TSXV: DUG
TORONTO, Feb. 13, 2019 /CNW/ - Distinct
Infrastructure Group Inc. ("Distinct" or the "Company") is
providing an update to its recent Feb. 5,
2019 news release.
The special committee has initiated an investigation, with the
assistance of its new chief financial officer, Mr. John Nashmi, into the Company's financial
affairs. Pending the results of such investigation, the Company
advises that its prior audited and unaudited financial statements
for the year ended December 31, 2017
and the three quarterly periods ended March
31, June 30 and Sept. 30, 2018 should no longer be relied
upon.
In addition, the Company announced that its former vice
president, finance and its former interim chief financial officer
(who was, until recently, its vice president, corporate
development) are no longer with the Company.
A default has also occurred under the Company's $10 million unsecured convertible debenture, and
the Company and the holder are in discussions with respect to such
default.
The Company has advised the TSX Venture Exchange, securities
regulators and IIROC of these matters.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Forward Looking Statements
This news release contains "forward-looking statements" within
the meaning of applicable securities legislation. Distinct is
subject to significant risks and uncertainties which may cause the
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward looking statements contained in
this release. Distinct cannot assure investors that actual results
will be consistent with these forward looking statements.
SOURCE Distinct Infrastructure Group Inc.