BluMetric Delays Q2 FY2020 Interim Financial Report in Accordance with Temporary Regulatory Filing Relief

5/29, 12:22 AM (Source: Newsfile Corp)

Ottawa, Ontario--(Newsfile Corp. - May 28, 2020) - BluMetric Environmental Inc. (TSXV: BLM), a full-service environmental consulting and engineering cleantech firm, today announced that due to operational delays and adjustments required as a result of the COVID-19 pandemic, the Company will employ temporary exemptions provided to it by the Ontario Securities Commission (OSC) to postpone the filing of continuous disclosure requirements for the second quarter ended March 31, 2020.

The OSC exemptions were enacted in accordance with temporary blanket relief announced in March by the Canadian Securities Administrators (CSA) in response widespread business disruptions caused by the ongoing COVID-19 pandemic. The extension applies to interim filings required on or before June 1, 2020 and provides issuers with a delay of up to 45 days.

Specifically, the Company will avail itself of OSC Instrument 51-502 Temporary Exemption from Certain Corporate Finance Requirements and OSC Instrument 51-504 Temporary Exemptions from Certain Requirements to File or Send Securityholder Materials to delay the filing of the following:

  • Interim financial statements for the three months ended March 31, 2020 within 60 days of BluMetric's financial quarter end as required by section 4.4 (a) of National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102);

  • Management's discussion and analysis (MD&A) for the period ended March 31, 2020 within 60 days of BluMetric's financial quarter end as required by section 5.1 (2) of NI 51-102; and

  • Certifications for the interim financial statements and MD&A (section 5.1 of National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings).

The Company anticipates the filing of its second quarter materials on or before June 30, 2020. In the meantime, management of the Company and other insiders are subject to a trading black-out policy as outlined in section 9 of the National Policy 11-207 Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions.

To the knowledge of the Company, there have been no material business developments since the filing of its first quarter financial statements for the period ended December 31, 2019 on March 2, 2020. While it is still too early to assess the impact from the current pandemic, the Company is actively monitoring the business environment in the markets in which it operates.

About BluMetric Environmental Inc.

BluMetric Environmental Inc. is an established publicly traded environmental consulting and engineering company with expertise across professional and trade disciplines and technologies that allow for the design, fabrication and delivery of sustainable solutions to environmental and water challenges. BluMetric has over 150 employees operating in ten offices and over 40 years of expertise. Headquartered in Ottawa, Ontario, BluMetric's team of industry experts serves Commercial, Industrial, Military, Mining and Government clients in Canada and the United States.

For more information, visit www.blumetric.ca, or please contact:

Scott MacFabe, CEO
BluMetric Environmental Inc.
Tel: 613.839.3053
Email: smacfabe@blumetric.ca 

Vivian Karaiskos, CFO
BluMetric Environmental Inc.
Tel: 613.839.3053
Email: vkaraiskos@blumetric.ca

Forward-Looking Statements

Some of the statements in this press release, including those relating to the Company's quarterly and annual results, future products, opportunities and cost initiatives, strategies, and other statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, are forward-looking statements within the meaning of securities laws. Forward-looking statements include, without limitation, the information concerning possible or assumed future results of operations of the Company. These statements are not historical facts but instead represent only the Company's expectations, estimates, and projections regarding future events. The Company does not undertake any obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events, except as required by law.

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 release.

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