SOURCE: Axios Mobile Assets Corp.

Axios Mobile Assets Corp.

April 18, 2016 17:00 ET

Axios Announces Issuance of Management Cease Trade Order

MISSISSAUGA, ON--(Marketwired - Apr 18, 2016) - Axios Mobile Assets Corp. (TSX VENTURE: AXA) (OTCQB: AXBSF) ("Axios" or the "Company") announced today that it has been granted a management cease trade order (the "MCTO") by its principal regulator, the Ontario Securities Commission (the "OSC"). As previously announced on April 5, 2016, the application for the MCTO resulted from the Company's announcement that it would be filing restated financial statements, accompanying management's discussion and analysis and related CEO and CFO certifications for the periods ended March 31, 2015, June 30, 2015 and September 30, 2015 (collectively, the "2015 Restated Interim Financial Statements").

The MCTO restricts all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer and the current and former Chief Financial Officers of the Company until such time as the 2015 Restated Interim Financial Statements have been filed by the Company. The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities or the Company's ability to issue shares.

The requirement to file the 2015 Restated Interim Financial Statements resulted from an internal review of certain financial reporting items. For a summary of the anticipated material revisions please see the Company's April 5, 2016 and April 18, 2016 press releases.

The Company is proceeding to revise the 2015 Restated Interim Financial Statements with a view to filing them on or before April 30, 2016.

The Company confirms that it will satisfy the provisions of the alternative information guidelines under National Policy 12-203 respecting Cease Trade Orders for Continuous Disclosure Defaults for so long as it remains in default as a result of the re-filing of the 2015 Restated Interim Financial Statements. During the period of default, the Company will issue bi-weekly default status reports in the form of further press releases, which will also be filed on SEDAR. The Company confirms that there are no insolvency proceedings against it as of the date of this press release. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this press release.

About Axios Mobile Assets
Axios Mobile Assets Corp. is a supply chain logistics company. Axios is becoming a key supplier of pooled pallets primarily in the perishable food category. The Axios Solution includes proprietary tracking and information systems that deliver actionable data that helps improve supply chain visibility and food safety. The Axios Solution is gaining market acceptance based on its unique attributes: lower total cost, lighter weight, sanitary pallets, and real time data.

Further information concerning the Company can be found at www.axiosma.com and www.sedar.com.

Forward-Looking Statements
Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. In particular, this news release contains forward-looking statements in respect of among other things, the timing of the filing of any updated disclosure documents. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company's Management's Discussion and Analysis for the period ended September 30, 2015 under the heading "Risk Factors", a copy of which is filed on SEDAR at www.SEDAR.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.

NEITHER THE 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 NEWS RELEASE

Contact Information

  • CONTACT:
    Richard MacDonald
    President & CEO
    Email Contact
    877-762-9467 x601

    Peter Murray
    Shareholder Contact
    Email Contact
    778-839-8382