Toronto, Ontario – June 20, 2024 – Zonetail Inc. (“Zonetail” or the “Company”) (TSXV: ZONE) (OTC Pinks: ZTLLF) provides an update on the Ontario Securities Commission (the “OSC”) failure-to-file cease trade order (the “FFCTO”) against the Company under Multilateral Instrument 11-103 – Failure-to-File Cease Trade Orders in Multiple Jurisdictions.The FFCTO was issued on May 7, 2024, as a result of the Company’s delay in filing its annual financial statements, accompanying MD&A and CEO and CFO certifications for the fiscal year ended December 31, 2023 (the “Required Filings”) beyond the regulatory deadline of April 29, 2024.
Zonetail has been working diligently with its auditor to complete the required filings. The Company expects to be in a position to file the Required Filings no later than June 21, 2024. The Company is also required to file is interim financial statements and MD&A and CEO and CFO certifications. These documents are expected to be filed shortly after the Required Filings.
The OSC has indicated in its policies that the automatic revocation of the FFCTO will occur within 2 business days from the filing of all the Company’s required filings noted above.
Following the FFCTO, the Company must then obtain approval to re-list is common shares for trading on the TSX Venture Exchange. That process is underway and expected to be complete, with the Company re-listed for trading next week.
The Company also wishes to clarify information from its final press release regarding its private placement issued on May 3, 2024. The Company paid eligible finders (“Finders”), all of whom are at arm’s length to the Company and its insiders within the meaning of Policy 5.1 of the TSX Venture Exchange (the “Exchange”), cash compensation as finders fees of $840 and issued an aggregate of 42,000 finders warrants of the Company (“Finders Warrants”). Each Finder Warrant entitles the holder to purchase one Share of the Company at an exercise price of $0.05, for a period of thirty-six (36) months from the closing date of the Offering.
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.
About Zonetail
Zonetail Inc. (TSXV: ZONE) (OTC Pink: ZTLLF) is a mobile platform and market network. Our Mission is to provide a state-of-the-art mobile platform that enables high-rise residents to better manage their homes by connecting people to products, amenities, and services. Our Vision is to build a critical mass of users in the hard-to-reach, high rise residential vertical, through a unique mobile market network model – providing vital information, products, and services at the tap of a screen. We are the search engine to optimize your home. Zonetail is partnered with Yardi, Shiftsuite and now MRI Software which together account for an estimated 50 million households across North America.
Please visit https://www.zonetail.com.
For more information, please contact:
Mark Holmes, President and CEO, Zonetail Inc.
T: (416) 994-5399 E: mark@zonetail.com
Legal Disclaimer and Forward-Looking Statements
This press release contains forward-looking statements that relate to Zonetail’s current expectations and views of future events. In some cases, these forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “anticipate”, “aim”, “estimate”, “intend”, “plan”, “seek”, “believe”, “potential”, “continue”, “is/are likely to” or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Certain matters discussed in this announcement contain statements, estimates and projections about the growth of Zonetail’s business, potential distribution partnerships and/or clients, and related business strategy. Such statements, estimates and projections may constitute forward-looking statements within the meaning of the federal securities laws. Factors or events that could cause our actual results to differ may emerge from time-to-time. Zonetail undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The recipient of this information is cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are based on certain assumptions and analysis made by Zonetail in light of its experience and perception of historical trends, current conditions and expected future developments and other factors Zonetail believes are appropriate, and, are subject to risks and uncertainties. Although Zonetail believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. Given these risks, uncertainties and assumptions, prospective purchasers should not place undue reliance on these forward-looking statements.