Radient Technologies Inc. (OTCMKTS:RDDTF) has announced that its Board is carrying a strategic review of operations by evaluating underutilized assets and costs as it curves a path towards positive cash flow. The company also announced that it will rely on the 45-day temporary extension given by the Alberta Securities Commission to the filing deadline of financial statements and management discussion for the three months ended June 30, 2020.
Radient to file statements and management discussion before October 13, 2020
According to the national Instrument 51-102 Continuous Disclosure Obligations, Radient was supposed to file its quarterly statements and management discussion at the end of August 2002. However, the company will rely on the ASC Blanket Order 51-519 which offers an extension of 45 days Tand plans to file the statements by October 13, 2020. The company expects a delay of the company’s executive compensation disclosure and Radient will rely on ASC Blanket Order 51-518 exemption to file the compensation disclosure by October 16, 2020.
Most importantly, Radient acknowledges that insiders and management are subject to an insider trading black-out policy until after two days of quarterly filing disclosure. The policy reflects section 9 of the National policy 11-207 Failure-to-File Cease trade Order and Revocations in Multiple Jurisdictions’ principles.
Radient appoints Jan Petzel as interim CEO in a strategic reorganization
The review the Board is conducting will build on the company’s recent successes in white-label products launch and the increase in distribution to more provinces. Interestingly this review will address strategic items to Radient’s operation including management changes.
The Board has named Jan Petzel as the interim President and CEO effective immediately having served as a director since 2016. Petzel has a vast knowledge of the company and a pragmatic approach to priorities that need attention. He will replace Denis Tashchuk who resigned as the CEO, President, and Director because of family reasons. Denis will continue on an advisory role to the Board during the transition period. Mike Cabigon is also stepping down from the position of COO and Director.