React Gaming Announces Appointment to the Board of Directors and Management Cease Trade Order
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATESMONTREAL, May 09, 2023 (GLOBE NEWSWIRE) -- *React Gaming Group Inc. *(“*React Gaming*” or the “*Corporation*”) (TSXV: RGG, OTCQB: ITMZF) announces the appointment of Normand Bellemare to the board of directors.
Mr. Bellemare has extensive experience in the field of sales, after receiving a Bachelor's degree in Social Communication. Over the years, he has won several awards of excellence from major international companies. In 1998, he created a company, Runes Technologiques, which specializes in technological recruitment. Mr. Bellemare has also been in charge of sales at Renaps Info, a company that offers technological services.
*Management Cease Trade Order*
The Corporation announces that it has not met its filing deadline for its audited annual financial statements and accompanying management's discussion and analysis and related CEO and CFO certificates for the financial year ended December 31, 2022 (collectively, the “*Annual Financial Filings*”), and that a management cease trade order (“*MCTO*”) has been granted by the Autorité des marches financiers (the “*AMF*”).
In connection with the Corporation's expectation that it would be unable to file the Annual Financial Filings on time, the Corporation applied for a MCTO under National Policy 12-203 – Management Cease Trade Orders (“*NP 12-203*”) as disclosed in the Corporation's news release dated May 1^st, 2023. As previously announced, the Corporation was unable to file the Annual Financial Filings by the filing deadline because of a delay arising from a change in auditors.
Yesterday, the AMF granted the Corporation’s application for the MCTO. The MCTO restricts trading in securities of the Corporation by each of the directors and officers of the Corporation until the Annual Financial Filings are filed, and requires that the Annual Financial Filings be filed on or before June 30, 2023. The MCTO does not affect the ability of shareholders to trade their securities and the general investing public will continue to be able to trade in the Corporation's common shares.
While the Annual Financial Filings are pending, the Corporation will release bi-weekly default status updates in compliance with NP 12-203. During the period it remains in default of the filing requirements, the Corporation intends to adhere to the Alternative Information Guidelines, as defined in NP 12-203. The Corporation confirms that there is no other material information relating to its affairs that has not been generally disclosed.
*About React Gaming Group*
React Gaming Group (TSXV: RGG) (OTCQB: ITMZF) is a publicly traded holding company that stands at the forefront of the esports and iGaming industry. By investing in innovative technologies that enhance tournaments, teams, and wagering, we provide our users with gaming platforms that produce non-stop action, exciting outcomes, and unparalleled enjoyment. Through the use of intelligent data, we also connect our sponsors to robust communities within the rapidly evolving industry, ensuring maximum engagement and substantial reward. For more information, please visit us at reactgaming.ca and follow us on LinkedIn, Twitter, Instagram and YouTube.
This news release may contain “forward-looking statements” within the meaning of applicable Canadian securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations, and include but are not limited to the statements regarding the completion of the Private Placement, payment of a finder’s fee in connection with the Private Placement, the securities to be issued under the Private Placement, closing the Private Placement in tranches, the offering jurisdictions of the Private Placement, effecting the Share Consolidation, mailing of the information circular, and receipt of approval from the TSXV with respect to the Private Placement and Share Consolidation. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. The Corporation’s statements expressed or implied by these forward-looking statements are subject to a number of risks, uncertainties, and conditions, many of which are outside of the Corporation’s control, and undue reliance should not be placed on such statements. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding the Corporation’s activities, including: that the Corporation’s assumptions in making forward-looking statements may prove to be incorrect; general adverse market conditions and competition; the inability to finance operations and/or obtain any future strategic investment necessary to implement new technologies; the inability to build a sustainable, conscientious company with a stronger presence online through new products in esports and gaming; the inability to obtain, or maintain, gaming license(s); and that market conditions related to the COVID-19 pandemic may negatively affect the outcome of the business or operations of the Corporation, including its results and financial condition. Except as required by securities law, the Corporation does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
**REACT GAMING GROUP INC.