Mr. Guy Bourgeois reports
G6 MATERIALS TO CEASE REVENUE GENERATING ACTIVITIES AND IMPENDING CEASE TRADE ORDER
G6 Materials Corp. will cease all revenue-generating activities due to legal hardships, an inability to raise capital, insolvency issues and an impending failure-to-file cease trade order (FFCTO) to be issued by the British Columbia Securities Commission (BCSC).
On Oct. 2, 2024, the company announced that it had been issued a management cease trade order (MCTO) by the BCSC, as it had determined that it would not be in a position to file its
audited annual financial statements and the accompanying management's discussion and analysis, with related chief executive officer and chief financial officer certificates, for the financial year ended May 31, 2024, by the filing deadline prescribed by Part 4 of National Instrument 51-102 -- Continuous Disclosure Obligations. At the time of issuance of the MCTO, the company expected that it would be able to file the annual filings on or before Dec. 1, 2024, and rectify certain legal issues facing the company.
The FFCTO will prohibit the trading by any person of any securities of the company in each jurisdiction in Canada in which the company is a reporting issuer, including trades in the company's securities made through the TSX Venture Exchange, for as long as the FFCTO remains in effect.
The FFCTO provides an exception for beneficial securityholders of the company who are not currently (and who were not as of the date of issuance of the FFCTO) insiders or control persons of the company and who sell securities of the company acquired before the issuance of the FFCTO, if both of the following criteria are met: (i) the sale is made through a foreign organized regulated market, as defined in Section 1.1 of the Universal Market Integrity Rules of the Canadian Investment Regulatory Organization; and (ii) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation.
The company will cease operations at its Ronkonkoma, N.Y., facility following an eviction notice from the landlord due to significant unpaid rent.
The company maintains the Graphene Supermarket and Breathe Plus digital assets and will look to develop opportunities within these avenues for revenue generation.
The company is currently assessing its situation to determine the next steps.
The company continues its efforts to litigate against the lawsuit initiated by Daniel Stolyarov and Elena Polyakova, as announced on Sept. 6, 2024. The company denies all allegations in the lawsuit and has filed counterclaims against the plaintiffs.
The company expects the issuance of the FFCTO this week, along with the suspension of trading on the TSX-V and its subsequent transfer to the NEX board.
The company confirms that it currently has, and will continue to maintain, a minimum of three directors. Its transfer agent remains in good standing, and the company will continue to issue all
material information updates through press releases, as required, ensuring that all disclosure requirements under exchange policy will be met.
About G6 Materials Corp.
G6 Materials is a high-technology company with expertise in advanced materials that creates value developing innovative composites for a wide range of industrial uses. Graphene Laboratories Inc., a wholly owned subsidiary of G6, sells a range of graphene-based products and other materials, including, but not limited to, conductive epoxies, high-performance composites, and research and development materials, with numerous customers from among the Fortune 500 list of companies, as well as the National Aeronautics and Space Administration and leading universities. Graphene Laboratories has entered the global air filtration market with Breathe Plus, a line of medical-grade HEPA (high-efficiency particulate air) air filtration products enhanced with advanced performance graphene material.
G6 has identified new graphene-based applications to accelerate growth into the future. Accordingly, the company has a valuable intellectual prorperty portfolio currently comprising seven granted patents. The company's management team and employees have a deep understanding of graphene technology based on decades of aggregate academic and commercial experience. Graphene Laboratories has established its premium research laboratory and scalable production facility, equipped with advanced analytical and material processing equipment.
We seek Safe Harbor.
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