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BTQ Technologies Corp. Issues Bi-Weekly Management Update Amid Audit Delays

VANCOUVER, BC, May 16, 2024 /PRNewswire/ – BTQ Technologies Corp. ("BTQ"), a leader in advanced cryptographic solutions, has provided a bi-weekly update on the status of the management cease trade order (MCTO) initially issued on April 3, 2024. This order was declared by the company’s primary regulator, the British Columbia Securities Commission (BCSC), in accordance with National Policy 12-203 – Management Cease Trade Orders ("NP 12-203"). This update follows the announcement made by BTQ on March 18, 2024, which indicated the company’s inability to submit its audited annual financial statements for the year ended December 31, 2023. This delay also pertains to the required management’s discussion and analysis, certifications, and the annual information form.

BTQ had initially projected to file the Annual Filings by May 24, 2024. However, the audit process has experienced delays, and the Company’s auditors have since informed BTQ that they will need additional time to complete the audit. Consequently, the new estimate set by the Company for filing the Annual Filings is on or before June 3, 2024.

This setback has, in turn, caused a knock-on effect for the filing of BTQ’s interim financial statements. The interim documents, pertinent to the three months ending March 31, 2024, and the associated management’s discussion and analysis and certifications (collectively known as the "Interim Filings") will also be delayed. The anticipated date for submission of these interim filings is now extended to on or before June 10, 2024.

Amid these developments, BTQ has assured stakeholders and regulatory authorities that, aside from the details revealed, there are no significant changes to the information presented in the Default Announcement. These assurances extend likewise to the information within subsequent press releases dated April 4, April 17, and May 1, 2024, concerning the MCTO’s issuance. The company also provided confirmations regarding its continuing compliance with NP 12-203’s alternative information guidelines. They have committed to the issuance of bi-weekly default status reports in the form of press releases during the continuation of this delay.

Additionally, BTQ has stated there is no information of any anticipated significant default subsequent to the current filing delay. It is also not facing any insolvency proceedings at this time. Furthermore, the company has stressed that there is no substantial information related to the affairs of the company that remains undisclosed to the public.

Understanding BTQ Technologies Corp.

Rooted in a dedication to addressing the looming security threat imposed by large-scale universal quantum computers, BTQ Technologies was founded by a team of post-quantum cryptographers. Leveraging the expertise from leading research institutions and universities, BTQ is at the forefront of innovation, integrating software and hardware solutions to safeguard critical network infrastructures against post-quantum vulnerabilities.

Connect with BTQ

To maintain strong ties with its clients, partners, and the general public, BTQ Technologies proudly offers multiple platforms for connectivity and engagement. You can explore more about the company and its services on their Website or join their professional network by visiting their LinkedIn page.

Olivier Roussy Newton, serving as the CEO and Chairman of BTQ Technologies, is at the helm of the board of directors, steering the company through its current state of affairs and onward toward future successes.

Forward-Looking Statements and Corporate Transparency

In line with regulatory requirements and to ensure corporate transparency, BTQ has disclosed "forward-looking information" as part of its announcements. This form of information encapsulates the company's projected plans and operations, including the anticipated timeline for the completion and filing of the Annual Filings, as well as the duration of the MCTO. The forward-looking information is based heavily on expectations, estimates, and projections at the time of the news release.

Various factors could influence actual results, diverging significantly from the presented forward-looking information. The risks include potential delays beyond current expectations in completing the audit and the filing of the Annual Filings. If these delays materialize, the company could face a general cease trade order. Essential factors and risks are more fully documented under the company’s filings at www.sedarplus.ca for those seeking further information.

Making assumptions about the future, especially concerning a company's operational timeline, comes with uncertainties. BTQ has based its forward-looking statements on the belief that it will be able to finalize and submit the necessary Annual Filings. No significant events are currently expected to deviate from the company’s regular business conduct. Despite reasonable belief in the validity of the assumptions within the forward-looking information, BTQ Technologies Corp. issues a cautionary note against placing undue reliance on such statements due to the inherent uncertainty they hold.

This caution illustrates a commitment to transparency and highlights the unpredictable nature of business affairs. BTQ reassures its investors and the market at large that it is hard at work to resolve the current delays and return to its regular reporting schedule as promptly as possible.

Commentary From BTQ’s Leadership

Reflecting on the situation, CEO Olivier Roussy Newton expressed his confidence in the company’s efforts to expedite the process and ensure that all filing requirements are met in a timely manner. "Our team is working closely with the auditors to address the audit’s extended requirements," Newton stated. "We are also committed to keeping our stakeholders well-informed as we navigate through this period of delay. Transparency and open communication remain our top priorities."

Conclusion

While the delay has posed a short-term challenge for BTQ Technologies Corp., the company remains steadfast in its mission to deliver post-quantum security solutions to protect critical infrastructures around the world. Adhering to its ethos of responsibility, transparency, and innovation, BTQ continues to engage with its stakeholders and regulatory bodies to ensure the timely resolution of the current compliance and reporting issues.

As BTQ solidifies its position in the field of cryptographic security, interested parties are encouraged to follow its progress through official channels and press releases. Subsequent updates will doubtlessly shed further light on the company’s financial performance and strategic direction in the wake of this period of intense scrutiny and anticipation.

The content provided by PRNewswire and BTQ Technologies Corp. serves as a testament to the company’s dedication to corporate governance and its commitment to maintaining the confidence of its investors, partners, and regulatory authorities.

Disclaimer: Neither Cboe Canada nor its Regulation Services Provider shall bear responsibility for the adequacy or accuracy of this release. This news article includes forward-looking statements, which are subject to risks and uncertainties. For complete information, consult the company's full disclosures at www.sedarplus.ca.

SOURCE: BTQ Technologies Corp.

As BTQ Technologies navigates these complexities, their commitment to the integrity of their fiscal reporting and the overarching goal of safeguarding cyberspace remains unwavering, further underscored by the assurances provided by their CEO and the diligent efforts of their auditing team.

PRNewswire

This compendium of information was compiled from the latest updates and reports from BTQ Technologies Corp. Any parties interested in learning more about the ongoing developments or the company’s pioneering initiatives in post-quantum cryptography are encouraged to access detailed content via the links provided throughout the article.

SEDAR

Investors looking for comprehensive details regarding BTQ Technologies Corp.'s regulatory filings and the risks involved can refer to the documents submitted and available through the System for Electronic Document Analysis and Retrieval (SEDAR).