VANCOUVER, British Columbia, May 30, 2017 (GLOBE NEWSWIRE) — Aydon Income Properties, Inc. (CSE:AYD) (the “Company”) announces that further to its news releases dated May 2, 2017 and May 16, 2017, the British Columbia Securities Commission, the Company’s principal regulator, issued a Management Cease Trade Order (“MCTO”) against the Company’s Chief Executive Officer and Chief Financial Officer on May 2, 2017, as opposed to a general cease trade order against the Company. The MCTO prohibits trading in securities of the Company, either directly or indirectly, by these individuals.
As disclosed in the Company’s News Release dated May 2, 2017 (the “Default Notice”) this action was expected due to the fact that the Company was unable to file its annual financial statements, Management’s Discussion & Analysis and related Chief Executive Officer and Chief Financial Officer certificates for its fiscal year ended December 31, 2016 (the “Required Filings”) before the May 1, 2017 filing deadline.
Pursuant to the requirements of Section 4.4 of National Policy 12-203 – Alternative Information Guidelines, the Company reports the following:
(i) There have been no material changes to the information contained in the Default Notice and the Company expects to file the Required Filings on or before June 15, 2017;
(ii) There have been no failures with respect to the Company fulfilling its stated intention of satisfying the requirements of filing the Required Filings;
(iii) There has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the Default Notice; and
(iv) There is no other material information about the affairs of the Company that has not otherwise been reported.
The Company confirms that it intends to satisfy the provisions of the alternative information guidelines so long as it remains in default of this filing requirement, being the provision of bi-weekly updates by way of news release.
Aydon Income Properties Inc. is a Real Estate Investment Company acquiring income producing real estate assets in select areas of the United States and Canada.
ON BEHALF OF THE BOARD
|Vid Wadhwani, Presidentemail@example.com|
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Statements in this release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the company can fulfill such forward-looking statements and the company undertakes no obligation to update such statements. Forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the company, some of which are beyond the company’s control.