LONDON, Ontario, Dec. 12, 2024 (GLOBE NEWSWIRE) — PEARL RIVER HOLDINGS LIMITED (“Pearl River”) (TSXV: PRH) announced that, due to the ongoing Canada Post strike, it has decided to cancel the annual general and special shareholders meeting currently scheduled for January 31, 2025. Certain equity compensation matters will require disinterested shareholder approval and therefore Pearl River needs to ensure that it meets the delivery obligations under applicable securities legislation. Pearl River will set a new date for the shareholders meeting once the strike is over.
Pearl River also announced that its current auditor, Crowe MacKay LLP, has indicated that it will need to resign due to compliance with Canadian Public Accountability Board rules, which require the current auditor’s engagement partner for an audit to be turned over every seven (7) years. Unfortunately, Crowe MacKay LLP does not have any other partners with sufficient capacity to complete Pearl River’s audit, and therefore it is unable to comply with this requirement. Pearl River is currently in the process of engaging a new auditor, and will make a further announcement once the new auditor has been appointed by the Pearl River Board of Directors.
About Pearl River
Through its subsidiaries, Pearl River’s principal business is the manufacturing and distribution of plastic products in China, Australia and the United States of America.
For further information please contact:
George Lunick
CEO
T: (519) 645-0267
E: [email protected]
Neither the TSX Venture Exchange 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 release.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. In particular, this news release contains forward-looking information in respect of the date for the shareholders meeting and the appointment of a new auditor. 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 information. This forward-looking information reflects Pearl River’s current beliefs and is based on information currently available to Pearl River and on assumptions Pearl River believes are reasonable. These assumptions include, but are not limited to: the ability of Pearl River to set up a new shareholders meeting in due course and the ability of Pearl River to engage a new auditor. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Pearl River to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; capital market conditions and market prices for securities; the actual results of current development or operational activities; competition; changes in project parameters as plans continue to be refined; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting Pearl River; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. A description of other of other risk factors that may cause actual results to differ materially from forward-looking information may be found in Pearl River’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. Pearl River does not undertake to update any forward-looking information except in accordance with applicable securities laws.
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