CellCube Energy Storage Systems Inc. ("CellCube" or the "Company") (CSE: CUBE) (OTCQB: CECBF) (Frankfurt: 01X) announces that it expects (within 3 days) to file its audited annual financial statements, management's discussion and analysis and related officer certifications for the nine months ended June 30, 2018 ("Annual Financial Filings") which were required to be filed on October 29, 2018 ("Filing Deadline").
In addition to a change in fiscal year end to June 30th, the delay has been due to the complexity of the required financial reporting relating to the recent acquisitions of EnerCube Switchgear Systems Inc. (formerly Jet Power and Controls Ltd.), PowerHaz Energy Mobile Solutions Inc. (formerly HillCroft Consulting Ltd.) and the acquisition of the Austrian assets of Gildemeister Energy Storage GmbH.The Company is working to complete necessary procedures required by its new auditor across multiple jurisdictions (and languages). The Company will continue to work diligently with its auditor to complete the audit as soon as possible.
In connection with the filing delay, the Company expects the British Columbia Securities Commission, as principal regulator of the Company, to issue a cease trade order which would restrict all trading in securities of the Company until the default is remedied.
The Company shall also delay the closing of its previously announced private placement (see press release dated October 16, 2018) until such time that the Annual Financial Filings are filed.
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.