Fortem Resources Inc fka FTMR

[RandyKCMO]

Thanks Renee.

As I read the order, it sounds like this matter has now been dealt with and concluded.

The matter deals principally with not filing their quarterly and annual reports on time. This is not a cease trade order, it has to do with the requirement of filing the annual and quarterly reports.

This whole matter revolves around the accounting fiasco Fortem went through was pretty crazy. They had an auditing and accounting firm (Dale Matheson Carr-Hilton LaBonte LLP, Chartered Financial Accountants) that audited and filed their financials for several years. When they decided to switch to a larger reputable auditor (Davidson & Company LLP)... the previous auditing firm is required to sign off on their previous work. Fortem's old firm wouldn't. This despite numerous requests and efforts made by the company as well as their new accounting/auditing firm. The old firm wouldn't and didn't sign off.

This whole matter is disclosed and discussed in the 10/18/2019 10-K.

https://www.otcmarkets.com/filing/html?id=13692565&guid=C7snUeiLHw36c3h

It's one of the craziest things I've ever seen. Matheson wouldn't sign off on their own work and that really is what leads to Fortem's inability to make their filings in a timely manner.

As a result, in an effort to meet the filing requirements Fortem paid the new auditing firm to go back over and review their previous quarterly reports and re-audit their annual report. All this took place and the required reports were refiled. The records can be seen here:

https://www.otcmarkets.com/stock/FTMR/disclosure

From my perspective, the company seems to have gone above and beyond the call of duty in trying to resolve this matter. They not only made filings with the US Security and Exchange Commission, but they had also been meeting the comparable Canadian requirements as well as those of the Toronto Venture Exchange.