● Delay in filing the result of auditors requiring more time than expected to verify fair value of 2018 acquisitions including third party valuations on certain investments.
● Annual Financial Materials will be filed on or before August 16, 2019.
VANCOUVER, BRITISH COLUMBIA, CANADA (August 7 th , 2019) – Victory Square Technologies Inc. (CSE: VST, OTC: VSQTF, FWB: 6F6) (“Victory Square” or the “Company”) announces that a failure-to-file cease trade order in Canada was issued as a result of the delay in the filing of its annual audited financial statements, management discussion and analysis and related certifications for the year-ended December 31st, 2018 (the “Annual Financial Materials”).
The Company intends to immediately rectify the issue and file the Annual Financial Materials on or before August 16th , 2019. Given the nature and scope of a number of acquisitions of private companies and investments in others during the fiscal year ended December 31st , 2018, the Victory Square audit required more time than expected to verify the fair value of such investments/acquisitions, including requiring third party valuations on certain investments. “We of course regret this unnecessary delay in filing and we intend to rectify this as soon as possible,” said Shafin Diamond Tejani, CEO of Victory Square. “We plan on taking advantage of this opportunity to strengthen our financial controls and measures going forward, especially given the aggressive campaign of acquisitions and investments that we completed in 2018. The net benefit will be increased value to Victory Square shareholders moving forward.”
Management will emerge from this with a series of important administrative changes to improve financial reporting and allow the Company to successfully implement its growth strategy in 2019 and the future. “During the first half of 2019, Victory Square portfolio companies achieved significant milestones in terms of revenue growth, product development, and customer acquisition led by the strong performances of select portfolio companies such as Immersive Technologies, V2 Games, FansUnite, Grow Tech Labs, CoPilot Advisor, Taloflow.ai, and Multapplied Networks,” explained Tejani. “We are focused on converting these strong performances into increased shareholder value in the second half of the year.” For more on Victory Square, visit VictorySquare.com and sign up to the official newsletter of VST.
For further information about the Company, please contact:
Investor Relations Contact – Alex Tzilios
Media Relations Contact –Howard Blank, Director
ABOUT VICTORY SQUARE TECHNOLOGIES INC.
Victory Square (VST) builds, acquires and invests in promising start-ups, then provides the senior leadership and resources needed to fast-track growth. The result: rapid scale-up and monetization, with a solid track record of public and private exits. The VST sweet spot is the cutting-edge tech that’s shaping the 4th Industrial Revolution. Our portfolio consists of 20 global companies using blockchain, AR/VR, and AI to disrupt sectors as diverse as fintech, insurance, health and gaming.
What we do differently for startups
VST isn’t just another investor. With real skin in the game, we’re committed to ensuring each company in our portfolio succeeds. Our secret sauce starts with selecting startups that have real solutions, not just ideas. We pair you with senior talent in product, engineering, customer acquisition and more. Then we let you do what you do best — build, innovate and disrupt. In 24- 36 months, you’ll scale, monetize and be ready for public listing or private sale.
What we do differently for investors
VST is a publicly-traded company headquartered in Vancouver, Canada, and listed on the Canadian Securities Exchange (VST), Frankfurt Exchange (6F6) and the OTCQX (VSTQF). For investors, we offer early-stage access to the next unicorns before they’re unicorns. Our portfolio represents a uniquely liquid and secure way for institutional investors to double down on the latest cutting-edge technologies. Because we focus on market-ready solutions that scale quickly, we’re able to provide strong and stable return while also tapping into emerging global trends with big upsides. For more information, please visit www.victorysquare.com.
ABOUT THE CANADIAN SECURITIES EXCHANGE (CSE)
The Canadian Securities Exchange, or CSE, is operated by CNSX Markets Inc. Recognized as a stock exchange in 2004, the CSE began operations in 2003 to provide a modern and efficient alternative for companies looking to access the Canadian public capital markets.
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the outlook of the business of Victory Square, including, without limitation, statements relating to the timing and completion of necessary accounting and review procedures to complete the Annual Financial Materials and other factors beyond our control. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, or similar expressions, or may employ such future or conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical fact contained in this news release are forward-looking statements. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square. Although Victory Square believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on them because Victory Square can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.