TORONTO, May 1, 2024
/CNW/ -- ApartmentLove Inc. (CSE: APLV) ("ApartmentLove" or
the "Company"), a leading provider of online home, apartment, and
vacation rental marketing services to property managers, owners,
renters, and vacationers from around the world has announced the
Company's delay in filing its annual financial statements for the
year ended December 31, 2023 and
related management discussion and analysis (collectively, the
"Financial Statements"), and the CEO and CFO certificates relating
to the Financial Statements (the "Required Filings"), beyond the
prescribed filing deadline of April 29,
2024 (the "Filing Deadline").
The Company's delay in filing its Required Filings by the Filing
Deadline is due to unexpected delays and requirements in the
information gathering process for the year ended December 31, 2023 audit of the Company, which was
carried out by RSM Canada LLP, the Company's auditor (the
"Auditor"). The Company has been using its best efforts to provide
all information and documents requested by the Auditor as soon as
possible, however additional information and document requests have
been received as of the Filing Deadline which the Company is in the
process of responding to. As a result of recent new and additional
requests from the Auditor for information and documents, the
Company was unable to file the Required Filings as of the Filing
Deadline.
Considering the foregoing factors, it is the Company's view that
should the present circumstances warrant the imposition of a
management cease trade order ("Management CTO"), rather than an
issuer cease trade order, as contemplated under National Policy
12-203 – Management Cease Trade Orders ("NP 12-203"). The
Company has applied for a Management CTO, however there is no
assurance that it will be granted.
The Company proposes to remedy the default by diligently working
with the Auditor to ensure the filing of its Required Filings as
soon as possible. The Company expects to be in a position to issue
and file the Required Filings by May 17,
2024, and in any event within two months after the Filing
Deadline.
The Company therefore fully expects to file its Required Filings
prior to the expiration of the two month period after the Filing
Deadline as prescribed by NP 12-203. Further, the Company has
confirmed that it intends to satisfy the provisions of the
alternative information guidelines described in Sections 9 and 10
of NP 12-203 for so long as it remains in default for failure to
file the Required Filings. Should the Company fail to file the
appropriate Default Status Reports as prescribed by NP 12-203, the
securities commissions or regulators may, as a result of such
failure, impose an Issuer Cease Trade Order.
The Company confirms that it is not subject to any insolvency
proceeding as of the date hereof. The Company also confirms that
there is no other material information concerning the affairs of
the Company that have not been generally disclosed as of the date
herein.
About ApartmentLove Inc.
ApartmentLove Inc. (CSE: APLV) is a leading provider of online
home, apartment, and vacation rental marketing services to property
managers, owners, renters, and vacationers in more than
30-countries around the world. Promoting more than 350,000 daily
active homes, apartments, and vacation properties on its network of
short-term and long-term rental marketing websites, ApartmentLove
has proven its ability to scale as a fast-growing "PropTech" in
today's complex and dynamic markets. Seeking to consolidate the
deeply fragmented internet listing industry, ApartmentLove has
acquired multiple businesses that have many monthly active users, a
history of recurring revenues, positive cashflows, and custom
technologies that accelerate and de-stress the renting
experience.
For more information visit ApartmentLove's website at
https://apartmentlove.com/investors, ApartmentLove's profile on
SEDAR+ at www.sedarplus.com
Disclaimer and Reader Advisory
The Canadian Securities Exchange does not accept
responsibility for the adequacy or accuracy of this news release.
Certain information set forth in this news release may contain
forward-looking statements that involve substantial known and
unknown risks and uncertainties, certain of which are beyond the
control of the Company. Forward-looking statements are frequently
characterized by words such as "plan", "continue", "expect",
"project", "intend", "believe", "anticipate", "estimate", "may",
"will", "potential", "proposed" and other similar words, or
statements that certain events or conditions "may" or "will" occur.
These statements are only predictions. Readers are cautioned that
the assumptions used in the preparation of such information,
although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be
placed on forward-looking statements. Forward looking statements
include but are not limited to the successful filing of the
Required Filings by May 17, 2024, and
in any event within two months after the Filing Deadline. The
Company assumes no obligation to update forward-looking statements,
whether as a result of new information, future events, or
otherwise, except as required by applicable law.
Risk factors can also be found in the Company's continuous
disclosure documents which have been filed on SEDAR+ and can be
accessed at www.sedarplus.com. Because of the risks, uncertainties,
and assumptions contained herein, investors should not place any
undue reliance on forward looking information. The foregoing
statements expressly qualify any forward-looking information
contained herein.
ApartmentLove® | the feeling of
home
SOURCE ApartmentLove Inc.