Tickers: XCNQ:DLMA
Tags: #Mining, #RealEstate
Montreal, Quebec / TheNewswire / Canada, May 1st, 2019 -The Delma Group Inc. (CSE:DLMA) (the "Company") announces that the filing of its audited financial statements for the fiscal year ended December 31, 2018, including the related management discussion and analysis, and CEO and CFO certifications (collectively, the "Annual Financial Filings") will not be made by the required filing deadline of April 30, 2019 (the "Filing Deadline"). As a result, the Company has applied to theBritish Columbia Securities Commissionfor a management cease-trade order. If approved, this application would give the Company extra time to complete its audit and file its annual financials without a full cease-trade order being issued.
The Company experienced temporary difficulties in collecting all the required documentation for the Annual Financial Filings by the Filing Deadline, including the appraisal of properties classified by the Company as held for sale that are located in jurisdictions outside of Canada. These difficulties delayed the auditing process of the 2018 financial statements by several weeks.
The Annual Filings will be filed as soon as the audit work is completed. Currently, the Company estimates that the audited financial statements will be available under fifteen days as of the date hereof. The Company therefore expects to file on or before May 15, 2019. The Company has all the necessary financial and human resources, including a requisite number of directors and officers in place, to address this default in a timely and effective manner and comply with all other continuous disclosure requirements (other than those associated with the default) for the duration of the default. In accordance with its regulatory obligations, the Company will disclose any other material information concerning its affairs that has not been generally disclosed. The Company hereby confirms that it intends to satisfy the provisions of the alternative information guidelines so long as it remains in default of a specified requirement.
The Delma Group's origins date back more than 25 years. In Montreal, it owns and operates real estate assets in Canada, USA and Europe. The Delma Group puts forward an agile and efficient investment platform aimed at optimizing yield while mitigating risks through its various subsidiaries. The Company is distinctively integrated both vertically and horizontally. It operates in the development, acquisition and management of multi-purpose properties.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDERHAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release contains discussion of items that may constitute forward-looking statements within themeaning of securities laws that involve risks and uncertainties. Such statements include those with respect to the date on which the audit of the Company's 2018 financial statements will begin, the time that audit will take tocomplete,andthedatethattheAnnualFilingswillbefiled.AlthoughtheCompanybelievestheexpectations
reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurancesthat its expectations will be achieved. Such assumptions, which may prove incorrect, include the following: (i) the Company will succeed in retaining new auditors within a reasonable timeframe, (ii) the Company's new auditors will begin their work forthwith, (iii) the audit of the Company's 2018 financial statements will not take longer than has been customary, (iv) the auditors will be in a position to issue an auditor's report without reservations upon the completion of their audit, and (v) the Company will be in a position to file the Annual Filings shortly after the audit is complete. Factors that could cause actual results to differ materially from expectations include (i) the inability of the Company to successfully retain new auditors for whatever reason,
(ii) the inability of those auditors to begin or complete their audit in a reasonable timeframe, (iii) the inabilityof the auditors to issue an unqualified auditor's report upon the completion of their audit and (iv) the Company's inability to file the Annual Filings for whatever reason after the audit has been completed. These factors and others are more fully discussed in the Company's filings with Canadian securities regulatory authorities available atwww.sedar.com.Actual results may vary from the forward-lookinginformation.
CONTACT:
Joseph Cianci
Chief Financial Officer 1.844.663.3562 Ext.102
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