Star Metro - Xcyte Digital Corp. Announces Change of Financial Year End

A December 31 year end is considered standard for many public companies and is expected to allow for more consistent and clearer comparisons with the Company's peers, as it is expected to align with the financial reporting cycle used by other public companies in the event technology and digital media sectors.

In addition, the Company's last three acquisitions each involved the acquisition of an entity with a December 31 year end. As a result, the Company faced additional work and higher integration costs to integrate the financial statements and operational reporting of the acquired entities into the Company's September 30 year end fiscal calendar, which has been a significant contributor to the delay in filing of the Outstanding Filings (as defined below). A December 31 year end will bring the consolidated group onto a single reporting cycle, which is expected to reduce integration time and create efficiencies for the Company's finance and audit teams, and reduce accounting complexity.

To facilitate the change, the Company will report a, one-time, fifteen-month transition year covering the months of October 2024 to December 2025. Subsequent to the transition year, the Company's first full financial year will cover the period January 1, 2026 to December 31, 2026.

For further details regarding the length and ending dates of the financial periods, including the comparative periods of the interim and annual financial statements to be filed for the Company's transition year and its new financial year, please see the Notice of Change of Financial Year-End filed by the Company under its issuer profile on SEDAR+ at www.sedarplus.ca pursuant to Section 4.8 of National Instrument 51-102 - Continuous Disclosure Obligations.

The Company is currently in default of its filing requirements with respect to its annual financial statements for the fiscal year ended September 30, 2024 and each financial quarter thereafter, and the related management's discussion and analysis and related officer certifications for each such financial period (collectively, the "Outstanding Filings"), and, as a result, is subject to a cease trade order that was issued on April 9, 2025 by the Canadian Investment Regulatory Organization (the "CTO"). The Company will be required to complete all Outstanding Filings, including the filings for all interim periods during the transition year, before the CTO may be lifted.

About Xcyte Digital Corp.

Xcyte Digital Corp. (TSXV:XCYT). is a trusted global events technology partner, specializing in next generation event technology for physical, hybrid, virtual, immersive and phone-based events. Combining proprietary technology with a robust partner ecosystem, Xcyte offers both do-it-yourself and managed services, ensuring secure and scalable solutions worldwide. Thousands of clients, from innovative startups to major corporations, rely on Xcyte's cost-effective, multi-platform subscription model to meet their event needs. Xcyte Digital is headquartered in Canada and the USA, with operations across the globe. Visit us at xcytedigital.com.

For more information contact:

Xcyte Digital Corp.
Randy Selman, Chief Executive Officer and Director
Phone: (647) 777 7501
Email: [email protected]

Investor Relations
Nikhil Thadani, Sophic Capital
Email: [email protected]
Phone: (647) 777 7501

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

Certain information contained in this release constitute forward-looking statements or information under Canadian securities legislation. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "will", "expects", "anticipates" or variations of such words and phrases or statements that certain actions, events or results "will" occur. In particular, ‎forward-looking ‎statements in this release include statements regarding the anticipated transition year and future financial period filings following the change of year end, the potential benefits the Company anticipates as a result of the change of year end, and the expected filings required for the CTO to be lifted. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including that the Outstanding Filings may not be completed in a timely manner, or at all, that the transition year filings may not be completed in a timely manner or at all, that the CTO may not be lifted, and that the Company may not realize the anticipated benefits from the change of year end. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company cautions readers of this news release not to place undue reliance on the forward-looking statements contained in this release as many factors could cause actual results or conditions to differ materially from current expectations. Additional information on these and other risk factors that could affect the Company's operations are outlined in the Company's continuous disclosure documents that can be found on SEDAR+ (www.sedarplus.ca) under Xcyte's issuer profile. Xcyte does not intend and disclaims any obligation, except as required by law, to update or revise any forward-looking statements, whether because of new information, future events, or otherwise.

SOURCE: Xcyte Digital

View the original press release on ACCESS Newswire

O.Martin--SMC