TORONTO, April 03, 2018 (GLOBE NEWSWIRE) -- Tellza Inc. (“TELLZA” or the “Company”) (TSX:TEL) announced today that it will be late in filing its audited annual financial statements for the year ended December 31, 2017, its management’s discussion and analysis relating to the Annual Financial Statements, and its annual information form (collectively, the “Required Filings”) which are required to be filed on or before the prescribed deadline of April 2, 2018.
The Company made an application with the applicable securities regulators under National Policy 12-203 requesting that a management cease trade order be imposed in respect of this late filing but there is no assurance that it will be granted. The Company was unable to file the Required Filings within the prescribed time due to delays resulting from special audit procedures being performed by the Company’s auditors in response to allegations made in a notice received from Canada Revenue Agency regarding CRA’s proposed denial of HST Input Tax Credits, as previously announced by the Company in its Press Release of January 31, 2018. The Company’s management is diligently working through the various issues in order to expedite the finalization of the Required Filings, and the Company expects to file the Required Filings on or before May 15, 2018.
The Company confirms that it will satisfy the provisions of the alternative information guidelines under National Policy 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 not subject to any insolvency proceedings at the present time and there is no other material information relating to the affairs of the Company that has not been generally disclosed.
TELLZA is a Technology and Financial Support Services company. TELLZA TECH is an ASP servicing the telecommunications market, including its own Carrier brands Phonetime and Matchcom. Through its investments in Rightway funding and Merkez Fakoting TELLZA facilitate secondary financials in the structured annuities market and in B2B working capital financing. TELLZA is a public company listed on the Toronto Stock Exchange (TEL).
Caution Regarding Forward Looking Information:
This press release contains forward-looking statements, which may be identified by words like "expects", "anticipates", "plans", "intends", "indicates" or similar expressions. These statements are not a guarantee of future performance and are inherently subject to risks and uncertainties. TELLZA’s actual results could differ materially from those currently anticipated due to a number of factors set forth in reports and other documents filed by the Company with Canadian securities regulatory authorities from time to time. See www.sedar.com which contains all securities files.
Michael Vazquez, Tellza Inc., CEO
Phone - +954-624-8143