ALMONTE, Ontario, Dec. 23, 2020 (GLOBE NEWSWIRE) — 3 Sixty Danger Options Ltd. (“3 Sixty” or the “Firm”) (CSE: SAFE) (OTCQB: SAYFF) (FSE: 62P2) is happy to supply an replace concerning its enterprise and operations to firm stakeholders.
Pricey Stakeholders of three Sixty Danger Options Ltd.:
Please let me introduce myself: my identify is David Beck. I’m the Chairman of the Board of Administrators (BOD) at 3 Sixty Danger Options Ltd. (‘3 Sixty’). I’m scripting this letter to all firm stakeholders as an extension of, and additional to a press launch dated November 23, 2020 entitled ‘Enterprise Replace’. In April 2020, I joined the three Sixty BOD and was subsequently appointed to Chairman in September. Whereas my precedence and statutory responsibility is to work to the good thing about all stakeholders of three Sixty, with 16.2 million shares, I’m additionally the second largest shareholder of three Sixty.
In October, I used to be joined on the BOD by Andrew Ellis and Rita Simkin. Andrew and Rita have since taken energetic roles within the firm as interim CEO and interim COO, respectively. Andrew and Rita be part of current BOD members, myself, Christian Grunt and Nitin Kaushal. Additional, 3 Sixty founder, Thomas Gerstenecker, resigned as CEO and Director.
Earlier than I elaborate on particulars, it is very important state two issues. First, all present BOD members are usually not receiving any money or fairness compensation. We’re accruing modest money and inventory compensation, which can be honoured solely once we are assured of the corporate’s monetary place, together with satisfaction of crucial payables. Second, the corporate’s administration and workers proceed to ship on buyer commitments, construct a pipeline of latest enterprise alternatives and produce income.
Our Precedence – Enabling buying and selling on the CSE
The BOD is concentrated on making certain the Firm recordsdata all excellent monetary statements, MD&A and different steady disclosure paperwork in an effort to apply for a revocation of the present stop commerce order (CTO) imposed towards 3 Sixty’ securities by the Ontario Securities Fee on July 15, 2020. You will need to perceive that the CTO impacts greater than our fairness shareholders. It impacts our skill to recruit and retain key workers, pay and work with devoted suppliers, and repair and construct buyer relationships and we’re working diligently to rectify the state of affairs.
So as to have the CTO revoked in order that the corporate’s shares can once more commerce on the Canadian Securities Trade, 3 Sixty is required to not solely file its audited 2019 monetary statements (together with refiling Q1, Q2, and Q3 of 2019) and associated paperwork, but in addition interim unaudited monetary statements for Q1, Q2, and Q3 of 2020. Whereas the corporate has largely accomplished monetary statements for 2020, full completion of those statements can not happen till ending accounting balances for 2019 are recognized and audited. Understandably, the completion of our 2019 audit is crucial.
To supply context, 3 Sixty grew to become a public firm in January 2019. As such, 2019 marks the corporate’s first 12 months to be audited as a public firm. It’s also the primary 12 months the corporate has engaged with our auditor MNP LLP. MNP has been a affected person associate in working by way of this audit course of. Nonetheless, please perceive, MNP can solely audit info that 3 Sixty gives. Sadly, throughout its fast development, and particularly, development by way of acquisition in 2018 and 2019, 3 Sixty administration didn’t successfully combine the disparate entities. This has brought on huge effort to appropriate.
These efforts have largely paid off except one state of affairs. We’re unable to find data associated to one of many firm’s subsidiaries, David Hyde and Associates that are required in an effort to full the monetary statements audit. Whereas on the floor this may occasionally appear worrisome, on a materiality foundation, David Hyde and Associates represented roughly $2 million of the roughly $30 million of gross income for 2019. MNP is conscious about this case, and continues to work each day with 3 Sixty within the upmost skilled method.
