The ASC previously issued a cease trade order against the Company on December 4, 2015 (the "AB CTO") and the BCSC issued a cease trade order against the Company on December 8, 2015 (the "BC CTO" and collectively the "CTOs"). The CTOs were issued against the Company due to the Company's failure to file its annual information form, certification of annual filings, annual audited financials, annual management discussion and analysis for the year ended July 31, 2015 (the "CD Materials").
On May 5, 2019 and May 8, 2019 respectively, the Company was granted partial revocation orders by the ASC and BCSC in order to complete a private placement (the "Private Placement") for an amount of up to a maximum of $200,000 USD by way of the issuance of common shares in the Company. The Private Placement was completed for the purpose of covering all costs and fees (including audit fees, professional fees, late filing fees and other applicable fees) associated with bringing the Company's continuous disclosure requirements up to date.
After the successful completion of the Private Placement, the Company was able to prepare and file all of the required CD Materials. Copies of the CD Materials can be found on the Company's profile on the System for Electronic Document and Retrieval ("SEDAR") at www.sedar.com. The trading in, and acquisition of, securities of the Company is no longer prohibited.
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Chief Operating Officer
Perpetual Industries is an incubator for the development of new and innovative energy-efficient technologies. One of our prime areas of focus is the implementation of environmentally friendly solutions for the blockchain industry. Our goal is to advance and integrate green energy power sources such as solar, wind, and hydro into computer processing to lessen the environmental impact and cost of power consumed by miners in the fast-emerging global decentralized Blockchain industry. The Company has also developed a proprietary technology known as The XYO Mechanical Balancing Technology. XYO is designed specifically to eliminate vibration in rotating equipment to create energy-efficient, environmentally responsible products. Today, we are looking to expand our expertise and knowledge of energy-efficient technology by developing low cost, green energy powered solutions for a variety of industries including renewable energy, blockchain mining, artificial intelligence, graphic rendering, and cloud computing while continuing our research, development, and commercialization of the XYO Technology in key applications.