Kidoz Inc. (TSX-V:KIDZ) has announced that the company has switched its corporate jurisdiction from the Anguillian Business Companies Act, 2022, into the jurisdiction of the Canada Business Corporations Act (CBCA), effective as of January 1, 2023.
The company noted that the government of the Caribbean island of Anguilla, in response to recommendations by the Organisation for Economic Co-operation and Development (OECD), recently enacted the new Anguillian Business Companies Act, 2022, which, by its adherence to provisions thereof, previously governed the corporate affairs of the company. Prior to the enactment of the Anguilla Business Companies Act, 2022, the company was, from 2005, a company subsisting under the Anguilla International Business Corporations Act.
At its annual meeting of shareholders held on November 30, 2022, shareholders of the company approved a move to continuance under the British Columbia Business Corporations Act (BCBCA). However, upon further deliberation and with the approval of the board of directors, the company said the continuance was instead effected under the CBCA.
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The company said it believes the material effects of the continuance under the CBCA as opposed to the BCBCA will not present a material difference to shareholders and that the company and its shareholders will retain the benefit of the principle effects of the proposed continuance under the BCBCA.
Kidoz said its management believed that it would be less advantageous to the company and its shareholders, with respect to the execution of its present and future business plans and generally, for the company to continue to subsist as an Anguilla corporation and that its situation would be improved, in those regards and generally, if it were to be continued to the federal jurisdiction of Canada under the CBCA and discontinued as a corporation subsisting under the Anguilla Business Companies Act, 2022.
It added that management additionally believes that such continuance will likely reduce the cost of maintaining the company's corporate headquarters and would enhance the prospects for merger and acquisition opportunities and simplify any ensuing discussions.
The company said the continuance will not affect the status of the company as a listed company on the TSX Venture Exchange or as a reporting issuer under the securities legislation of British Columbia or any other province or territory of Canada or the United States of America, and the company will remain subject to the requirements of all such legislation.
Kidoz owns the leading COPPA & GDPR-compliant contextual mobile advertising network that safely reaches hundreds of millions of kids, teens, and families every month. Google certified, and Apple-approved, Kidoz provides an essential suite of advertising technology that unites brands, content publishers and families.
Trusted by Disney, Hasbro, Lego and more, the Kidoz Contextual Ad Network helps the world's largest brands to safely reach and engage kids across thousands of mobile apps, websites and video channels. The Kidoz network does not use location or PII data tracking commonly used in digital advertising. Instead, Kidoz has developed advanced contextual targeting tools to enable brands to reach their ideal customers with complete brand safety.
A focused AdTech solution provider, the Kidoz SDK and Kidoz Programmatic network have become essential products in the digital advertising ecosystem.
Contact the author at jon.hopkins@proactiveinvestors.com