VANCOUVER, British Columbia, April 18, 2025 (GLOBE NEWSWIRE) -- Hapbee Technologies, Inc. (TSXV: HAPB) (OTCQB: HAPBF) (FSE: HA1) (“Hapbee” or the “Company”), the digital wellness technology company, announces that it anticipates a delay in the filing of the financial statements required pursuant to Parts 4 and 5 of National Instrument 51-102 Continuous Disclosure Obligations (the “Instrument”). The delay stems from the replacement of the Company’s last auditor, Olayinka Oyebola & Co., Chartered Accountants (the “Former Auditor”) in September of 2024. Shortly after the Company’s current auditor, Morton Garellek, Chartered Professional Accountant (the “Auditor”) was appointed, the Former Auditor was charged with aiding and abetting securities fraud by the Securities & Exchange Commission in the United States. Since that time, the Auditor has been unable to obtain files and documentation relating to the Company from the Former Auditor, which now require the Auditor to perform additional audit procedures in order to complete the Issuer’s audited consolidated financial statements. Both the Company and the Auditor continue to work diligently towards the completion and filing of the Company’s financial statements and MD&A.
The Instrument requires that the Company’s audited consolidated financial statements, MD&A, and Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) certifications (collectively, the “Required Filings”) relating to the audited consolidated financial statements for the year ended December 31, 2024, be filed by April 30, 2025. The Company expects that the Required Filings will be completed and filed on or before June 30, 2025.
In connection with the anticipated delays in making the Required Filings within the time periods mandated by the Instrument, the Company has made an application under National Policy 12-203 Management Cease Trade Orders (“NP 12-203”) to the British Columbia Securities Commission, as principal regulator for the Company, requesting that a management cease trade order (“MCTO”) be issued. If granted, the MCTO will restrict all trading by the Company’s CEO and CFO in securities of the Company, whether direct or indirect. The issuance of the MCTO will not affect the ability of persons who are not directors, officers or insiders of the Company to trade their securities. The MCTO will remain in effect until two business days after the Required Filings are filed or until it is revoked or varied.
The Company confirms that it intends to satisfy the provisions of the “alternative information guidelines” described in NP 12-203 by issuing bi-weekly default status reports in the form of a news release for so long as it remains in default of the requirement to make the Required Filings. The Company has not taken any steps towards any insolvency proceeding, and the Company has no material information relating to its affairs that has not been generally disclosed.
About Hapbee
Hapbee is a digital wellness technology company that aims to help people take control of how they sleep, perform, and feel. Hapbee’s digital wellness library of Blends and Routines utilizes patented ultra-low radio frequency energy (ulRFE®), designed to help optimize users' sleep, productivity, recovery, and downtime. Hapbee devices and subscriptions are available for purchase at Hapbee.com and through a growing network of select distributors. You can learn more about how Hapbee works at www.hapbee.com/science.
Forward-Looking Statements
Certain statements included in this news release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This news release contains forward-looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties, and other factors. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Such statements and information are based on numerous assumptions regarding the Company’s ability to meet its planned product marketing and development initiatives and the Company’s ability to achieve its e-commerce rollout and full-scale commercial launch as anticipated.
Factors that could cause the actual results to differ materially from those in the forward-looking statements include, delays in design, production, manufacturing, development or releases of signal blends, collection of data from customer use, or the Company may not be able to achieve its targets as anticipated or at all; changes in legislation and regulations; increase in operating costs; equipment failures; failure of counterparties to perform their contractual obligations; litigation; the loss of key directors, employees, advisors or consultants and fees charged by service providers. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. These risks, uncertainties and assumptions could cause actual events or results to differ materially from those projected in any forward-looking statements. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company's forward-looking statements.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Media Contact: Jonathan Sheeri jon@hapbee.com T: 1 888-841-7086 www.hapbee.com
