Durrant Pate/Contributor

Suspended creative company, iCreate Limited, is committing to overcoming its reporting regulatory hurdle by next month-end, which would put it in full compliance of rules of the Jamaica Stock Exchange (JSE).

Last month, the JSE suspended trading in iCreate’s shares on the local stock market, pending the submission of its 2022 audited financial statement with this action coming days before the sudden resignation of founder and CEO, Tyrone Wilson.

As iCreate seeks to overcome its reporting regulatory hurdle, the company has announced that it will not be publishing its unaudited financial statements for the second quarter ended June 30, 2023, which has been due from Thursday (August 31, 2023).

However, instead iCreate will synchronise the release of the second quarter financial statements with the release of the audited financial statements for the financial year ended December 31, 2022, on or before September 30, 2023.

With the departure of Wilson, Ivan Carter has stepped in as interim chairman of the iCreate board of directors while Arlene Martin has been serving as interim president & CEO, requesting a filing extension of the Q2 financial statements, which were due by August 15, 2023 to August 31, 2023.

Reasons for the move

In arriving at its decision to not publish the Q2 unaudited financial statement and  synchronise it with the release of the audited results for the financial year ended December 31, 2022, iCreate says, “on further assessment, the company’s leadership found it necessary to pursue various transactions for verification of correctness and completeness in the draft financial statements.“

In a regulatory filing with the JSE, iCreate adds, “these efforts are extensive and involve discussions with several parties including our attorneys-at-law and auditors. As such, the board of directors has decided that it is prudent and in the best interest of all parties, including the market to ensure that the 2022 year-end audit is completed and the 2023 year-to-date transactions audit-reviewed, before publication.”

As previously advised iCreate closed two acquisitions during the period, being Mobile Edge Solutions Limited (GetPaid) effective January 31, 2022, and Visual Vibe.Com Limited effective May 31, 2023. It is critical that these complex transactions be correctly and completely represented.

The iCreate management says they are committed to navigating the current hurdles and meeting all regulatory and market requirements going forward.

“We seek further indulgence and patience while the company seeks to complete become fully compliant by the end of next month,” the board and management promised in its regulatory filing.

In the meantime, the board and management of iCreate has apologised for the delay.