CALGARY, AB, Oct. 1, 2026 /CNW/ -- Crown Capital Partners Inc. ("Crown" or the "Corporation") (TSX: CRWN) announced today that its principal regulator, the Alberta Securities Commission (the "ASC"), has issued a failure-to-file cease trade order ("FFCTO") pursuant to National Policy 11-207 – Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions against the Corporation as a result of the Corporation's failure to file its audited annual financial statements, the related management's discussion and analysis ("MD&A"), the related officer certifications and its annual information form for the 15-month period ended March 31, 2026 (collectively, the "Annual Financial Filings") as well as its unaudited consolidated financial statements, the related MD&A and the related officer certifications for the three-month period ended June 30, 2026 (collectively, the "Q1 Financial Filings", and together with the Annual Financial Filings, the "Required Filings"). The delay in filing the Required Filings is a result of the late appointment of an independent auditor to succeed KPMG LLP. The Annual Financial Filings were required to be filed by June 29, 2026 and the Q1 Financial Filings were required to be filed by August 14, 2026.
As previously announced on June 26, 2026, the Corporation applied for, and was subsequently granted, a management cease trade order ("MCTO") by the ASC. The MCTO restricted the Corporation's Chief Executive Officer and Chief Financial Officer from trading in the Corporation's securities until the Required Filings were made but did not affect the ability of the general investing public to trade in the Corporation's securities.
As previously announced on August 11, 2026, the expected date of filing the Annual Financial Filings changed from the original date of on or about August 31, 2026 to on or about September 30, 2026, subsequent to which the ASC granted an extension of the MCTO until September 30, 2026 (the "MCTO Deadline"). As the Corporation was not able to file the Required Filings by the MCTO Deadline, the ASC has ordered that the MCTO be revoked and concurrently issued the FFCTO. Based upon ongoing discussions with the Corporation's auditors, the Corporation expects to file the Required Filings prior to October 31, 2026.
The FFCTO prohibits the trading by any person of all securities of the Corporation in each jurisdiction in Canada for so long as the FFCTO remains in effect. However, the FFCTO provides an exception for beneficial securityholders of the Corporation who are not currently (and who were not as of October 1, 2026) insiders or control persons of the Corporation and who sell securities of the Corporation acquired before October 1, 2026 if both of the following conditions are satisfied: (i) the sale is made through a "foreign organized regulated market", as defined in section 1.1 of the Universal Market Integrity Rules of the Canadian Investment Regulatory Organization, and (ii) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation.
The FFCTO will remain in effect until the Required Filings are filed. Provided that the Required Filings are made within 90 days of the date of the FFCTO, such filings would constitute an application to revoke the FFCTO. If the Required Filings are not made within 90 days of the date of the FFCTO, the Corporation will apply to the ASC to revoke the FFCTO.
FORWARD-LOOKING STATEMENTS
This news release contains certain "forward looking statements" and certain "forward looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management's beliefs, expectations or intentions regarding the completion and the estimated filing date of the Corporation's Required Filings. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown's periodic filings with Canadian securities regulators. See Crown's most recent annual information form for a detailed discussion of the risk factors affecting Crown. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
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