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TORONTO, CANADA / ACCESSWIRE / August 7, 2020 / Perimeter Medical Imaging AI, Inc. (TSXV:PINK) ("Perimeter" or the "Company") is providing a further update on the status of the filing of its interim financial statements for its first quarter ending March 31, 2020.
On May 20, 2020, the Canadian Securities Administrators ("CSA") issued a notice stating that securities regulators will be providing coordinated relief consisting of a 45-day extension for certain periodic filings required to be made during the period from June 2, 2020 to August 31, 2020, as a result of the COVID-19 pandemic. Accordingly, the British Columbia Securities Commission ("BCSC") has enacted BC Instrument 51-517 - Temporary Exemption from Certain Corporate Finance Requirements ("BCI 51-517").
On July 9, 2020 the Company announced that it will be relying on this extension period due to delays experienced as a result of the COVID-19 pandemic. Perimeter is relying on the temporary exemption pursuant to BCI 51-517 with respect to the requirement to file quarterly financial statements for the period ended March 31, 2020 (the "Financial Statements") within 10 days of the Company's reverse takeover as required by section 4.10(2) of NI 51-102 - Continuous Disclosure Obligations.
The Company continues to work diligently and expeditiously to file the Financial Statements and expects to file the Financial Statements before August 14, 2020. In the interim, members of the Company's management and other insiders will be subject to a trading black-out that reflects the principles in section 9 of National Policy 11-207 until the Financial Statements have been filed.
The Company confirms that since the filing of its audited consolidated financial statements for the years ended December 31, 2019 and December 31, 2018, there have been no material business developments other than those disclosed through news releases and filed under the Company's SEDAR profile at www.sedar.com.
Correction Notice
Perimeter also wishes to make a correction to its press release of June 29, 2020. Following the completion of the reverse take-over of New World Resource Corp., the Company had 5,069,814 options outstanding (an increase of 6,600 options from the originally announced total) and 1,829,403 options subject to Tier 2 value escrow restrictions under TSX Venture Exchange policies (an increase of 6,600 options from the originally announced total).
About Perimeter
Perimeter is a Toronto-based company with U.S. Headquarters in Dallas, Texas that is developing, with plans to commercialize, advanced imaging tools that allow surgeons, radiologists, and pathologists to visualize microscopic tissue structures during a clinical procedure. Perimeter's OTIS™ platform is an FDA-cleared point-of-care imaging system that provides clinicians with real-time, ultra-high-resolution, sub-surface image volumes of the margin (1-2 mm below the surface) of an excised tissue specimen. The ability to visualize microscopic tissue structures during a clinical procedure in addition to standard of care tissue assessment by sight or physical inspection for decision making during the procedure has the potential to result in better long-term outcomes for patients and lower costs to the healthcare system.