Tickers: XTSX:EYC, PINX:EYCCF
Vancouver, BC - TheNewswire - August 2nd, 2019 - Eyecarrot Innovations Corp (Eyecarrot) (TSXV: EYC) | (OTCQB:EYCCF) today announces that the board of directors has approved a proposed consolidation (the "Consolidation") of its common shares (the "Shares") on the basis of one new Share for ten old Shares.
The Company currently has 120,426,475 common shares outstanding and post-Consolidation there will be 12,042,647 common shares outstanding, subject to rounding. No fractional shares will be issued as a result of the Consolidation. Any fractional shares resulting from the Consolidation will rounded down to the nearest whole number of shares. The Company's outstanding incentive stock options and warrants will be adjusted on the same basis (1:10) to reflect the Consolidation in accordance with their respective terms with proportionate adjustments to be made to the exercise prices.
After completion of the Consolidation, the Company will provide all registered shareholders with a letter of transmittal to be used for the purpose of surrendering their certificates representing the currently outstanding common shares to the Company's registrar and transfer agent in exchange for new share certificates representing whole post-Consolidation common shares. The post-Consolidation common shares of the Company will have a new CUSIP and ISIN number.
The Consolidation is subject to TSXV approval. Pursuant to the recently amended articles of the Company, the Company is not required to obtain shareholder approval for the Consolidation. There will be no change to the name or trading symbol of the Company as a result of the proposed consolidation.
Additionally, with respect to the previously announced management cease trade order (the "MCTO") issued by the British Columbia Securities Commission on July 2, 2019. The MCTO was issued in connection with the delay by the Company in filing its annual financial statements, management's discussion and analysis and related officer certifications for the financial year ended February 28, 2019 (collectively, the "Annual Filings") 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, being June 28, 2019.
The Company continues to work closely with its auditor and expects to file the Annual Filings by August 9, 2019.
The Company is providing this status update in accordance with National Policy 12-203 Management Cease Trade Orders ("NP 12-203"). The Company intends to follow the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases, for as long as the Company remains in default. The Company confirms as of the date of this news release that there has been no material change in the information contained in the default announcement issued on July 2, 2019 and there is no other material information concerning the affairs of the Company that has not been generally disclosed.
About Eyecarrot Innovations Corp (EYC)
Eyecarrot's BinoviTM platform is an innovative healthcare technology solution that integrates software, hardware, data and expert knowledge. Binovi helps Optometrists treat vision issues with in-office therapy as well as doctor-led home-based activities to better serve and increase the patient's experience and their therapy needs. The goal is to help transform vision performance for the 1 in 4 people worldwide that suffer from vision-related issues going beyond visual acuity. The company is transforming how vision healthcare services are integrated, while addressing key challenges in the health system.
On behalf of the Board of Directors
President | CEO
Toll-free: 1 (844) 866-6162
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition and development plans do not change as a result of unforeseen events and that the Company obtains regulatory approval. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company's financial condition and development plans change, and delays in regulatory approval, as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com . The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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