Ascent Industries Corp (CSE:ASNT) (OTCMKTS:PGTMF) announced several corporate updates on Friday.
The company released encouraging news that it has appointed independent director Daniel Lanskey, who has "vast experience related to investigations of major crimes," according to a statement from the company.
According to Ascent, Lanskey has substantial public markets experience as a director and is a former police officer in Australia, his last role being in the Sunshine Coast district of Australia, criminal investigation branch, second in command of a task force investigating major crimes, including major drug-related matters.
Lanskey has more than 15 years of experience in senior management in the public markets and has been a director and/or chairman of Australian Securities Exchange and TSX Venture Exchange-listed companies.
The company also announced it has been co-operating with an investigation being led by BC Combined Forces Special Enforcement Unit of British Columbia (CFSEU-BC) in regards to certain activities at Ascent, said the company in a statement. The CFSEU-BC is the province of British Columbia's anti-gang unit, with a mandate to target organized crime groups.
Ascent said it had also notified the B.C. Securities Commission of the investigation.
It also announced that it has brought on a forensic account to review suspicious payments made between June 2017 and November 2018.
"Upon completion of the forensic review, Ascent plans to review the matter with its independent auditor," noted the company in a statement, adding that if the company is required to restate its financial statements as a result of the review, it may not file its audited annual financial statements for the year ended Dec. 31, 2018 and the related management's discussion and analysis the deadline of April 30, 2019.
Nevada hearing update postponed
Ascent also said it has received the investigative report of Clark County's Department of Business Licence, in regards to the alleged consumption event at the Cosmopolitan Hotel in Las Vegas last November, under the direction of the former management.
The show-cause hearing was originally scheduled for April 10, 2019, however, in order to prepare for the hearing and respond to evidence presented, the department and the company have agreed to postpone the hearing to a later date.
Shares of Ascent have been halted since mid-March.
Contact Katie Lewis at [email protected]