Forte Group Announces Delay in Filing Financial Statements
Forte Group Holdings Inc. (FGHFF) has announced a delay in filing its audited financial statements, management's discussion and analysis, and CEO/CFO certifications for fiscal year 2024. The filings, originally due by April 30, 2025, are now expected to be completed by May 5, 2025.
The delay is primarily due to increased audit activity related to the company's discontinued operations, including voluntary dissolutions and wind-down of non-core subsidiaries. These actions are part of Forte Group's strategic initiative to streamline operations and reduce balance sheet liabilities.
As a consequence, the British Columbia Securities Commission may issue a Failure-to-File Cease Trade Order (FFCTO), which would temporarily prohibit trading of Forte Group's securities in Canada until the required filings are completed.
Forte Group Holdings Inc. (FGHFF) ha annunciato un ritardo nella presentazione dei suoi bilanci finanziari revisionati, dell'analisi della gestione e delle certificazioni del CEO/CFO per l'anno fiscale 2024. Le scadenze, originariamente fissate per il 30 aprile 2025, sono ora previste per il 5 maggio 2025.
Il ritardo 猫 principalmente dovuto a un aumento delle attivit脿 di revisione legate alle operazioni cessate della societ脿, inclusi scioglimenti volontari e la chiusura di filiali non strategiche. Queste azioni fanno parte dell'iniziativa strategica di Forte Group per snellire le operazioni e ridurre le passivit脿 di bilancio.
Di conseguenza, la British Columbia Securities Commission potrebbe emettere un Ordine di Sospensione del Trading per Mancata Presentazione (FFCTO), che vieterebbe temporaneamente la negoziazione dei titoli di Forte Group in Canada fino al completamento delle presentazioni richieste.
Forte Group Holdings Inc. (FGHFF) ha anunciado un retraso en la presentaci贸n de sus estados financieros auditados, el an谩lisis de la gesti贸n y las certificaciones del CEO/CFO para el a帽o fiscal 2024. Las presentaciones, originalmente previstas para el 30 de abril de 2025, ahora se esperan para el 5 de mayo de 2025.
El retraso se debe principalmente a un aumento en la actividad de auditor铆a relacionada con las operaciones discontinuadas de la empresa, incluyendo disoluciones voluntarias y el cierre de subsidiarias no esenciales. Estas acciones forman parte de la iniciativa estrat茅gica de Forte Group para optimizar las operaciones y reducir los pasivos en el balance.
Como consecuencia, la Comisi贸n de Valores de Columbia Brit谩nica podr铆a emitir una Orden de Suspensi贸n de Comercio por Incumplimiento de Presentaci贸n (FFCTO), que prohibir铆a temporalmente la negociaci贸n de los valores de Forte Group en Canad谩 hasta que se completen las presentaciones requeridas.
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Forte Group Holdings Inc. (FGHFF) a annonc茅 un retard dans le d茅p么t de ses 茅tats financiers audit茅s, de la discussion et analyse de la direction, ainsi que des certifications du CEO/CFO pour l'exercice 2024. Les d茅p么ts, initialement pr茅vus pour le 30 avril 2025, sont d茅sormais attendus pour le 5 mai 2025.
Ce retard est principalement d没 脿 une augmentation des activit茅s d'audit li茅es aux op茅rations abandonn茅es de la soci茅t茅, notamment les dissolutions volontaires et la liquidation de filiales non essentielles. Ces actions font partie de l'initiative strat茅gique de Forte Group visant 脿 rationaliser ses op茅rations et r茅duire les passifs au bilan.
En cons茅quence, la British Columbia Securities Commission pourrait 茅mettre un Ordre de Suspension de N茅gociation pour non-d茅p么t (FFCTO), interdisant temporairement la n茅gociation des titres de Forte Group au Canada jusqu'脿 ce que les d茅p么ts requis soient effectu茅s.
Forte Group Holdings Inc. (FGHFF) hat eine Verz枚gerung bei der Einreichung seiner gepr眉ften Finanzberichte, der Management-Diskussion und -Analyse sowie der CEO/CFO-Zertifizierungen f眉r das Gesch盲ftsjahr 2024 angek眉ndigt. Die urspr眉nglich bis zum 30. April 2025 f盲lligen Einreichungen werden nun voraussichtlich bis zum 5. Mai 2025 abgeschlossen sein.
