TORONTO, May 1, 2023 /CNW/ – RYAH GROUP Inc. (¨RYAH¨ CSE the ‘Corporation’)
RYAH wishes to update its shareholders and the investing public on the status of the Failure-to-File Cease Trade Order issued under National Policy 11-207 Failure-to-File Cease Trade Orders and Revocation in Multiple Jurisdictions (the Policy) and RYAH’s application for relief from section 144 of the Securities Act (Ontario).
In late July 2022, the OSC issued a Failure-to-File Cease Trade Order (“FFCTO”) on the trading of RYAH Group’s subordinate voting shares listed on the Canadian Securities Exchange, due to delays in filing the audited financial statements and related documents in accordance with regulations.
RYAH has worked diligently to address all issues raised by the OSC, but as it currently stands, the Company will be late in completing and filing the December 31, 2022, audited financial statements, due on May 1, 2023. To complete this work, the Company needs to make past due payments for 2021 audit and accounting work, and payments in advance to the auditors and the outside accountants to perform the 2022 work. Given the Company’s present inability to raise investment funds, the only way to secure the necessary funds is through advances or loans from shareholders or other investors. Management is currently very active in reaching out to investors to secure such loans or advances. Any shareholder or investor interested in offering such a loan or advance, on very favorable terms, are invited to reach out to RYAH management for details.
RYAH management continue to believe the Company has a very bright future, and that 2023 will be the crucial turning point. Revenues are growing, the sales pipeline is strong, and significant new opportunities can be exploited with appropriate investment. The entire RYAH team remains in place, and dedicated to the Company’s success, in spite of receiving no remuneration in many months. Based on the most recent trading data, RYAH Group appears to be significantly undervalued, based on its products, IP, people and strong potential.
RYAH wishes to reassure shareholders that it is working hard to address the present situation, to survive this existential crisis, and to thrive in the future. RYAH management will keep investors updated with regular news releases.
RYAH is a global Big Data and cannabis and other nutraceutical delivery technology company enabling valuable AI powered predictive analytics of the efficacy of plant-based medicines and other substances administered through its IoT-connected devices including the world’s only Smart InhalerTM and Smart PatchTM .
AI: Artificial Intelligence
IoT: Internet of Things
IP: Intellectual Property
This press release contains certain forward-looking statements, including, without limitation, statements containing the words “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “in the process” and other similar expressions which constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking statements reflect the Company’s current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Company’s on-going filings with the securities regulatory authorities, which filings can be found at www.sedar.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.
SOURCE RYAH Group, Inc.