PLANTATION, FL, Aug. 15, 2021 /CNW/ - Akumin Inc. (NASDAQ:
AKU) (TSX: AKU) ("Akumin"), announced today that both
management and its external auditors, Ernst & Young LLP, agreed
that additional information and analysis is necessary to complete
the interim financial report for the quarter ended June 30, 2021 and Ernst & Young's review of
such report. The additional information and analysis relates to
potential additional credit losses with respect to prior years. The
production of this additional information and analysis will not be
completed prior to the filing deadline of August 16, 2021. As a result, Akumin will not
file such financial report, or the related management's discussion
and analysis and CEO and CFO certificates (such filings,
collectively, the "Required Documents") before the August 16, 2021 deadline. Akumin is currently
working to complete the preparation of the analysis to conclude and
facilitate the review of these filings at the earliest possible
date and currently expects to be in a position to file the Required
Documents within 60 days of the original filing deadline. Akumin
has applied to the Ontario Securities Commission (the "OSC"), as
principal regulator for Akumin, for the imposition of a management
cease trade order under National Policy 12-203 – Management Cease
Trade Orders ("NP 12-203") throughout the duration of the
default.
The management cease trade order, if approved, will generally
not affect the ability of persons who are not or have not been
management of Akumin to trade in its securities.
Akumin confirms that it will satisfy the provisions of the
alternative information guidelines under NP 12-203 by issuing
bi-weekly default status reports in the form of news releases for
so long as it remains in default of the above-noted filing
requirements. The OSC may issue a general cease trade order against
Akumin for failure to file the Required Documents within the
prescribed time period or sooner if Akumin fails to file its status
reports during the prescribed time limits.
Akumin confirms that there are no insolvency proceedings that
Akumin is subject to and there is no other material information
relating to its affairs that has not been generally disclosed.
Other than as disclosed herein, Akumin is up to date in its
filing obligations.
Financial Results Call Update
In light of the foregoing, Akumin has elected to reschedule its
previously announced conference call to discuss its second quarter
2021 financial results from 8:30 a.m.
Eastern Time on August 16,
2021 to a time and date to be determined by Akumin following
the filing of Akumin's second quarter results.
About Akumin Inc.
Akumin Inc. is a leading provider of freestanding, fixed-site
outpatient diagnostic imaging services in the United States with a network of 137 owned
and/or operated imaging centers located in Florida, Texas, Pennsylvania, Delaware, Illinois, Kansas, Georgia, and Massachusetts. By combining our clinical
expertise with the latest advances in technology and information
systems, our centers provide physicians with imaging capabilities
to facilitate the diagnosis and treatment of diseases and disorders
and may reduce unnecessary invasive procedures, minimizing the cost
and amount of care for patients. Our imaging procedures include
MRI, CT, positron emission tomography (PET), ultrasound, diagnostic
radiology (X-ray), mammography, and other interventional
procedures, performed with the help of over 1,500 team members. For
more information, visit www.akumin.com.
Forward-Looking Information
Certain statements contained in this press release may
constitute forward-looking information. These statements relate to
future events or future performance. The use of any of the words
"could", "intend", "expect", "believe", "will", "projected",
"estimated", "proposed" and similar expressions and statements
relating to matters that are not historical facts are intended to
identify forward-looking information and are based on Akumin's
current belief or assumptions as to the outcome and timing of such
future events. In particular, this release contains forward-looking
information relating to the anticipated filing of the financial
statements, the approval of the management cease trade order by the
OSC and the potential issuance of a general cease trade order by
the OSC. Such forward-looking information are subject to risks and
uncertainties that may cause actual results, performance or
developments to differ materially from those contained in the
statements, including, but not limited to, the risks described in
greater detail in the "Risk Factors" section of Akumin's Annual
Information Form dated March 31,
2021, which is available at www.sedar.com and www.sec.gov.
These risks are not intended to represent a complete list of the
risks that could affect Akumin; however, these risks should be
considered carefully. Further, various assumptions or factors are
typically applied in drawing conclusions or making the forecasts or
projections set out in forward-looking information. Those
assumptions and factors are based on information currently
available to Akumin. The forward-looking information contained in
this release is made as of the date hereof and Akumin is not
obligated to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by applicable securities laws. Because of the
risks, uncertainties and assumptions contained herein, investors
should not place undue reliance on forward-looking information. The
foregoing statements expressly qualify any forward-looking
information contained herein.
The TSX has not in any way passed upon the merits of and has
neither approved nor disapproved the contents of this news
release.
SOURCE Akumin Inc.