/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES OF AMERICA/
VANCOUVER, Aug. 9, 2018 /CNW/ - NetCents Technology Inc. ("NetCents" or the "Company") (CSE: NC/ Frankfurt: 26N). On April 20, 2018 trading of the Company's shares on the CSE was halted. The Company was notified by the CSE that the halt was due to the Company not being compliant with respect to the Continuous Disclosure Requirements.
After the Company's July 13, 2018, press release, the British Columbia Securities Commission (BCSC) sent a subsequent comment letter on July 26, 2018, regarding the continuous disclosure review. On August 6, 2018, the Company's corporate legal counsel submitted the Company's response to the subsequent comment letter.
The comment letter requested points of clarification on:
- The establishment of the Trust Foundation
- The Company's relationship with the Trust Foundation
- Details of trust agreement with corporate legal counsel
- General clarification of Trust Foundation structure
In addition to the above, the BCSC requested a further amendment and restatement of the Company's MD&A's for:
- Q4 2017 period ending October 31, 2017
- Q1 Period ending January 31, 2018
- Q2 period ending April 30, 2018
As per the BCSC request, the Company has complied with the request and restated these MD&A's. As of this press release, the Company has responded to all outstanding production orders and subsequent comment letters and is awaiting response from the BCSC. The Company anticipates that due to August work schedules, the next steps may take longer than normal.
NetCents is a next generation online payment processing platform, offering consumers and merchants online services for managing electronic payments. The Company is focused on capturing the migration from cash to digital currency by utilizing innovative Blockchain Technology to provide payment solutions that are simple to use, secure and worry free. NetCents works with its financial partners, mobile operators, exchanges, etc., to streamline the user experience of transacting online. NetCents Technology is integrated into the Automated Clearing House ("ACH") and is registered as a Money Services Business (MSB) with FINTRAC, which ensures our consumer's security and privacy. NetCents is available for deposits from 194 Countries around the World, providing you with the freedom to choose to Pay. Your Way.™
On Behalf of the Board of Directors
NetCents Technology Inc.
Clayton Moore, CEO, Founder and Director
NetCents Technology Inc.
Suite 880, 505 Burrard St (Bentall 1),
Vancouver, BC, V7X 1M4
Cautionary Note Regarding Forward Looking Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
The CSE has not reviewed, approved or disapproved the content of this press release
SOURCE NetCents Technology Inc.
For further information: please visit the corporate website at www.net-cents.com or contact Gordon Jessop, President, email: [email protected]