ARNPRIOR, ON / ACCESSWIRE / July 27, 2022 / Plaintree Systems Inc. (CSE: NPT) (“Plaintree” or the “Company”).

Plaintree Systems Inc. (“Plaintree” or “company”) announces that it will be unable to present its financial statements for the year ended March 31, 2022 and the accompanying management discussion and analysis and related CEO and CFO certifications of the annual filings within the for the filing of such documents by the deadline prescribed by Parts 4 and 5 of National Instrument 51-102 relating to continuing disclosure requirements and Regulation 52-109 relating to the certification of disclosures in issuers’ annual records, namely within 120 days of the year-end, the 29 July 2022 (the annual financial statements referred to above are published as “annual accounts“).

The Company is currently unable to file its financial statements on a timely basis primarily due to being unable to complete its audit due to limited human resources due to increased workload in the fourth quarter and post year end primarily due to the Company’s acquisition of the Elmira Stove Works that completed on March 30, 2022 and related post-completion restructuring and relocation work. The increased workload resulting from the acquisition has now subsided and the company has the resources to complete and file its financial statements as quickly as possible.

The Company’s Board of Directors and management will work expeditiously with the Company’s auditors to fulfill the Company’s obligations with respect to the filing of the financial statements. The Company expects to file its financial statements on or before August 5, 2022.

As a result of the deferral of the filing of its financial statements, the Company has filed with the Ontario Securities Commission (the “OSC”) for a management halt to trading order (the “MCTO”) that would restrict all trading in the Company’s securities whether…