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NetCents Technology submits documents after trading halt

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NetCents Technology submits documents after trading halt

NetCents Technology Inc. said it has submitted certain documents after the Canadian Stock Exchange said it had failed to meet "continuous disclosure requirements."

Trading of the company's shares was halted following the noncompliance notice. The British Columbia Securities Commission sought additional information from the company regarding its fourth quarter ended Oct. 31, 2017, and first quarter ended Jan. 31 filings, as well as information on the status of the not for profit organization the company is establishing to manage the NetCents coin it is launching, the coin sale and proceeds of the sale.

NetCents said it submitted an Oct. 31, 2017, management discussions and analysis, which contains more details on its coin and debt expense recorded in the Oct. 31, 2017, financial statements.

It submitted its first-quarter financial statements with updated coin proceeds showing a higher balance than previously disclosed and transaction costs related to the expenses of the coin and the company's wallet setup.

It also submitted its Jan. 31 management discussions and analysis, which contains more information on the coin sales, proceeds and transaction costs associated with deploying the coin and NetCents wallet.

Additionally, the company provided further clarification on the status of the nonprofit organization and coin proceeds.

NetCents said it expects the trading halt to remain in place until the regulatory body finishes reviewing the documents it submitted.