STEER Announces Filing Timeline for 2023 Annual Financial Statements

TORONTO, ONTARIO, CANADA, April 26, 2024 / — Steer Technologies Inc. (TSXV: STER) (OTCQX: STEEF) (“STEER” or the “Company”), an integrated ESG technology platform, today announced that it expects to complete and file its 2023 Annual Filings (as defined below) on or before May 31, 2024. Because the 2023 Annual Filings will be filed following the requisite filing date of April 29, 2024, the Company has applied to the Ontario Securities Commission (the “OSC”) for a management cease trade order that will prohibit the Chief Executive Officer and the Chief Financial Officer of the Company from trading in the securities of the Company until such time as the 2023 Annual Filings have been filed. The OSC has yet to make a decision on the aforementioned application.

The default is primarily due to delays in the provision to the Company’s auditor of financial information in respect of FoodsUp Inc., an indirect subsidiary of the Company (in which the Company owns a controlling interest) which is managed and operated by independent third parties. The proposed filing timeline will provide the Company’s auditor, SRCO Professional Corporation, with sufficient time to complete the audit. Management notes that there are no disagreements or major unresolved issues with the auditor on any matter of the audit scope or procedures, accounting principles or policies, or financial statement disclosure.

The annual filings consist of: (a) the audited financial statements of the Company for the year ended December 31, 2023; (b) the management’s discussion & analysis for the year ended December 31, 2023; and (c) the chief executive officer and chief financial officer certification of filings under Section 5.1 of National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings (collectively, the “2023 Annual Filings”).

During the period of default and until filing of the 2023 Annual Filings, the Company intends to satisfy the provisions of the alternative information guidelines as required by National Policy 12-203 – Management Cease Trade Orders. The Company’s management and other insiders are subject to a trading blackout reflecting the principles contained in Section 9 of National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions until the 2023 Annual Filings have been filed.

The Company is not subject to any insolvency proceedings, and, other than as disclosed in the Company’s press releases, there has been no material information that has not been disclosed.

STEER is an integrated ESG technology platform that moves people and delivers things through subscription and on-demand services. The Company’s goal is to build a one-of-a-kind ecosystem that aggregates conscientious users, through a series of connected offerings, and enables them to buy, sell, or invest with the same platform, STEER. The Company’s offerings generally fall into two categories: subscription-based offerings led by its flagship electric vehicle subscription business, STEER EV, and on-demand services incorporating food delivery, Delivery-as-a-Service (DaaS) and rideshare businesses. The Company’s platform is also powered by EcoCRED, its big data, analytics and machine learning engine which seeks to capture, analyze, parse and report on key data points in ways that measure the Company’s impact on carbon reductions and offsets.
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Junaid Razvi
STEER Technologies Inc.
+1 289-452-0164
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