Tickers: XCNQ:PDTI, PINX:PDTTF
Tags: #Mining, #Healthcare
Winnipeg, MB - TheNewswire - January 3, 2020 - Preferred Dental Technologies Inc., (PDTI) (CNSX:PDTI.CN) (OTC:PDTTF) announced today that the filing of its annual audited financial statements, management's discussion and analysis and related CEO and CFO certifications for the year ended July 31, 2019 (the "2019 Annual Financial Materials") is delayed beyond the filing deadline of November 28, 2019 due to the lack of available financial resources to complete audit. PDTI has been notified by Manitoba Securities Commission, Securities Division of default status effective November 28, 2019. The Company continues to seek financing on acceptable terms, but has not as yet identified a source. At this point in time there is no indication when an acceptable financing will be completed.
The Company has entered into a loan agreement with an unrelated party to provide funds which will be used to maintain operations. The One Hundred thousand dollar ($100,000) note is non-interest bearing with a due date of December 31, 2022. In the event of default, interest will begin to accumulate at 5% per annum. In order to induce the lender to provide funding, PDTI transferred one percent (1%) of its interest in Gillespie Farmers Delight Company Limited (GFDCL). PDTI still maintains a twenty one and one half percent interest in GFDCL.
Mr. Erik Siegmund also reports that he has informed the Chairman of the Board that he is forgiving One Hundred Thousand dollars ($100,000) in accrued wages which will be removed from the list of payables.
Mr Erik Siegmund stated; " 2019 has been a challenging year for PDTI. The capital markets have not been kind to us due to circumstances beyond our control, but we are committed to forging ahead with our patented technology. I believe I have demonstrated my commitment to see the Company succeed by forgiving my accrued wages."
About PDTI
Preferred Dental Technologies Inc. (PDTI) has been established to advance development and commercialization of various evolutionary and disruptive technologies in the dental implant industry.
MISSION - INNOVATIVE & PRACTICAL SOLUTIONS FOR THE DENTAL INDUSTRY
Visit: www.preferreddentalimplant.com
On behalf of Preferred Dental Technologies Inc.
Erik Siegmund
Chief Executive Officer
Email: info@prefdent.com
Tel: 204.691.3722
www.prefdent.com
All product names referenced herein are trademarks of their respective companies.
This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release may include, but is not limited to, the Company's objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. Neither The Canadian Securities Exchange nor its Regulations Services Provider (as that term is defined in the policies of The Canadian Securities Exchange accepts any responsibility for the adequacy or accuracy of this release.
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