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DataWind Announces Cease Trade Order And Appoints New Interim Chief Financial Officer

/EINPresswire.com/ -- MISSISSAUGA, ONTARIO--(Marketwired - Jul 7, 2017) - DataWind Inc. (TSX:DW) (the "Company"), the leader in delivering Internet access to emerging markets, announces that on July 6, 2017, the Ontario Securities Commission ("OSC") issued a Failure-to-File Cease Trade Order ("FFCTO") against the Company for failure to file its audited financial statements, management's discussion and analysis, and related CEO and CFO certifications and its annual information form for the year ended March 31, 2017 (the "Annual Disclosure") and related CEO and CFO certifications on June 30, 2017 (together with the Annual Disclosure, the "Required Filings"). The general cease trade order affects all securities of the Company and will remain in effect until such time as the Company has filed the Required Filings. The Company is actively working with its auditors to finalize the Required Filings.

The Company is pleased to announce the appointment of Mr. Hemant Nayak as interim incoming CFO, subject to regulatory approval. Mr. Nayak is a Chartered Accountant and has more than 20 years of financial and business experience. He has held various positions in a number of industries, including as Senior Accountant of Cargojet Canada Inc. in Mississauga, ON and as Controller for Platinum Legal Group Inc., now part of PwC Management Services LP from 2009 to 2015.

Mr. Nayak will replace Mr. Angelo Tullo, who resigned as Chief Financial Officer effective immediately.

Most recently, Mr. Nayak has held the position of Controller with the Company since February, 2017. His extensive background in financial reporting, auditing, strategic planning, cash and assets management, financial analysis, forecasting, information systems, business analysis and his most recent experience with the Company have made him an ideal fit for this position.

About DataWind

DataWind Inc. is a leader in providing affordable mobile Internet connectivity in emerging markets. The company's patented, cloud-based technology reduces up to 97% the amount of data needed for web browsing, providing a broadband experience on any network -- even on legacy 2G networks that are still prevalent in developing countries. DataWind also provides economical smartphones and tablets that come bundled with one year of unlimited internet access, making it the largest tablet provider in India. DataWind's unique solution offers broad social and economic benefits for the billions of people around the world for whom an Internet connection was previously out of reach. DataWind is traded on the Toronto Stock Exchange (TSX:DW). For more information, visit www.datawind.com.

Forward-Looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information includes information with respect to our goals, beliefs, plans, expectations, anticipations, estimates and intentions. Forward-looking information is identified by the use of terms and phrases such as "may," "would," "should," "could," "expect," "intend," "estimate," "anticipate," "plan," "foresee," "believe," and "continue," or the negative of these terms and similar terminology, including references to assumptions. Please note, however, that not all forward-looking information contains these terms and phrases. Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond our control. These risks and uncertainties could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk factors identified in the Company's prospectus dated June 27, 2014, which is available on the SEDAR website at www.sedar.com. Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and we do not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.

No securities regulatory authority has either approved or disapproved the contents of this press release/media advisory.

DataWind Inc.
Suneet Singh Tuli
Chief Executive Officer and President
905-671-0202
suneet@datawind.com

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