Our Future – Constructing a World Class Safety Companies Firm
As administration and BOD are finishing our 2019 audit, we’re working diligently in parallel with the duty of defining our go-forward enterprise technique. Happily, our expertise and power of the corporate’s platform ought to allow the corporate to show instant outcomes. Taking a look at every of our enterprise items, I present this temporary abstract:
- Present strengths – Important contracts with identify model entities.
- Future alternatives – Outsourcing of non-core police providers, and growth into providing complementary excessive margin safety options.
- FSS (Monetary Safety Options)
- Present strengths – Long run established enterprise relationship with considered one of Canada largest Schedule 1 banks.
- Future alternatives – Growth of present buyer relationship and securing further Schedule 1 financial institution relationship.
- Safe transport
- Present strengths – Differentiated and confirmed logistics and transportation service providing with extremely loyal clientele.
- Future alternatives – Focused area of interest and excessive product worth markets that leverage our experience in local weather managed and segregated dealing with of buyer items.
Our Appreciation – 3 Sixty Stakeholders
Going ahead, we search to enhance communication each with inside and exterior stakeholders of three Sixty. As such, we’re dedicated to scheduling a properly overdue shareholders assembly on the earliest date potential following the anticipated lifting of our CTO.
On behalf of your BOD, we take a look at this vacation season with nice appreciation for the assist now we have obtained and proceed to obtain from all stakeholders. This isn’t a straightforward endeavor. We want we had extra progress to speak to you right now. Nonetheless, please perceive the challenges we’re going by way of mixed with the alternatives obtainable to three Sixty we see as solely constructing our resolve.
I sincerely thanks on your assist and persistence,
Chairman, 3 Sixty
About 3 Sixty Danger Options Ltd.
3 Sixty Safe Corp, a wholly-owned subsidiary, is a multi-national safety providers firm. 3|Sixty proudly gives personalized safety options to private and non-private sector shoppers throughout the globe. Companies embody: money in transit; excessive worth storage; protecting providers; secured transport; excessive danger coaching, private safety, and safety danger administration consulting. 3 Sixty has a employees of over 600 workers and operates a fleet of over 120 automobiles, with seven safe services nationwide and a mixed safety footprint of roughly 35 million sq. toes of patrolled space throughout Canada.
For additional info concerning the Firm, please contact:
This information launch accommodates “forward-looking info” and “forward-looking statements” (collectively, “forward-looking statements”) inside the that means of the relevant Canadian securities laws. All statements, apart from statements of historic reality, are forward-looking statements and are based mostly on expectations, estimates and projections as on the date of this information launch. Any assertion that entails discussions with respect to predictions, expectations, beliefs, plans, projections, targets, assumptions, future occasions or efficiency (typically however not at all times utilizing phrases resembling “expects”, or “doesn’t anticipate”, “is predicted”, “anticipates” or “doesn’t anticipate”, “plans”, “finances”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such phrases and phrases or stating that sure actions, occasions or outcomes “might” or “might”, “would”, “would possibly” or “will” be taken to happen or be achieved) are usually not statements of historic reality and could also be forward-looking statements. On this information launch, forward-looking statements relate, amongst different issues, to: the enterprise and operations of three Sixty. Ahead-looking statements are essentially based mostly upon a variety of estimates and assumptions that, whereas thought of affordable, are topic to recognized and unknown dangers, uncertainties, and different elements which can trigger the precise outcomes and future occasions to vary materially from these expressed or implied by such forward-looking statements. Such elements embody, however are usually not restricted to: normal enterprise, financial, aggressive, political and social uncertainties. There might be no assurance that such statements will show to be correct, as precise outcomes and future occasions might differ materially from these anticipated in such statements. Accordingly, readers shouldn’t place undue reliance on the forward-looking statements and knowledge contained on this information launch. Besides as required by legislation, 3 Sixty assumes no obligation to replace the forward-looking statements of beliefs, opinions, projections, or different elements, ought to they alter, besides as required by legislation.
Neither the Canadian Securities Trade nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the CSE) accepts accountability for the adequacy or accuracy of this launch.