(via TheNewswire)
The Company has appointed Mr. Noah Hershcoviz, current director and chairman of
Following the management and director changes noted above, the current directors and officers of the Company are:
Mr. Hershcoviz is a managing partner at
As previously announced, including as detailed in its press release dated
Other Updates
As previously announced, the Company has been searching for two additional directors to be appointed to the board to ensure compliance with the Exchange’s independence requirements and to satisfy Australian residency requirements under Australian corporate law.
As previously announced in its press release dated
In light of the foregoing delay in the Annual Filings and given that the Company is currently seeking an additional director candidate as noted above, the Company expects to postpone its 2023 AGM, originally scheduled for
For further information, please contact:
Email:noah@alabs.co
Telephone: (604) 283-6110
NEITHER THE
Caution Regarding Forward-Looking Information
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future events, plans, prospects, business, and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein are forward-looking statements, including, without limitation, statements regarding: Exchange approval of Mr. Herscovici’s appointment as the Interim Chief Executive Officer and Mr. Corsello’s appointment as a director of the Company; expectations regarding the addition of an Australian resident and/or independent board member; the expected completion of the Annual Filings; the expected date and business of the 2023 AGM; plans and expectations regarding the Company’s business, products, potential strategic business combinations or transactions; and the ability to continue operations.
These statements are based upon factors and assumptions that are subject to significant risks and uncertainties.Such factors and assumptions include, but are not limited to: the Company’s ability to obtain Exchange approval of the appointments to the board of directors and management; the Company’s ability to maintain key personnel such as directors and officers of the Company, or that existing management and directors will be sufficient for the activities of the Company and that the Company will be able to identify and attract a suitable additional director candidate; its ability to complete and file the Annual Filings; its ability to hold the 2023 AGM as planned; the Company’s ability to identify and/or negotiate strategic transactions on acceptable terms; and a steady improvement in the global financial markets and other general economic factors. While the Company considers these expectations and assumptions to be reasonable, many expectations and assumptions are based on factors and events that are not within its control and there is no assurance that they will prove to be correct.
There are a number of risks related to these forward-looking statements, which include, but are not limited to: expectations regarding the addition of an Australian resident and/or independent board member; further delays related to the completion of Annual Filings or the completion of the 2023 AGM; the Company's ability to continue reduce expenses and manage debt so as to remain attractive for potential strategic transactions; the Company’s ability to service its debt, including its recently announced loans and convertible loans, and other payables and remain solvent or a going concern. In addition, the Company does not have any binding agreement with any party with respect to any potential strategic transaction, and there is no guarantee the Company will be able to complete any such potential strategic transactions or what the terms would be. The Company will require further capital to maintain or meet its listing, continuous disclosure and compliance requirements and to pursue potential transactions, and in light of the current status of credit and equity markets, there is a substantial risk that the Company will not be able to complete such transactions or upon terms satisfactory to the Company. The Company's business, to the extent its re-evaluating its business plans and product offerings, remains subject to the risks identified in the Company's listing application dated
Although the Company has attempted to identify important factors that could cause actual actions, events, conditions, results, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events, conditions, results, performance or achievements to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future, as at the date they are provided. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. Accordingly, investors should not place undue reliance on forward-looking statements. All the forward-looking statements are expressly qualified by the foregoing cautionary statements.
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Copyright (c) 2023 TheNewswire - All rights reserved., source