Assure Holdings Corp. Announces Update
PARKER, Colo., May 01, 2018 (GLOBE NEWSWIRE) -- Assure Holdings Corp. (the “Company” or “Assure”) (TSXV:IOM) (OTCQB:ARHH) is announcing that the Company has applied for and received a Management Cease Trade Order (“MCTO”) effective May 1, 2018. Application for the MCTO was made to 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 “Required Annual Filings”) in accordance with National Instrument 51-102 Continuous Disclosure Requirements.
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.
As previously disclosed on March 12, 2018 and on March 22, 2018, EKS&H LLLP (the “Former Auditor”) resigned from its position as auditor of the Company. The Audit Committee and the Board of Directors are currently actively engaged in interviewing a suitable replacement and will provide an update as soon as an auditor has been appointed. The Company anticipates that it will be in a position to remedy the default and file the Required Annual Filings on or before the end of June 2018. Also, as previously disclosed on March 21, 2018, the Audit Committee is working closely with Rubin Brown LLP, forensic accountant, to address concerns of the Former Auditor. The Company will provide an update upon the completion of the forensic accountant’s review.
The Company intends to satisfy the provisions of the alternative information guidelines so long as it remains in default.
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 statements in this news release include: the Company anticipating that it will hire a new audit firm; that it will be in a position to remedy the default and file Audited Financial Statements and MD&A; that the Company will be able to implement improved corporate governance and internal controls; that the Company will “emerge” as a much stronger Company”; and that the Company will continue to work to expand its reach throughout the United States. 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.
Released May 1, 2018