NEW YORK, May 28, 2020 /CNW/ -- Frankly Inc.
("Frankly" or the "Company"), a multi‑platform
engagement, monetization and data company and a wholly-owned
subsidiary of Torque Esports Corp. (TSXV:GAME) (OTCQB: MLLLF)
("Torque"), provides the following update with respect to
the Company's reliance on the temporary blanket relief (the
"Relief") for market participants published by the Canadian
Securities Administrators, which Relief provides reporting issuers
with a 45-day extension for filings required on or before
June 1, 2020 as a result of the
impacts of the ongoing COVID-19 pandemic.
The Company had previously announced that it was relying on the
Relief, in accordance with BC Instrument 51-515 – Temporary
Exemption from Certain Corporate Finance Requirements, with
respect to the filing of its audited annual consolidated financial
statements and accompanying management's discussion and analysis
and related CEO and CFO certificates for the fiscal year ended
December 31, 2019 (collectively the
"Annual Filings"), which were required to be filed on or
before April 29, 2020. As a result of
the Relief, provided the Company is still a "reporting issuer" at
such time, the Annual Filings are required to be filed on or before
June 13, 2020.
The Company advises that it also intends to rely on the Relief
with respect to the filing of its interim financial report and
accompanying management's discussion and analysis and related CEO
and CFO certificates for the three-month period ended March 31, 2020 (the "Q1 2020 Filings"),
which are required to be filed on or before June 1, 2020. As a result of the Relief, provided
the Company is still a "reporting issuer" at such time, the Q1 2020
Filings are required to be filed on or before July 16, 2020.
Since the Company's initial announcement on April 28, 2020 that it was relying on the Relief,
the only material business development has been the completion of
the business combination pursuant to which the Company was acquired
by Torque, which transaction was completed on May 8, 2020.
Cautionary Statement on Forward-Looking
Information
This news release includes forward-looking information
regarding Frankly, including statements with respect to timing of
the filing of the Annual Filings and Q1 2020 Filings and the
Company's expectation to apply to cease to be a reporting
issuer. Forward-looking information depends on certain
assumptions that management deems to be reasonable in the
circumstances, but such assumptions may prove to be incorrect and
the actual outcome of any forward‑looking information cannot be
guaranteed. In making the forward-looking information contained in
this news release, management has made assumptions which they
believe to be reasonable in the circumstances, including
assumptions relating to the expected timing to complete an
application to cease to be a reporting issuer in Canada, and assumptions regarding the
Company's ability to file the Annual Filings and Q1 2020 Filings,
as applicable, by the extended deadline. However, such
forward‑looking information may not occur as contemplated or at
all, and actual results could differ materially from those
contemplated or expected as a result of known and unknown risk
factors and uncertainties. Such risks include, but are not limited
to, risks that the Company will be unable, for any reason, to cease
to be a reporting issuer by the extended filing deadlines or that
the Company may be unable to file the Annual Filings and/or the Q1
2020 Filings by the applicable extended filing deadline, and
general risks relating to the ongoing COVID-19 pandemic and the
prevailing volatile and adverse general market conditions.
Accordingly, readers should not place undue reliance on
forward‑looking information contained in this news release. Except
as required by applicable securities laws, forward-looking
information speaks only as of the date on which they are made and
Frankly undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise, except as required by applicable
law.
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SOURCE Frankly Media