Blockchain Power Announces Delay of Annual Filings
April 23, 2018
TORONTO, April 23, 2018 -- Blockchain Power Trust (“Blockchain Power” or the “Trust”) (BPWR-UN.V) announced today that it anticipates the filing of its annual financial statements, management’s discussion and analysis and related officer certifications for the financial year ended December 31, 2017 (collectively, the “Annual Filings”) will be delayed beyond the required filing deadline under Parts 4 and 5 of National Instrument 51-102 Continuous Disclosure Obligations and pursuant to National Instrument 52-109 Certification of Disclosure in Issuer’s Annual and Interim Filings, being April 30, 2018 (the “Filing Deadline”).
Due to the departure of the former Chief Financial Officer on March 6, 2018, and the timing of Ms. Soares’ appointment as replacement Chief Financial Officer on April 2, 2018, the Trust’s audit remains ongoing at this time. As a result, the Trust has determined that it will likely not be able to complete the audit and file the Annual Filings by the Filing Deadline. The Trust intends to work closely with its auditor and expects to file the Annual Filings as soon as possible, and in any event no later than May 15, 2018. The Trust does not anticipate any delay in filing its interim financial statements, management’s discussion and analysis, and the related officer certifications for the financial period ended March 31, 2018.
The Trust is providing this default announcement in accordance with National Policy 12-203 Management Cease Trade Orders (“NP 12-203”). The Trust has made an application to the Ontario Securities Commission, as principal regulator of the Trust, for a management cease trade order (“MCTO”) under NP 12-203 in respect of the anticipated default regarding the Annual Filings. The granting of the MCTO is at the discretion of the Ontario Securities Commission. The issuance of the MCTO generally will not affect the ability of persons who have not been directors, officers or insiders of the Trust to trade in their securities. In the event that the MCTO is granted, it will be in effect until the default is remedied.
The Trust intends to follow the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases, for as long as the Trust remains in default. The Trust confirms as of the date of this news release that there is no insolvency proceeding against it and there is no other material information concerning the affairs of the Trust that has not been generally disclosed.
For further information please contact:
|J. Colter Eadie
Chief Executive Officer
+351 938 810 979
Chief Financial Officer
About Blockchain Power
The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, has been formed to acquire interests in renewable energy assets in Romania, other countries in Europe and abroad that can provide stable cash flow to the Trust and a suitable risk-adjusted return on investment. The Trust seeks to provide investors with long-term, stable distributions, while preserving the capital value of its investment portfolio through investment, principally in a range of operational assets, which generate electricity from renewable energy sources, with a particular focus on solar and hydro power. The Trust intends to qualify as a “mutual fund trust” under the Income Tax Act (Canada) (the “Tax Act”). The Trust will not be a “SIFT trust” (as defined in the Tax Act), provided that the Trust complies at all times with its investment restriction which precludes the Trust from holding any “non-portfolio property” (as defined in the Tax Act). All material information about the Trust may be found under Blockchain Power’s issuer profile at www.sedar.com.
Statements in this press release contain forward-looking information. Such forward-looking information may be identified by words such as “anticipates”, “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may” and “will”. The forward-looking statements are founded on the basis of expectations and assumptions made by the Trust. Details of the risk factors relating to Blockchain Power and its business are discussed under the heading “Risks and Uncertainties” in Blockchain Power’s annual management’s discussion & analysis dated May 3, 2017 and Annual Information Form for the year ended December 31, 2016, a copy of each is available on Blockchain Power’s SEDAR profile at www.sedar.com. Most of these factors are outside the control of the Trust. Investors are cautioned not to put undue reliance on forward-looking information. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, Blockchain Power expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.