Kuuhubb Inc.Announces Change of Auditor and Approval of Kuu Hubb Oy Subsidiary Debt Restructuring Application
Kuuhubb Inc. announces change of auditors from MNP LLP to MS Partners LLP
The request to restructure the debt of the Finnish subsidiary Kuu Hubb Oy has been received and approved; the proceedings will be conducted under the jurisdiction of the District Court of Helsinki, Finland, governed by the Finnish Company Restructuring Act (47/1993, ”REA”)
Debt restructuring initiative focused specifically on its Finnish subsidiary Kuu Hubb Oy aims to improve the company’s financial position by reducing its current indebtedness
TORONTO, Sept. 17, 2021 (GLOBE NEWSWIRE) – Kuuhubb Inc. (“Kuuhubb“or the”Society”) (TSX Venture Exchange: KUU), a mobile game developer and publisher focused on providing female audiences with creative interactive gaming experiences, today announces that it has changed its listeners from MNP LLP (“Former Listener”) to MS Partners LLP (“successor auditor”) from September 14e, 2021. The Board of Directors of the Company has appointed the successor auditor as the new auditor effective August 31st, 2021, until the close of the next annual general meeting of the Company.
There were no reservations in the audit reports of the former auditor for the financial years in which the former auditor was the auditor of the company. There is no “reportable event” (as defined in National Instrument 51-102 Continuous Disclosure Obligations) between the Company and the former auditor.
In accordance with NI 51-102, the notice of change of auditor, together with the required letters from the former and successor auditors, have been reviewed by the Company’s audit committee and have been filed on SEDAR accordingly.
Update on the debt restructuring of Kuu Hubb Oy (Finnish subsidiary):
The request for debt restructuring proceedings for the Finnish subsidiary of Kuuhubb Inc, Kuu Hubb Oy (Finnish company ID: 2645999-5), has been received and approved. The approved restructuring proceedings will be conducted under the jurisdiction of the District Court of Helsinki, Finland. The restructuring procedure is governed by the Finnish Company Restructuring Act (47/1993, ”REA“).
Jouni Keränen, CEO of Kuuhubb Inc., said: “The debt restructuring request for our subsidiary Kuu Hubb Oy has been approved and the process is moving forward. Although this process will take several months, we are convinced that the result will lead to an improvement in the financial situation and a decrease in the current debt burden of the company. Keränen also added: “We would also like to thank MNP LLP for their guidance and expertise while working with us, and are pleased to announce that MS Partners LLP will be an important partner in the evolution of Kuuhubb Inc.’s plans. growth of our business.
About MS Partners LLP
MS Partners LLP, headquartered in Toronto, Canada, is a chartered professional accountant firm that provides a full range of accounting, auditing, fraud and IFRS conversion services to not-for-profit corporations, private and small and medium capitalization listed on the stock exchange.
About Kuuhubb Inc.
Kuuhubb is a publicly traded mobile game developer and publisher, targeting female audiences with tailored mobile experiences. Our mission is to become a leading player in the female mobile gaming space. We believe in empowering women by creating games and apps that will empower our female audience to relax, express themselves and be entertained every day. Through our games and our partnerships with select developers, we explore new lifestyle trends that can be turned into games and apps that will bring value to our users, employees and shareholders. Based in Helsinki, Finland, Kuuhubb has a global presence with a strong focus on the US and Asian markets.
Caution regarding forward-looking information
This press release contains forward-looking information. All statements, other than statements of historical fact, that deal with activities, events or developments that the Company believes, expects or anticipates will occur or may occur in the future (including, without limit, statements relating to future revenues and developments, the growth of the Company’s activities business, the planned debt restructuring and bankruptcy process of Kuu Hubb Oy, its expected impacts and benefits on the Company and on Kuu Hubb Oy , and the emergence of the debt restructuring process) is forward-looking information. This forward-looking information reflects the Company’s current expectations or beliefs based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties which may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, it there can be no assurance that they will have the expected consequences or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among others: risks related to the Company’s growth strategy; the possibility that the results of the Company’s growth plans may not be in line with the Company’s expectations; the early stage of the Company’s development; competition from firms in a number of industries; the ability of the Company to manage the expansion and integrate acquisitions into its activities, the future business development of the Company, including the ability to complete the sale of Recolor OY and the acquisition of Codecacao on economic terms or not at all ; the ability to predict and counter the effects of COVID-19 on the Company’s business, including, but not limited to, the effects of COVID-19 on its business segments, capital market conditions, restrictions on labor and international travel and supply chains; the risk that the debt restructuring process described herein will not be completed as expected by the Company, or not at all; the risk that the Company and Kuu Hubb Oy may not be able to exit the debt restructuring process with a more solid financial position; reputational damage that could be incurred by the Company and / or Kuu Hubb Oy as a result of the debt restructuring process, including the impact on their ability to maintain relationships with key suppliers, suppliers, employees and others business partners, and the ability of the Company and Kuu Hubb Oy to obtain future financing on commercially attractive terms or not at all; the potential negative impacts of the debt restructuring process on the Company’s current financial partners; and other risks disclosed under the heading “Risk Factors” in the Company’s MD&A for the fiscal year ended June 30, 2020 filed on SEDAR at www.sedar.com. Forward-looking information is only valid as of the date on which it is provided and, except as required by applicable securities laws, the Company disclaims any intention or obligation to update any forward-looking information, whether to more new information, upcoming events or results or otherwise. Although the Company believes that the assumptions inherent in forward-looking information are reasonable, forward-looking information does not constitute a guarantee of future performance and, therefore, one should not place undue reliance on this information due to the inherent uncertainty the flange.
Neither the 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.
For more information, please contact:
Jouni Keränen – CEO
Office: +358 40 590 0919
Office: +1 (416) 479-9547