Prospect Park Announces Late Filing of Annual Financial Statements and Application for Management Cease Trade Order

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VANCOUVER, British Columbia, Jan. 25, 2023 (GLOBE NEWSWIRE) — Prospect Park Capital Corp. (CSE:PPK) (the “Firm”) broadcasts that it’s going to miss the deadline (the “Submitting Deadline”) of January 30, 2023 to file its audited annual monetary statements and administration dialogue & evaluation for the monetary years ended September 30, 2022 and 2021, and the CEO and CFO certificates, all as required by Nationwide Instrument 51-102 – Steady Disclosure Obligations and Nationwide Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings (collectively, the “Paperwork”).

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The default is anticipated because the Firm’s auditor has indicated it anticipates requiring further time to finish its audit and administration anticipates it might be mandatory to interact an impartial valuator to supply an opinion in respect of the acquisition values as on the year-end date in respect of two intangible belongings the Firm acquired through the 12 months ended September 30, 2022 to be able to correctly contemplate if they’ll help the place to auditor in respect thereof.

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Accordingly, the Firm has knowledgeable workers of the Ontario Securities Fee about its anticipated delay in submitting the Paperwork and has utilized to the Ontario Securities Fee pursuant to Half 4 of Nationwide Coverage 12-203 – Administration Stop Commerce Orders (“NP 12-203”) for a Administration Stop Commerce Order (“MCTO”) pending the submitting of the Paperwork, which MCTO will prohibit the Firm’s administration from buying and selling within the securities of the Firm till such time because the Paperwork are filed. No resolution has but been made by the Ontario Securities Fee on this utility. The Ontario Securities Fee might grant the appliance and situation the Administration Stop Commerce Order or it might impose an issuer stop commerce order if the Paperwork should not filed on or earlier than January 30, 2023.

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If a MCTO is issued, through the interval of default and till submitting of the Paperwork, the Firm confirms that it intends to fulfill the provisions of the “different info tips” as set out in NP 12-203, together with the requirement to file bi-weekly standing experiences within the type of information releases containing prescribed updating info. There may be no assurance {that a} MCTO might be issued. The Firm intends to work diligently and expeditiously with its auditors and expects to file the Paperwork as quickly as potential with a present expectation of on or about February 20, 2023.

Till the ‎Firm has filed the Paperwork, the Firm has imposed an insider buying and selling black-out on members administration and different insiders. The Firm confirms that, apart from as disclosed in prior press releases and materials change experiences, there have been no materials enterprise developments because the submitting on August 29, 2022 of the Firm’s newest ‎interim monetary experiences for the 9 month interval ended June 30, 2022‎.

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The Firm is just not presently topic to any insolvency proceedings. If the Firm gives any info to any of its collectors through the interval wherein it’s in default of submitting the Paperwork, the Firm confirms that it’s going to additionally file materials change experiences on SEDAR containing such info as is required.

For extra info please contact:

James Greig
Chief Govt Officer
Prospect Park Capital Corp.
Tel: (778) 788-2745

Neither the CSE nor its regulation companies supplier accepts accountability for the adequacy of accuracy of this launch. No inventory alternate, securities fee or different regulatory authority has accepted or disapproved the data comprise herein.

This information launch consists of sure statements and knowledge which will represent forward-looking info throughout the that means of relevant Canadian securities legal guidelines. Ahead-looking info pertains to future occasions or future efficiency and mirror the expectations or beliefs of administration of the Firm relating to future occasions.

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Typically, forward-looking statements and knowledge may be recognized by means of forward-looking terminology corresponding to “intends”, “expects” or “anticipates”, or variations of such phrases and phrases or statements that sure actions, occasions or outcomes “might”, “might”, “ought to”, “would” or will “probably” or “possible” happen. This info and these statements, referred to herein as “forward-looking statements”, should not historic details, are made as of the date of this information launch and embody with out limitation, statements relating to discussions of future plans, estimates and forecasts and statements as to administration’s expectations and intentions with respect to, amongst different issues: statements with respect to the issuance of a MCTO and the anticipated timing for submitting the Paperwork.

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These forward-looking statements contain quite a few dangers and uncertainties and precise outcomes may differ materially from outcomes instructed in any forward-looking statements. These dangers and uncertainties embody, amongst different issues, dangers associated to the failure of the Firm to obtain the required company and regulatory approvals, together with CSE approval, in addition to these danger components mentioned or referred to within the Firm’s disclosure paperwork filed with the securities regulatory authorities in sure provinces of Canada and out there at www.sedar.com. In making the ahead wanting statements on this information launch, the Firm has utilized a number of materials assumptions, together with with out limitation, assumptions relating to the Firm receiving the required company and regulatory approvals, together with CSE approval.

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Though administration of the Firm has tried to establish essential components that would trigger precise outcomes to vary materially from these contained in forward-looking statements, there could also be different components that trigger outcomes to not be as anticipated, estimated or meant. There may be no assurance that such statements will show to be correct, as precise outcomes and future occasions might differ materially from these anticipated in such statements. Accordingly, readers shouldn’t place undue reliance on forward-looking statements. Readers are cautioned that reliance on such info will not be acceptable for different functions. Any such forward-looking statements are expressly certified in its entirety by this cautionary assertion. The forward-looking statements included on this information launch is made as of the date of this information launch. The Firm doesn’t undertake to replace any forward-looking assertion referred to herein, besides in accordance with relevant securities legal guidelines.

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