Mr. Frank Kordy reports
BLUESKY DIGITAL ASSETS CORP. PROVIDES MCTO UPDATE
Bluesky Digital Assets Corp. is providing an update with respect to its previously announced management cease trade order issued by the Ontario Securities Commission on May 3, 2021. The MCTO was issued in connection with the delay by the corporation in filing its annual financial statements, management's discussion and analysis, and related officer certifications for the financial year ended Dec. 31, 2020, before the prescribed deadline of April 30, 2021.
The MCTO was granted pursuant to Bluesky's application made under National Policy 12-203 (Management Cease Trade Orders). The corporation requested and received an extension relating to the required filings due to delays caused by the required review of certain new internal control procedures that have been implemented by the corporation and due to other issues associated with the current COVID-19 restrictions in the Province of Ontario.
The corporation's staff and accounting firm are working diligently with the auditor, and the corporation now expects to have the audit of the required filings completed, and the required filings filed, by May 31, 2021.
The corporation is providing this status update in accordance with NP 12-203. The corporation reports that: (i) there are no changes to the information contained in its default announcement on May 3, 2021, that would reasonably be expected to be material to an investor; (ii) the corporation is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines set out under NP 12-203 and issue biweekly default status reports for so long as the delay in filing the required filings is continuing, which will be issued in the form of a news release; (iii) there has not been any other specified default by the corporation under NP 12-203, and no such other default is anticipated; and (iv) there is no material information concerning the affairs of the corporation that has not been generally disclosed.
The MCTO does not affect the ability of shareholders who are not insiders of the corporation to trade their securities. However, the applicable Canadian securities regulatory authorities could determine, in their discretion, that it would be appropriate to issue a general cease trade order against the corporation affecting all of the securities of the corporation.
About Bluesky Digital Assets Corp.
Bluesky is building a high-value digital currency enterprise. Bluesky mines digital currencies, such as Bitcoin and Ether, and is developing value-added technology services for the digital currency market, such as digital mining proprietary software. Offering a complete ecosystem of value creation, Bluesky is targeting reinvesting appropriate portions of its digital currency mining profits back into its operations. A percentage of the profit will be invested in the development of a proprietary artificial-intelligence-based technology. Over all, Bluesky takes an approach that enables the corporation to scale and respond to changing conditions within the still emerging digital currency industry. The corporation is poised to capture value in successive phases as this industry continues to scale.
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