MISSISSAUGA, Ontario, May 01, 2023 (GLOBE NEWSWIRE) — Next Hydrogen Solutions Inc. (the “Company” or “Next Hydrogen“) (TSXV:NXH, OTC:NXHSF), a designer and manufacturer of electrolyzers, announces that it does not expect to meet the filing date for filing of the following continuous disclosure documents (collectively, the “Documents”):
- the Company’s Annual Audited Financial Statements for the year ended December 31, 2022, as required by section 4.2 of National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”); and
- the Company’s Management Discussion & Analysis for the year ended December 31, 2022, as required by section 5.1(2) of NI 51-102.
During the year ended December 31, 2022, the Company identified potential errors in management estimate in the measurement of inventories and provisions, and the presentation of the income statement as at and for the year-ended December 31, 2021. As such, the Company expects to restate previously issued annual financial statements of the Company for the year ended December 31, 2021 (the “Affected Period”), which has caused a delay in the filing of the Documents. The Company is now working with its auditors to file the Documents, and if applicable, the restated financial statements and accompanying management’s discussion and analysis for the Affected Period.
“In connection with the appointment of our new auditor, they are taking the appropriate time to ensure our opening balances are presented fairly,” said Raveel Afzaal, CEO of Next Hydrogen. “We are working closely with them to ensure the financial statements are accurate and we hope to file the statements very shortly.”
The Company was advised that their management cease trade order application would not be accepted as the British Columbia Securities Commission was no longer taking applications and the applicable Canadian securities regulatory authorities will proceed with issuing a general cease trade order (“CTO”) against the Company for failure to file the Documents within the prescribed time period.
About Next Hydrogen
Founded in 2007, Next Hydrogen is a designer and manufacturer of electrolyzers that use water and electricity as inputs to generate clean hydrogen for use as an energy source. Next Hydrogen’s unique cell design architecture supported by 39 patents enables high current density operations and superior dynamic response to efficiently convert intermittent renewable electricity into green hydrogen on an infrastructure scale. Following successful pilots, Next Hydrogen is scaling up its technology to deliver commercial solutions to decarbonize transportation and industrial sectors.
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.
Contact Information
Raveel Afzaal, President and Chief Executive Officer
Next Hydrogen Solutions Inc.
Email: rafzaal@nexthydrogen.com
Phone: 647-961-6620
www.nexthydrogen.com
Cautionary Statements
This news release contains “forward-looking information” and “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In particular, forward-looking information and statements herein include, but are not limited to, the filing of the amended and restated financial statements and accompanying management’s discussion and analysis for the Affected Period (the “Amended Documents”), the filing of the Documents, including the timing for the filing of the Amended Documents and the Documents and the issuance of a cease trade order in respect of the Company. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the timing for the filing of the Amended Documents and the Documents; the risks associated with the hydrogen industry in general; delays or changes in plans with respect to infrastructure development or capital expenditures; the uncertainty of estimates and projections relating to costs and expenses; failure to obtain necessary regulatory approvals; health, safety and environmental risks; uncertainties resulting from potential delays or changes in plans with respect to infrastructure developments or capital expenditures; currency exchange rate fluctuations; as well as general economic conditions, stock market volatility; and the ability to access sufficient capital. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, there will be no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