Die Verz枚gerung ist haupts盲chlich auf verst盲rkte Pr眉fungsaktivit盲ten im Zusammenhang mit den eingestellten Gesch盲ftst盲tigkeiten des Unternehmens zur眉ckzuf眉hren, einschlie脽lich freiwilliger Aufl枚sungen und Abwicklung von nicht zum Kerngesch盲ft geh枚renden Tochtergesellschaften. Diese Ma脽nahmen sind Teil der strategischen Initiative von Forte Group, die Gesch盲ftsabl盲ufe zu straffen und Bilanzverbindlichkeiten zu reduzieren.
Infolgedessen k枚nnte die British Columbia Securities Commission eine Handelssperre wegen Nicht-Einreichung (FFCTO) erlassen, die den Handel mit Wertpapieren von Forte Group in Kanada vor眉bergehend untersagt, bis die erforderlichen Einreichungen abgeschlossen sind.
- Strategic wind-down of non-core subsidiaries expected to reduce balance sheet liabilities
- Company actively working with auditors to complete filings within a short timeframe (by May 5, 2025)
- Delay in filing required financial statements past regulatory deadline
- Potential trading suspension through Failure-to-File Cease Trade Order (FFCTO)
- Operational restructuring involving discontinued operations and subsidiary dissolutions
VANCOUVER, BRITISH COLUMBIA / / May 1, 2025 / Forte Group Holdings Inc. (CSE:FGH)(OTC:FGHFF)(FSE:7BC0, WKN:A40L1Z)("Forte Group" or the "Company"), a diversified lifestyle and wellness consumer packaged goods company, announces a delay in filing its audited financial statements for the fiscal year ended December 31, 2024, along with the accompanying management's discussion and analysis and CEO and CFO certifications (collectively, the "Required Filings"), which were due by April 30, 2025.
The delay is primarily attributable to increased audit activity related to the Company's discontinued operations, including the voluntary dissolutions and the orderly wind-down of certain non-core subsidiaries, which is anticipated to enable the Company to recognize reduced liabilities on its balance sheet. These measures are part of Forte Group's broader strategic initiative to streamline operations and strengthen its balance sheet. In addition to these items, the audit includes standard year-end procedures that also require completion.
The Company is working closely with its auditor, Davidson & Company LLP, and anticipates that the Required Filings will be completed and filed on or about May 5, 2025.
As a result of the delay, the British Columbia Securities Commission (BCSC), its principal regulator, may issue a Failure-to-File Cease Trade Order (FFCTO) under National Policy 11-207. The FFCTO would prohibit trading in the Company's securities in Canada, including trades on the Canadian Securities Exchange, until the Required Filings are made and the FFCTO is revoked.
Forte Group remains fully committed to resolving all outstanding audit items and will provide further updates as more information becomes available.
About Forte Group Holdings Inc.
Forte Group Holdings Inc. (CSE:FGH)(OTC:FGHFF)(FSE: 7BC0, WKN:A40L1Z) is a diversified lifestyle and wellness consumer packaged goods company. Forte Group develops and manufactures a range of alkaline and mineral-enriched beverages and nutraceutical supplements for both its TRACE brand and private-label clients. Based in British Columbia, Canada, Forte Group owns a pristine natural alkaline spring water aquifer and operates a 40,000-square-foot, Health Canada and HACCP-certified manufacturing facility near Osoyoos, British Columbia. The Company's distribution network includes traditional retail and e-commerce channels, delivering wellness-focused products directly to consumers through its innovative offerings.
On behalf of the Board of Directors:
Marcello Leone, Chief Executive Officer and Director
[email protected]
604-569-1414
Disclaimer for Forward-Looking Information
This news release contains forward-looking statements within the meaning of applicable securities laws. These forward-looking statements include, but are not limited to, statements regarding the anticipated timing of the filing of the Required Filings, the expected issuance and duration of a Failure-to-File Cease Trade Order, the Company's efforts to resolve audit-related matters, and the anticipated recognition of reduced liabilities resulting from the voluntary dissolution and wind-down of certain non-core subsidiaries. Forward-looking statements reflect management's current expectations, estimates, projections, and assumptions as of the date hereof and are subject to a number of known and unknown risks, uncertainties, and other factors that could cause actual outcomes to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among others: the ability to complete the Required Filings on the anticipated timeline or at all; the receipt of necessary regulatory clearances; delays in audit procedures; the Company's ability to complete its corporate restructuring initiatives as planned; and general risks relating to the Company's business, including those detailed from time to time in its public disclosure documents available on SEDAR+ at . Readers are cautioned not to place undue reliance on any forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws.
SOURCE: Forte Group Holdings
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