer and Chief Financial Officer certificates for this period (collectively, the “Required Filings“) by the May 1, 2023 filing deadline (the “Filing Deadline“). The Company’s failure to file its Required Filings by the Filing Deadline is due to unforeseen challenges in completing the 2022 financial audit. The recent resignation of the Company’s CFO and the ongoing search for a suitable replacement have led to internal resource constraints, causing delays in providing necessary information to the Company’s auditor. Additionally, the complexities associated with the recently completed divestiture of The HeadHunters business unit have contributed to the audit’s prolonged completion.
The OSC determined that the Company was not entitled to the MCTO as the Company’s shares did not meet the requirement in NP 12-203, Section 6(d) with respect to having an “active, liquid market” and informed the Company that staff of the OSC will be issuing a failure-to-file cease trade order (an “FFCTO“) after the Filing Deadline, pursuant to National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions for the failure to file the Required Filings by the Filing Deadline. Once issued, the FFCTO will remain in effect until the Required Filings are filed and will prohibit trading in the Company’s common shares by any person in each jurisdiction in Canada in which the Company is a reporting issuer, for as long as the FFCTO remains in effect. If the default is remedied within 90 days of the date of the FFCTO, including any annual or interim financial statements, management’s discussion and analysis, and Chief Executive Officer and Chief Financial Officer certificates that subsequently become due, the filing of the Required Filings will constitute an application to revoke the FFCTO.
The Company will continue to work diligently with its auditor to complete the audit and file the Required Filings. There is no assurance that the Company will be able to remedy its filing default and have the FFCTO revoked in a timely manner or at all. Please refer to the Company’s news release dated April 17, 2023, for additional information.
About HIRE Technologies Inc.
HIRE is a growing capital allocator rapidly establishing itself as a market leader in workforce management and staffing. HIRE’s mission is to create a world-class portfolio of brands that will define the future of human resources through synergies, scale, and reach. The Company has extensive experience building and growing staffing and executive search companies and is supported by a large recurring revenue base and a highly scalable shared services platform. This structure enables HIRE to create value for partners and shareholders. For more information, visit hire.company.
Contacts
Simon Dealy
Chief Executive Officer
(647) 264-9196
[email protected]
Neither the TSXV 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 news release.
Forward-Looking Information
This news release contains “forward-looking statements” or “forward-looking information” (collectively referred to hereafter as “forward-looking statements”) within the meaning of applicable Canadian securities legislation.
All statements that address activities, events, or developments that the Company expects or anticipates will, or may, occur in the future, including but not limited to statements regarding that the Company does not expect to file the Required Filings by the Filing Deadline; the OSC will issue an FFCTO against the Company, and that the Company will continue to work diligently with its auditor to complete the audit and file the Required Filings, are forward-looking statements. In some cases, forward-looking statements are preceded by, followed by, or include words such as “may” “will”, “would”, “could”, “should”, “believes”, “estimates”, “projects”, “potential”, “expects”, “plans”, “intends”, “proposes”, “anticipates”, “targeted”, “continues”, “forecasts”, “designed”, “goal”, or the negative of those words or other similar or comparable words. Although the management of the Company believes that the assumptions made and the expectations represented by such statements are reasonable, there can be no assurance that a forward-looking statement herein will prove to be accurate. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Risks and uncertainties applicable to the Company, as well as trends identified by the Company affecting it and the staffing industry can be found in the Company’s MD&A and its continuous disclosure record available on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended.
All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
SOURCE: HIRE Technologies Inc.
