Composite Alliance Group Files Annual Financial Statements and Provides Update to the Filing of Its Interim Financial Statements

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Calgary, Alberta–(Newsfile Corp. – June 16, 2020) – Composite Alliance Group Inc. (formerly CanAsia Financial Inc.) (TSXV: CAG) (the “Company” or “CAG“) provides an update with respect to the filing of its annual financial statements and management’s discussion and analysis for the twelve-month period ended December 31, 2019 (collectively the “Annual Filings“). CAG previously announced on April 23, 2020 that the Company will be relying on relief granted by the Alberta Securities Commission under Alberta Instrument 51-517 – Temporary Exemption from Certain Corporate Finance Requirements (the “Alberta Instrument“) (and similar exemptions provided by the securities commissions in British Columbia, Saskatchewan and Ontario) for temporary exemption from the following Annual Filing documents due to the challenges created by COVID-19:

  • the Company’s Annual Audited Financial Statements for the twelve-month period ended December 31, 2019 as required by section 4.2 of National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102“); and
  • the Company’s Management Discussion & Analysis for the twelve-month period ended December 31, 2019 as required by section 5.1(2) of NI 51-102.

It was previously announced that the Annual Filings would be filed no later than June 1, 2020 and it was further announced that due to continued COVID-19 related delays, the Company would require additional time and expected to file the Annual Filings no later than June 15, 2020. The Company is pleased to announce that it has filed its Annual Filings.

The Company further confirms that filing of its unaudited interim quarterly financial statements and accompanying management’s discussion and analysis for the quarter ended March 31, 2020 (collectively the “Q1 Filings“) will be postponed due to delays caused by the COVID-19 pandemic. The Q1 Filings would ordinarily have been filed on or before June 1, 2020, the required deadline set by NI-51-102. CAG is relying on the exemption provided in the Alberta Instrument, which provides the Company with an additional 45 days to complete its Q1 Filings, which includes the following continuous disclosure documents:

  • the Company’s unaudited financial statements for the quarter ended March 31, 2020 as required by section 4.4 of NI 51-102; and
  • the Company’s management’s discussion and analysis for the quarter ended March 31, 2020 as required by section 5.1(2) of NI 51-102.

The Company expects to file the Q1 Filings no later than July 14, 2020.

Until the Company has filed the Q1 Filings, members of the Company’s management and other insiders are subject to a trading blackout reflecting the principles contained in section 9 of National Policy 11-207 – Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions.

Since May 22, 2020, when the Company provided an update on its reliance on the Alberta Instrument with respect to the Annual Filings and Q1 Filings, the following significant business development has occurred:

  • As of the date hereof most of the employees of the Company’s subsidiary Techni Modul Engineering S.A. located in Clermont-Ferrand, France have returned to work but are required to practice social distancing and wear face masks.

For further information, please contact Dale Burstall, Corporate Secretary and Director, via email at dale@burstall.com.

Forward Looking Statements

This news release may contain certain forward-looking information and statements. Statements containing the words: ‘believes’, ‘intends’, ‘expects’, ‘plans’, ‘seeks’ and ‘anticipates’ and any other words of similar meaning are forward-looking. All statements included herein involve various risks and uncertainties because they relate to future events and circumstances beyond the Company’s control. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company’s disclosure documents on the SEDAR website at www.sedar.com. Any forward-looking statements are made as of the date of this press release and the Company does not undertake to update any forward-looking information except in accordance with applicable securities laws

Neither the 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 news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/57938