Stockwatch

Integrated Cyber Solutions Inc
Symbol	ICS
Shares Issued	61,495,676
Close 2023-10-25	C$ 0.30
Market Cap	C$ 18,448,703
Recent Sedar+ Documents

Integrated to miss deadline for fiscal 2023 results

2023-10-25 20:06 ET - News Release

Subject: Integrated Cyber Solutions Inc. - request for immediate dissemination of news release Word Document File: '\\swfile\EmailIn\20231025 165312 Attachment ICS - News Release 2023-10-25.docx' 32239546v2 34085987v1 32239546v2 34085987v1 Integrated Cyber Solutions Inc. Announces Late Filing of Annual Financial Statements and MD&A Vancouver, BC - October 25, 2023 - Integrated Cyber Solutions Inc. (CSE: ICS) ("Integrated Cyber" or the "Company") announces that as a result of delays to its audit, the Company's annual audited financial statements and accompanying management's discussion and analysis for the fiscal year ended June 30, 2023 (the "Annual Filings"), are not expected to be finalized by October 30, 2023, being the date that such filings are due under applicable Canadian securities law requirements. The Company has applied for a management cease trade order (the "MCTO") with the British Columbia Securities Commission, the Company's principal securities regulator. Reasons for the anticipated delay are due to the change in the auditors of the Company's wholly-owned subsidiary, Integrated Cyber Solutions LLC, following the Company's reverse takeover transaction that closed on May 12, 2023, as more particularly described in the Company's long form prospectus dated July 7, 2023, available on the Company's SEDAR+ profile page. Additionally, due to delays in closing the Company's initial public offering, which closed on October 6, 2023, funding to pay for the audit was delayed until the week of October 10, 2023. The Company is working diligently with Davidson & Company LLP to complete the audit in a timely manner. The Company currently expects to file the Annual Filings on or before November 15, 2023 and will issue a news release announcing completion of such filings at such time. Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in National Policy 12-203 - Management Cease Trade Orders for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require the Company to issue bi-weekly default status reports by way of a news release so long as the Annual Filings have not been filed. During the MCTO, the general investing public will continue to be able to trade in the Company's listed common shares. However, the Company's Chief Executive Officer and Chief Financial Officer will not be able to trade in the Company's common shares. On Behalf of the Board of Directors: Alan Guibord, Director & Chief Executive Officer Integrated Cyber Solutions Inc. For further information, please contact: Integrated Cyber Solutions Inc. 1 Stiles Rd. Salem, New Hampshire, 03079 United States of America Telephone: +1(212) 634-9534 Email: alan.guibord@integrated-cyber.com Web: https://www.integrated-cyber.com ABOUT Integrated Cyber Integrated Cyber is a managed security service provider (MSSP) that humanizes cybersecurity managed services to the Small-to-Medium Business (SMB) and Small-to-Medium Enterprise (SME) sectors. The Company integrates capabilities from third-party cybersecurity providers, allowing companies to continuously adapt their services to evolving technologies and providers - ensuring customers have access to the latest cybersecurity solutions. Apart from providing essential cybersecurity services, Integrated Cyber's managed services and IC360 technology platform consolidate vast amounts of information to generate actionable intelligence from the numerous software point solutions within their customer's environments. The results enable simple, understandable, and actionable insights to help customers comprehend and better secure their organization. Integrated Cyber greatly emphasizes the human aspect of cybersecurity management, simplifying complex concepts, and highlighting the crucial role that employee behavior plays in a company's cyber defenses. FORWARD-LOOKING INFORMATION This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release may include statements about the expected filing of the Annual Filings as well as the grant of a MCTO. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made including, without limitations, information based on the current state of the Annual Filings and discussions with auditors of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information, and there is no guarantee the Annual Filings will be made on the timeline currently expected or at all or that an MCTO will be granted. If the MCTO is not granted and/or the Annual Filings are not filed on time or are subject to additional delays, the securities of the Company could be subject to a cease trade order or other actions taken by the securities regulators and/or exchanges. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.