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Sparx Technology Inc.

Vancouver, British Columbia, Canada -TheNewswire -October 30, 2023 -Sparx Technology Inc. (the “Company”) (TSXV:SPRX) announces that it anticipates a delay in filing its financial statements for the period ended June 30, 2023, and the related management’s discussion and analysis, and CEO and CFO certifications (collectively, the “Required Filings”), which are required to be filed on or before October 30, 2023 (the “Filing Deadline”). The expected delay in filing the Required Filings is due to a delay in payment of audit fees, which have since been resolved.

The Company applied to the British Columbia Securities Commission (the “BCSC”), the Company’s principal securities regulator in Canada, for the issuance of a management cease trade order (“MCTO”) under the provisions of National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”) to be granted in connection with the late filing of the Required Filings, so as to permit the continued trading in the Company’s common shares by persons other than the Company’s Chief Executive Officer, Chief Financial Officer and such other directors, officers and persons as determined by the applicable regulatory authorities. The BCSC determined that the Company was not entitled to the MCTO as the Company’s shares did not meet the requirements in NP 12-203 with respect to having an “active, liquid market”, and informed the Company that staff of the BCSC will issue a failure-to-file cease trade order (an “FFCTO”) for the failure to file the Required Filings by the Filing Deadline. Once issued, the FFCTO will remain in effect until the Required Filings are filed and will prohibit trading in the Company's common shares by any person in each jurisdiction in Canada in which the Company is a reporting issuer, for as long as the FFCTO remains in effect. If the default is remedied within 90 days of the date of the FFCTO, including any annual or interim financial statements, management's discussion and analysis, and Chief Executive Officer and Chief Financial Officer certificates that subsequently become due, the filing of the Required Filings will constitute an application to revoke the FFCTO.

The Company will continue to work diligently with its auditor to complete the audit and file the Required Filings. There is no assurance that the Company will be able to remedy its filing default and have the FFCTO revoked in a timely manner or at all.

ON BEHALF OF THE BOARD of DIRECTORS

Al Thorgeirson
Chief Executive Officer and Director

 

For further information please contact:
Email: invest@sparxtechnology.com
Phone: (778) 732-5055

Forward-Looking Information

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information regarding: the ability of the Company to work with its auditor to complete the audit and file the Required Filings or any subsequent required filings, the revocation of the FFCTO. ‎There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects the Company’s current beliefs and is based on information currently available to the Company and on assumptions the Company believes are reasonable. These assumptions include, but are not limited to, the ability of the Company to complete the Required Filings. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. he forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. However, the Company expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined under the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

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