TORONTO, Feb. 13, 2019 /CNW/ - Distinct Infrastructure Group Inc. ("Distinct" or the "Company") is providing an update to its recent Feb. 5, 2019 news release.
The special committee has initiated an investigation, with the assistance of its new chief financial officer, Mr. John Nashmi, into the Company's financial affairs. Pending the results of such investigation, the Company advises that its prior audited and unaudited financial statements for the year ended December 31, 2017 and the three quarterly periods ended March 31, June 30 and Sept. 30, 2018 should no longer be relied upon.
In addition, the Company announced that its former vice president, finance and its former interim chief financial officer (who was, until recently, its vice president, corporate development) are no longer with the Company.
A default has also occurred under the Company's $10 million unsecured convertible debenture, and the Company and the holder are in discussions with respect to such default.
The Company has advised the TSX Venture Exchange, securities regulators and IIROC of these matters.
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.
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of applicable securities legislation. Distinct is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Distinct cannot assure investors that actual results will be consistent with these forward looking statements.
SOURCE Distinct Infrastructure Group Inc.
For further information: John Nashmi, Chief Financial Officer, Distinct Infrastructure Group, Email: [email protected]