FRX Innovations Announces Delay of Annual Filings
Chelmsford, Massachusetts
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April 24, 2024 01:35 PM Eastern Daylight Time
VANCOUVER, British Columbia – TheNewswire - April 24, 2024 – FRX Innovations Inc. (TSXV:FRXI) (FSE:W2A.F) (OTC:FRXIF) (“FRX” or the “Company”), a leader in eco-friendly flame-retardant solutions, announces 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, 2023 (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, that being April 29, 2024 (the “Filing Deadline”).
Due to extenuating circumstances relating to a member of FRX’s European finance team, the Company has determined that it will not be able to complete the audit and file the Annual Filings by the Filing Deadline. The Company 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 30, 2024.
The Company is providing this default announcement in accordance with National Policy 12-203 Management Cease Trade Orders (“NP 12-203”). The Company has applied for a management cease trade order (the "MCTO") by the Ontario Securities Commission. Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in NP 12-203. The guidelines, among other things, require the Company to issue bi-weekly default status reports by way of a news release so long as the Annual Filings have not been filed.
During the MCTO, the general investing public will continue to be able to trade in the Company's listed common shares. However, the Company's chief executive officer and chief financial officer will not be able to trade in the Company's shares.
About FRX
FRX is a global manufacturing company, producing a family of environmentally sustainable flame-retardant products that serve several large markets spanning textiles, electronics, automotive, electric vehicles (EV) and medical devices. FRX is led by a team of highly experienced business and technical professionals and is positioned to be a leader in the rapidly changing flame-retardant plastics and additives market in response to new legislation prohibiting Brominated and Perfluoro flame retardant chemicals.
Nofia® is a registered trademark of FRX. Nofia® products are manufactured at its manufacturing facility on the Port of Antwerp in Belgium, one of the world's largest chemical producing clusters. Nofia Polyphosphonates are produced using sustainable green chemistry principles such as a solvent-free production process, no waste by-products, and near 100% atom efficiency, and are both halogen and PFAS free. FRX's portfolio includes an extensive patent estate. FRX, at the forefront of the ESG movement to a greener future, has been the recipient of numerous awards, including the EPA's Environmental Merit Award, the Belgium Business Award for the Environment, and the Flanders Investment of the Year Award. FRX has also been recognized six times on the Global Cleantech 100 list.
Cautionary Note Regarding Forward-Looking Statements and Reader Advisory
Certain statements contained in this news release, including, but not limited to, statements with respect to the date the Annual Filings will be filed, and the granting of an MCTO by the Ontario Securities Commission, among other things, and statements which may contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions, and statements related to matters which are not historical facts, may constitute forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management’s expectations regarding the Company’s future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.
These factors should be considered carefully, and readers should not place undue reliance on the Company’s forward- looking statements. The Company believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable based on information available to it, but no assurance can be given that these expectations will prove to be correct.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
FRX
Mark Lotz CFO
+1 604-880-6546
Mike Goode CCO
+1 765-838-9018
FRX Investor Relations
Carl Desjardins
+1 514-818-0447
Jean-Francois Meilleur
+1 514-951-2730
Diane Wilson
+1 978-505-1275
FRX Media Inquiries
Joseph Grande
+1 413-684-2463
