ARNPRIOR, ON / ACCESSWIRE / July 29, 2020 / Plaintree Systems Inc. (CSE:NPT) ('Plaintree' or the 'Company') announces that due to challenges related to the COVID-19 pandemic, it will be postponing its reporting of the Company's audited financial statements, accompanying management's discussion and analysis, and related CEO and CFO certifications for the year ended March 31, 2020 (the 'Annual Filings'), required to be filed by July 29, 2020 pursuant to National Instrument 51-102 - Continuous Disclosure Obligations ('NI 51-102'). The Company will also be postponing the reporting of its interim financial statements and accompanying management's discussion and analysis for the three (3) month period ending June 30, 2020 (the 'Interim Filings'), that is required to be filed by August 29, 2020 pursuant to NI 51-102. This news release is being issued pursuant to the temporary relief of a 45-day extension provided by the Canadian Securities Administrators and Ontario Instrument 51-505 - Temporary Exemption from Certain Corporate Finance Requirements with Deadlines during the Period from June 2, to August 31, 2020.
Plaintree expects to file its Annual Filings by September 12, 2020 and its Interim Filings by October 13, 2020.
Until such time as the Annual Filings and Interim Filings are filed on SEDAR, the Company will observe a trading blackout consistent with the principles contained in National Policy 11-207 - Failure-to-File Cease Orders and Revocations in Multiple Jurisdictions.
The Company confirms that there have been no material business developments that have occurred since the filing of its interim financial statements and management's discussion and analysis for the three (3) and nine (9) months ended December 31, 2019 on February 28, 2020.
Plaintree has two diversified product lines consisting of Specialty Structures and Electronics.
The Specialty Structures Division includes the former Triodetic Group with over 40 years of experience, is a design/build manufacturer of steel, aluminum and stainless steel specialty structures such as commercial domes, foundations for unstable soil conditions and flood zones, for free form structures, barrel vaults, space frames and industrial dome coverings and Spotton Corporation, a design and manufacturer of high end custom hydraulic and pneumatic valves and cylinders.
The Electronics Division includes the legacy Hypernetics and Summit Aerospace USA Inc. businesses. Hypernetics was established in 1972 and is a manufacturer of avionic components for various applications including aircraft antiskid braking, aircraft instrument indicators, solenoids, high purity valves and permanent magnet alternators. Summit Aerospace USA Inc. provides high precision machining to the aerospace and defense markets. Our facility includes 5 axis CNC precision machining of complex castings and large ring parts such as turbine and assembly shrouds as well as assembly & pressure seals. Summit will support requirements from concept, prototype and throughout production.
Plaintree's shares are traded under the symbol 'NPT'. Shareholders and Investors can access Company information on CSE's website and receive full Company disclosure monthly. For more information on Plaintree or to receive stock quotes, complete with trading summaries, bid size and ask price, brokerage house participation, insider reports, news releases, disclosure information, and CSE and SEDAR filings, visit the CSE website at www.cnsx.ca or the Company's website at www.plaintree.com.
Plaintree is publicly traded in Canada on the CSE (NPT) with 12,925,253 common shares and 18,325 class A preferred shares outstanding.
This press release may include statements that are forward-looking and based on current expectations. The actual results of the company may differ materially from current expectations. The business of the company is subject to many risks and uncertainties, including changes in markets for the company's products, delays in product development and introduction to manufacturing and intense competition. For a more detailed discussion of the risks and uncertainties related to the company's business, please refer to documents filed by the company with the Canadian regulatory authorities, including the annual report of the Company for the fiscal year ended March 31, 2019 and related management discussion and analysis.
Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
For further information: Lynn Saunders, CFO (613) 623-3434 x2223
SOURCE: Plaintree Systems Inc.
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