Mr. Francis Letourneau reports
NURAN ANNOUNCES CEASE TRADE ORDER ISSUED BY THE BRITISH COLUMBIA SECURITIES COMMISSION
Nuran Wireless Inc.'s principal regulator, the British Columbia Securities Commission, has issued a cease trade order as a result of the company's auditor, Mallette LLP, including a modified audit opinion in its audit report accompanying the audited financial statements of the company for the year ended Dec. 31, 2021. The qualification in the audit opinion arose in connection with the company's inability to provide sufficient evidence concerning cut-off procedures between years relating to the inability to complete physical inventory counts which was exacerbated by the travel restrictions due to the continuing COVID-19 pandemic, and the classification between inventories and accrued revenues relating to the adoption of IFRS (international financial reporting standards) 15.
The company has alternative means of providing such evidence and management of the company is currently working expeditiously with the company's independent auditor to refile the annual audited financial statements for the year ended Dec. 31, 2021, accompanied by an auditor's report that expresses an unmodified opinion, which the company anticipates will be done shortly. Upon filing of the revised audit report, the company will apply to the BCSC for a revocation of the CTO and subsequent approval for the resumption of trading of the company's common shares. Further updates will be provided in due course.
A copy of the CTO can be found on the BCSC's website.
About Nuran Wireless Inc.
Nuran Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G and 4G technologies, Nuran Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably.
We seek Safe Harbor.
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