Mr. K.L. Wong reports
HELLO PAL ANNOUNCES APPLICATION FOR MANAGEMENT CEASE TRADE ORDER
Hello Pal International Inc. has made an application to the B.C., Alberta and Ontario securities commissions to approve a temporary management case trade order under National Policy 12-203 (Cease Trade Orders for Continuous Disclosure Defaults), which, if granted, will prohibit trading securities by the company by the chief executive officer and interim chief financial officer of the corporation until such time as the required filings (defined below) and all continuous disclosure requirements have been filed by the company, and the MCTO has been lifted. During the period in which the MCTO is effective, members of the general public, which are not insiders of the company, will continue to be able to trade in the company's listed securities. The MCTO application has been made, but there is no guarantee or assurance that the MCTO will be granted.
The company expects that it will be unable to file its audited financial statements for the financial year ended Feb. 28, 2022, and the related management's discussion and analysis and interim chief executive officer and chief financial officer certificates for this period before June 28, 2022, the filing deadline.
The company's failure to file its required filings by the filing deadline is due to additional time required to audit the numerous transactions carried out by the company and its subsidiaries during the financial year ended Feb. 28, 2022.
The company anticipates that it will be in a position to remedy the default by filing the required filings on or about Aug. 15, 2022. The MCTO will be in effect until the required filings are filed.
During this MCTO, all management, officers and directors of the company will be prohibited from trading in the company's securities pursuant to the company's blackout procedures.
The company intends to satisfy the provision of the alternative information guidelines set out in sections 9 and 10 of NP 12-203 as long as the required filings are outstanding.
About the Hello Pal platform
The Hello Pal platform is a proprietary suite of mobile applications built on a user-friendly messaging interface that focuses on social interaction, language learning and travel. Hello Pal has been designed from the ground up to be easy to use and enables users the freedom to speak in their own language regardless of the other person's language they are speaking to. Hello Pal's overriding mission is to bring the world closer together through social interaction, language learning and travel. By creating a platform where it is easy to instantly interact with others around the world and giving them the tools to communicate with each other in a joyful and fun way, the company hopes to do its part (however small) in fostering understanding and tolerance among all citizens of the world.
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