EEStor Corporation Provides Update on Annual Filings

TORONTO, Feb. 05, 2020 (GLOBE NEWSWIRE) -- EEStor Corporation (TSX.V: ESU) (“EEStor” or the “Corporation”) announces that it remains unable to file its 2019 annual audited financial statements, the related management’s discussion and analysis, and CEO and CFO certifications (collectively, the “Required Filings”), which were due on or before January 28, 2020.  The Corporation confirms that it was granted a voluntary management cease trade order by the Ontario Securities Commission on January 29, 2020.

The annual financial statements and annual management’s discussion and analysis and the associated audit work is in process, but the Corporation is unable to complete and file such materials pending the completion of the audit.  Delays in completion of an ongoing private placement, as well as the engagement of a new auditor for the annual financial statements, has resulted in an extended timeframe for the audit.  The Corporation continues to expect the audit to be completed in the coming weeks and anticipates being in a position to complete the Required Filings no later than February 28, 2020.

The Corporation confirms that it intends to satisfy the provisions of the alternative information guidelines described in Section 9 and Section 10 of National Policy 12-203 (Management Cease Trade Orders) for so long as it remains in default of the requirement to file the Required Filings.  

The Corporation also confirm that it will continue to proceed with its previously announced non-brokered private placement of units at a price of $0.05 per unit, and intends to complete a final tranche of the placement shortly.  To facilitate completion of the final tranche of the placement, the TSX Venture Exchange has extended the deadline for the filing of final materials through until February 22, 2020.  For further information regarding the placement, readers are encouraged to review the news release issued by the Corporation on December 24, 2019.

The Corporation has not taken any steps toward any insolvency proceeding and the Corporation has no other material information to release to the public at this time.  The Corporation has made the foregoing representations in accordance with the requirements of applicable securities laws.

About EEStor

EEStor is a developer of high energy density solid-state capacitor technology utilizing patented Composition Modified Barium Titanate (CMBT) material.  EEStor is committed to providing commercially viable and sustainable energy solutions across a broad spectrum of industries and applications.

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.

All statements, other than statements of historical fact, contained in this press release including, but not limited to (i) generally, or the “About EEStor” paragraph which essentially describes the Corporation’s outlook and objectives, constitute “forward-looking information” or “forward-looking statements” within the meaning of certain securities laws, and are based on expectations, estimates and projections as of the time of this press release. Forward looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect.

Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. 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. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.  

FOR FURTHER INFORMATION, PLEASE CONTACT:

Mr. Ian Clifford Chief Executive Officer 416-535-8395 ext.3 [e-mail]