VANCOUVER, British Columbia – January 3 2023 – Neptune Digital Assets Corp. (TSX-V: NDA) (OTCQB: NPPTF) (FSE: 1NW) (“Neptune” or the “Company“) announces that its audited annual financial statements, CEO and CFO certifications, and management discussion and analysis (the “Annual Filings”) for the year ended August 31, 2022 were not finalized for filing on December 29, 2022 being the date that such filings were due under applicable Canadian securities laws. The Annual Filings are delayed due to complexities in the overall cryptocurrency industry including auditing recent transactions. The Company is working diligently with its auditors to complete the remaining audit and make the required filings soon as possible. The Company currently anticipates being able to file the Annual Filings before the end of January 2023. Once complete, a news release will be issued indicating that the Annual Filings have been submitted. In the interim, the Company continues to operate without disruption.
“2022 was a difficult year in the crypto ecosphere with numerous bankruptcies and associated contagion throughout the industry. Neptune has not been completely immune to these disruptions and as we would expect, scrutiny over complex transactions such as Neptune’s DeFi operations has increased substantially. This combined with the holiday season has unfortunately delayed the audit and associated regulatory filings, we hope to be filing very shortly and on the back end it is business as usual, “stated Cale Moodie, Neptune’s President and CEO.
The Company confirms that there is no material information concerning the affairs of the Company that has not been generally disclosed and that its auditors have completed reviews of its previously filed interim financial statements. The British Columbia Securities Commission (“BCSC”) is expected to issue a cease trade order (“CTO”) which will order general trading, whether direct or indirect, of its securities to be ceased. Upon the filing of its Annual Filings, the Company believes that it will have satisfied the conditions of the BCSC in order to have the CTO lifted such that trading in its securities will resume.
About Neptune Digital Assets Corp.
Neptune Digital Assets Corp. is one of the first publicly-traded blockchain companies in Canada and is a cryptocurrency and blockchain infrastructure leader with operations across the digital asset ecosystem including Bitcoin mining, proof-of-stake mining, blockchain nodes, decentralized finance (DeFi), and other associated blockchain technologies.
ON BEHALF OF THE BOARD
Cale Moodie, President and CEO
Neptune Digital Assets Corp.
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.
This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans”, “proposes” or similar terminology. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the reliance of the Company and its auditors and management with respect to the Annual Filings; the inherent risks involved in the cryptocurrency and general securities markets; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties.
The Company does not undertake any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.