D-BOX Technologies Announces Deferral of Filing of its Annual Consolidated Financial Statements, Management’s Discussion and Analysis, and Annual Information Form

LONGUEUIL, Quebec, June 29, 2020 (GLOBE NEWSWIRE) -- D-BOX Technologies Inc. (TSX: DBO), a world leader in immersive entertainment experiences, announced today that COVID-19-related restrictions have delayed the Corporation’s ability to meet the deadlines prescribed by National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”).

The Corporation is relying on the blanket relief provided by the Canadian Securities Administrators (the “CSA”), which provides for up to a 45-day extension for periodic filings normally required to be made by reporting issuers on or before August 31, 2020. Under such blanket relief, the Corporation will be exempt from the filing and delivery of the following by the prescribed deadline of June 29, 2020:

• its audited consolidated financial statements (“Financial Statements”) for the fiscal year ended March 31, 2020 as required by Section 4.2 of NI 51-102;
  
  
• its management’s discussion and analysis (“MD&A”) for the fiscal year ended March 31, 2020 as required by subsection 5.1(2) of NI 51-102; and
  
  
• the annual information form (“AIF”) as required by Section 6.2 of NI 51-102.

The Corporation now expects to release its Financial Statements, MD&A and AIF for the fiscal year ended March 31, 2020 on or before July 10, 2020.

The following material business developments of D-BOX have occurred since February 12, 2020, being the date D-BOX filed its financial results for the third quarter of fiscal year 2020:

• On March 24, 2020, D-BOX announced that in the wake of the COVID-19 pandemic fallout, its impact on the Corporation’s business, and health and safety government orders, D-BOX proceeded with the temporary layoff of a significant portion of its workforce and a reduction of the work hours and compensation for all other employees, and management and the Board of Directors chose to reduce their compensation during the pandemic.
  
  
• In January 2020, the Corporation announced the retirement of Claude Mc Master, effective March 31, 2020, and the appointment of Sébastien Mailhot as President and Chief Executive Officer of the Corporation.

The Corporation also wants to take this opportunity to disclose the following information in regard to a financing by the National Bank of Canada (“NBC”) and the Business Development Bank of Canada (“BDC”):