Management Discussion Related to Delayed Financial Filings
Management Discussion Related to Delayed Financial Filings
-FOR IMMEDIATE RELEASE-
Montréal, May 6, 2019 – St-Georges Eco-Mining Corp. (CSE: SX) (OTC: SXOOF) (FSE:
85G1) would like to inform its shareholders of the reasons for the delays in its financial filings, as
well as an update on the timeline for the delivery of its annual audited financial statements.
Unfortunately, one of the key officers of the Company recently had open heart surgery, and another
came down with an acute illness at the end of April, which resulted in a stay in the Intensive Care
Unit; the latter officer of the Company is still in treatments but in the process of being repatriated
from abroad. Consequently, this has delayed the Company’s ability to deliver in a timely manner
certain key documents and confirmations required for the annual consolidated audit in the last
three weeks, as these two officers are integral to the audit process.
The Company and its subsidiaries had to put in place a contingency plan and was able to complete
recently the audited annual f inancial statements and management’s discussion & analysis for its
largest subsidiary, ZeU Crypto Networks . These financials will be available later today on St -
Georges’ new website, www.St-GeorgesCorp.com.
http://st-georgescorp.com/wp-content/uploads/2019/05/ZeU-Crypto-Networks-Inc.-2018-
Financial-Statements.pdf
http://st-georgescorp.com/wp-content/uploads/2019/05/ZeU-Crypto-Networks-MDA-Dec-31-
2018.pdf
St-Georges’ management is now convinced that the financial s tatements will not meet the
extended deadline to avoid a Cease Trade Order on the trading of the common shares of the
Company until the situation is resolved. The Company expects to resolve this situation within
the coming days.
The complexity of the subsidiaries’ auditing, now mostly completed, including but not limited to
the level of sophistication of the technology being developed in ZeU and the difficulty to assigned
valuation, as well as the ever-evolving rules regarding digital assets, created additional challenges
for the audits.
Foreign assets and subsidiaries, as well as foreign partners and clients, added to the audit
complexity at the parent company level. Transaction s with foreign entities required additional
levels of verification . A large proposed transaction that was abandoned also caused auditing
difficulties, as there was little or no collaboration from entities related to the failed transactions.
Notwithstanding all these reasons, St-Georges’ management is confident in the Company’s ability
to finalize and deliver its financial statements within days, resolving the current issue.
“Mark Billings”
MARK BILLINGS, CHAIRMAN OF THE BOARD
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for
the adequacy or the accuracy of the contents of this release.