AI/ML Innovations Inc. provides second status update

TORONTO, ON / ACCESSWIRE / September 20, 2024 / AI/ML Innovations Inc. (the “Pursue“) (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) announces, further to its press releases dated August 23, 2024, August 29, 2024 and September 6, 2024, that the Company’s principal regulator, the British Columbia Securities Commission (the “BCSC“), management issued a trading ban (the “MCTO“) on August 29, 2024 under National Policy 12-203 Management Cease Trade Orders (“NP12-203Pursuant to the MCTO, Paul Duffy, the Chief Executive Officer, and Tim Daniels, the Interim Chief Financial Officer, are prohibited from trading in securities of the Company until the Company files its audited financial statements, annual management report and related certificates for the fiscal year ended April 30, 2024 (collectively, the “Required documents“), and the BCSC’s Executive Director revokes the MCTO. The MCTO does not affect the ability of other shareholders to trade their securities.

Due to circumstances reasonably related to the Company’s delay in filing the required documents and the delay to which this Delay Status Report relates, the Company will postpone the deadline for filing its unaudited interim financial statements, interim management report and related certifications for the three-month period ended July 31, 2022 (collectively, “Interim registrationsDue to the Company’s delay in preparing the required documents, the interim filings could not be properly completed in accordance with Canadian securities laws and regulations. Pursuant to the securities laws of the provinces in which AI/ML is a reporting issuer, the interim filings must be filed by September 29, 2024.

The Company’s Board of Directors and management confirm that they are working expeditiously to file the required documents and expect to do so on or before September 30, 2024. They confirm that there is no other material information relating to the affairs of the Company that has not been generally disclosed since the Company’s press release dated September 6, 2024. The Company continues to work with its auditor regarding the review of the accounting data of its France-based investee, Tech2heal, to support its inclusion in the Company’s consolidated financial statements using the equity method of accounting. In addition, the Company expects to file the interim documents on or before October 15, 2024.

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