OTTAWA, Oct. 02, 2019 (GLOBE NEWSWIRE) — betterU Education Corp. (TSX VENTURE: BTRU, Frankfurt: 5OGA) (the “Company” or “betterU”) is providing this update as they had requested an extension of the MCTO to October 18, 2019. Due to the timing of the Company’s appointment of BDO as auditors, the completion of the audit is still ongoing. The Company named BDO Canada as their auditor on August 2nd, 2019 after being informed by its previous auditors that they would not be in a position to complete the audit. betterU and BDO Canada continue to work collaboratively in completing the audit as soon as possible.
The Corporation has been advised by the Ontario Securities Commission (“OSC”) that an extension of the MCTO will not be granted. The Corporation expects a Full and Final Cease Trade Order (“FFCTO”) will be issued by the OSC. It is expected that the FFCTO will be lifted once all outstanding audited financial documents are filed. During the FFCTO, the general investing public will not be able to trade in the Company’s listed common shares. OSC is issuing a Management Cease Trade Order (“MCTO”) against the Corporation for failure to file the following by July 29, 2019:audited annual financial statements for the year ended March 31, 2019;management’s discussion and analysis relating to the audited financial statements for the year ended March 31, 2019; andcertification for the audit financial statements for the year ended March 31, 2019.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.
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