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CellCube Energy Storage (CSE:CUBE) announced a further delay in filing of its financials statements and extended the record date for spin out of the company’s Vandium assets into the newly formed V23 Resource. As quoted in the press release: CellCube Energy Storage Systems announces a further delay in the filing of its audited annual financial …
CellCube Energy Storage (CSE:CUBE) announced a further delay in filing of its financials statements and extended the record date for spin out of the company’s Vandium assets into the newly formed V23 Resource.
As quoted in the press release:
CellCube Energy Storage Systems announces a further delay in the filing of its audited annual financial statements, management’s discussion and analysis and related officer certifications for the nine months ended June 30, 2018 (the “Annual Financials”) and a related delay in the filing of its unaudited quarterly financial statements, management’s discussion and analysis and related officer certifications for the three months ended September 30, 2018 which are due November 29, 2018 (the “Quarterly Financials”).
“Although the audit is advanced and in the final stages, we do need a bit more time for the auditors to complete their work, particularly as it relates to the application of complex international financial reporting standards to the Company’s foreign acquisition and the associated deferred tax accounting,” states Mike Neylan, CEO of CellCube. “We expect to concurrently file both the Annual and Quarterly Financials at the earliest possible time next week. We continue to work closely with our auditors to expedite the matter as quickly as possible.”
In connection with the spin out of the Company’s vanadium assets into the newly formed V23 Resource Corp. (“V23 Resource”)(see news release dated June 28, 2018), the record date of the transaction shall be extended to January 4th, 2019 from November 30, 2018. CellCube shareholders of record owning common shares of the Company on January 4th, 2019 will be eligible to receive the distribution of one common share of V23 Resource for every two common shares of CellCube upon completion of the spin out arrangement. CellCube intends to retain a 19.9 percent interest in V23 Resource in addition to certain off-take rights.
The Company confirms as of the date of this news release that there is no other material information concerning the affairs of the Company that has not been generally disclosed.
