OSC Cease Trade Order and TSX Trading Suspension FRX Innovations Inc.
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Boston, MA – TheNewswire - August 30, 2023 – FRX Innovations, Inc. (TSXV:FRXI) (FSE:W2A) (OTC:FRXI) (“FRX” or the “Company”) announces that effective July 24, 2024, the TSX Venture Exchange (the “Exchange”) suspended trading in the Company’s securities as a result of a Failure-to-File Cease Trade Order ("CTO") issued by the Ontario Securities Commission effective July 23, 2024. A copy of the Exchange bulletin can be obtained on the website tmx.com. The Company has failed to meet its ongoing financial disclosure requirements including the dissemination of the Company’s December 31, 2023 annual audited financial statement and MD&A and its first quarter financial statement and MD&A. Additionally filing the Company’s second quarter financial statement and MD&A, due today, will also be delayed until the prior period financial reports are completed.
The Company recognizes the gravity of the situation and is working diligently with its financial advisors, auditors, and legal counsel to meet all its regulatory reporting obligations and continued listing requirements with the TSX with the intent of resuming trading as soon as possible. As of this date it is anticipated that the Company will complete its financial reporting obligations by the end of September.
Reinstatement to trading can occur only when the CTO is revoked and the Exchange has concluded its reinstatement review to ensure the Company has satisfactorily complied with Exchange requirements.
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.
About FRX Innovations (www.frx-innovations.com)
FRX Innovations is a global manufacturing company, producing a family of sustainable flame-retardant products that serve several large markets spanning textiles, electronics, automotive, electric vehicles (EV), and medical devices. FRX is led by a team of highly experienced business and technical professionals and is positioned to be a leader in the rapidly changing flame-retardant plastics and additives market in response to new legislation prohibiting Brominated and Perfluoro flame retardants found in a wide range of electronics and electrical products and restricting the use of melamine flame retardant chemicals found in furniture and mattress foam products.
NOFIA® is a registered trademark of FRX. NOFIA® products are manufactured at its manufacturing facility on the Port of Antwerp in Belgium, one of the world's largest chemical producing clusters. NOFIA Polyphosphonates are produced using sustainable green chemistry principles such as a solvent-free production process, no waste by-products, and near 100% atom efficiency, and are halogen, PFAS and melamine free. FRX's portfolio includes an extensive patent estate. FRX has been at the forefront of the ESG movement to a greener future. The company has been the recipient of numerous awards, including the EPA's Environmental Merit Award, the Belgium Business Award for the Environment, and the Flanders Investment of the Year Award. FRX has also been recognized six times on the Global Cleantech 100 list.
Cautionary Note Regarding Forward-Looking Statements and Reader Advisory
Certain statements contained in this news release, including, but not limited to, statements with respect to the Offering, the completion of the Offering, the size, amount and type of securities issued under the Offering, participation in the Offering by related parties and the amount of such participation, among other things, and statements which may contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions, and statements related to matters which are not historical facts, may constitute forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management’s expectations regarding the Company’s future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.
These factors should be considered carefully, and readers should not place undue reliance on the Company’s forward- looking statements. The Company believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable based on information available to it, but no assurance can be given that these expectations will prove to be correct.
Contact Information:
FRX Innovations
Mark Lotz CFO
+1 604-880-6546
Mike Goode CCO
+1 765-838-9018
Diane Wilson
+1 978-505-1275