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Assure Holdings Corp. Announces Update
PARKER, Colo., July 24, 2018 (GLOBE NEWSWIRE) -- Assure Holdings Corp. (the “Company” or “Assure”) (TSXV:IOM) (OTCQB:ARHH) is providing an update relating to the appointment of its new auditor and an update relating to the Management Cease Trade Order (“MCTO”), effective May 1, 2018, previously applied for and granted by the British Columbia Securities Commission (the “BCSC”) in anticipation that the Company would not meet the filing deadline for its audited annual financial statements, management discussion and analysis (“MD&A”) and CEO and CFO certificates for the year ended December 31, 2017 (the “2017 Annual Filings”) in accordance with National Instrument 51-102 Continuous Disclosure Requirements. The BCSC confirmed an extension to the MCTO allowing the Company until August 3, 2018 to file the 2017 Annual Filings and interim unaudited financial statements and MD&A for the three-month ended March 31, 2018 (the “Q1 2018 Interim Statements”). Further to the Company’s status report filed on June 26, 2018, Assure also intends to simultaneously file restated 2016 audited financial statements and MD&A (the “Restated 2016 Annual Filings”).
Update relating to Management Cease Trade Order
The MCTO will remain in effect until the Company is no longer in default with respect to its filing requirements and the BCSC lifts the MCTO. The MCTO restricts all trading in securities of the Company, whether direct or indirect, by management of the Company until such time as the Restated 2016 Annual Filings, 2017 Annual Filings and Q1 2018 Interim Filings have been filed by the Company. The MCTO does not generally affect the ability of shareholders who are not insiders of the Company to trade their securities. The Company is working diligently with external audit firms performing the audit for the purpose of the 2017 Annual Filings and the Restated 2016 Annual Filings to meet the August 3, 2018 filing deadline. However, the Company assesses there is risk the deadline may not be met.
Furthermore, the Company is required to file its Q1 2018 Interim Statements by August 3, 2018. The ability to complete this quarterly filing is significantly impacted by the timing of completion of the 2017 Annual Filings and the Restated 2016 Annual Filings. Failure to meet the deadline will likely result in the BCSC imposing a cease trade order until all such filing requirements are satisfied.
The Company intends to continue to satisfy the provisions of the alternative information guidelines set out in National Policy 12-203 – Management Cease Trade Orders. The Company also remains committed to remediating its control environment over financial reporting and has committed to resolving the material weaknesses leading to the errors mentioned above.
About Assure Holdings Corp.
Assure Holdings Corp. is a Colorado-based company that works with neurosurgeons and orthopedic spine surgeons to provide a turnkey suite of services that support intraoperative neuromonitoring activities during invasive surgeries. Assure employs its own staff of technologists and uses its own state-of-the-art monitoring equipment, handles 100% of intraoperative neuromonitoring scheduling and setup, and bills for all technical services provided. While Assure focuses primarily on supporting spinal and vascular surgeries, plans are in place to support other classes of medicine that rely on the standard of care that intraoperative neuromonitoring provides. For more information, visit the Company’s website at assureIOM.com.
This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that Assure anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Such information may involve, but is not limited to, comments with respect to strategies, expectations, planned operations and future actions of the Company. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results "may", "could", "would", "might" or "will" (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of Assure to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to Assure, including information obtained from third-party industry analysts and other third-party sources, and are based on management's current expectations or beliefs regarding future growth, results of operations, future capital (including the amount, nature and sources of funding thereof) and expenditures. Any and all forward-looking information contained in this press release is expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The securities of the Corporation have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Peter Csapo, Chief Financial Officer
Assure Holdings Corp.