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Toronto, Ontario--(Newsfile Corp. - April 30, 2025) - LevelJump Healthcare Corp. (TSXV: JUMP) ("LevelJump" or the "Company") wishes to advise shareholders that its annual audited financial statements for the fiscal year ending December 31, 2024, will not be completed by the filing deadline of April 30, 2025 (the "Filing Deadline"). As a result, the Company anticipates that a cease trade order will be issued shortly after the Filing Deadline by the Ontario Securities Commission ("OSC") for failure to file the annual financial statements, accompanying management discussion and analysis and officer certifications for the fiscal year ending December 31, 2024 (the "Required Filings").
Reasons for the Anticipated Delay
As the financial statements of LevelJump show, the Company has experienced unprecedented growth over the last 2 to 3 years, primarily due to acquisitions. Between September 30, 2023, and September 30, 2024, for example, gross revenues increased by over 30% due in large part to the Alberta acquisitions. Such growth does not come without challenges, however. The Company is required to integrate the historical and current records of each acquisition into its existing accounting platform. Quite often, such integration cannot be completed without significant time and effort.
To create a more streamlined process to support this type of growth into the future, a decision was made to implement important changes to the Company's accounting software and controls during fiscal 2024 which have taken time to implement. Additionally, during a continuous disclosure review by the Ontario Securities Commission (the "OSC") in connection with the issuance of a revocation order issued on April 23, 2024, several other accounting reporting improvements have been made.
The Company has drawn upon several different resources to increase the robustness and accuracy of its financial reporting. It has, for example, retained Ernst & Young LLP as an external consultant to review the financial reporting of the Company.
The Company is confident that its upgraded accounting reporting will enable it to integrate new acquisitions on a much more timely basis and help to control the costs in meeting the Company's continuous disclosure obligations.
Based on the foregoing and indications from its auditors, Ziefmans LLP, the Company is confident that it will be able to file the Required Filings within 30 days after the Filing Deadline.
Once the Required Filings have been made, the Company intends to proceed with an application to the TSX Venture Exchange to reinstate its listing. A further news release will be issued at that time.
About LevelJump Healthcare
LevelJump Healthcare Corp., (TSXV: JUMP) provides telehealth solutions to client hospitals and imaging centers through its Teleradiology division, as well as in person radiology services through its Diagnostic Centres. JUMP focuses primarily on critical care for urgent and emergency patients, establishing integral relationships in the communities we serve.
ON BEHALF OF THE BOARD OF DIRECTORS OF
LEVELJUMP HEALTHCARE CORP.
Mitchell Geisler
Chief Executive Officer
Email: [email protected]
Tel.: 647-670-1106
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the Company's business plans and the outlook of the Company's industry. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, Canadian Teleradiology Services, Inc., their securities, or their respective financial or operating results (as applicable).
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/250257
