UPDATE ON VOLUNTARY SUSPENSION AND ANNUAL REPORT LODGEMENT
Mobile and e-Health company G Medical Innovations Holdings Limited (ASX:GMV) (“G Medical” “the
Company”
, wishes to provide shareholders with the following update on the Company’s voluntary suspension
and the effects of the COVID-19 pandemic on operations, including on finalising the audit of its 2019 annual
report.
G Medical is currently experiencing business disruptions due to the national emergency in Israel, as well as
broader shutdowns in the United States, China and Australia as a result of the COVID-19 pandemic. These
interruptions have left G Medical unable to compile and finalise the relevant documentation required for its
2019 annual report.
Further, G Medical acknowledges that the auditing process that is undertaken by BDO Ziv Haft (“BDO”
has
been considerably slower. This is due to stringent internal working protocols being progressed by BDO in
relation to the COVID-19 pandemic.
As such, the Company has entered into voluntary suspension until its 2019 annual report can be finalised and
released to the market. G Medical is working with internal parties and BDO to finalise its financial report and
lodge them as soon as possible.
The Company’s employees remain in good health and G Medical is not witnessing any cases of COVID-19
amongst staff. To ensure employee safety G Medical has implemented detailed risk management policies,
which include remote working practises and postponement of travel, amongst others. G Medical will continue
to closely monitor the impacts of COVID-19 on its operations.
CEO and Executive Director Dr Yacov Geva said: “COVID-19 has raised a number of challenges for everyone,
including G Medical and its employees. Our priority is the safety and wellbeing of our workforce and
unfortunately this has resulted in a delay in finalising the Company’s accounts.
“I am confident that the auditing process can be expedited in the near term and our annual report can be
lodged as soon as possible. We look forward to updating shareholders on operational developments in the
coming weeks.”
This announcement was authorised for release by Yacov Geva, Managing Director.
