Cathay Forest Provides Fourth Default Status Report
29 January 2011 - 9:25AM
Marketwired
Cathay Forest Products Corp. (TSX VENTURE: CFZ) ("Cathay Forest" or
the "Company") provides this bi-weekly Default Status Report in
accordance with National Policy 12-203 - Cease Trade Order for
Continuous Disclosure Defaults ("NP 12-203"). On December 1, 2010
the Company announced that it was not able to timely file its
interim financial statements and accompanying management's
discussion and analysis and related CEO and CFO certifications for
the period ended September 30, 2010 (collectively, the "Third
Quarter Financial Statements").
In accordance with NP 12-203, and as previously announced, the
Company applied to the applicable securities commissions for
Management Cease Trade Orders related to the common shares of
Cathay Forest to be imposed against certain of the Company's
executive officers (and at the discretion of the applicable
securities commissions, some or all of the directors, officers or
insiders of the Company) instead of a general Cease Trade Order
being imposed against all common shares of the Company. On December
20, 2010, the Ontario Securities Commission issued a Permanent
Management Cease Trade Order related to the Company's common shares
against certain executive officers of the Company expiring two full
business days following the filing of the 2010 Third Quarter
Financial Statements. The issuance of such Management Cease Trade
Orders does not generally affect the ability of persons who have
not been directors, officers or insiders of the Company to trade
the common shares of the Company. A general Cease Trade Order may
be imposed by the applicable securities commissions if the Company
fails to satisfy the provisions of the Alternative Information
Guidelines required pursuant to NP 12-203 (the "Alternative
Information Guidelines").
Cathay Forest is working with its auditors to complete the
review of the 2010 Third Quarter Financial Statements as soon as
possible. Until the 2010 Third Quarter Financial Statements are
filed, the Company intends to satisfy the Alternative Information
Guidelines by issuing bi-weekly Default Status Reports, each of
which will be issued in the form of a press release. If the 2010
Third Quarter Financial Statements are not filed beforehand, the
Company intends to issue its next Default Status Report on February
11, 2011.
The Company reports that since its original announcement on
December 1, 2010 (the "Notice") in respect of the delay in filing
its 2010 Third Quarter Financial Statements, there have not been
any material changes to the information provided in the Notice
other than as described herein nor any failure by the Company in
fulfilling its stated intention with respect to satisfying the
Alternative Information Guidelines. In addition, there has not been
any other specified default by the Company under NP 12-203, nor are
any anticipated and there is no other material information
concerning the affairs of the Company that has not been generally
disclosed.
About Cathay Forest Products
Cathay Forest is a forest products company that manages
approximately 1,000,000 hectares of standing timber properties and
fast-growth, high-yield poplar plantations in China and Russia.
Cathay Forest is building a world-class forest products company
through a customer base that includes the domestic Chinese pulp and
paper industry and other wood products customers in the Japanese
market.
Forward-Looking Statements
All statements, other than statements of historical fact, in
this news release are forward-looking statements that involve
various risks and uncertainties, including, without limitation,
statements regarding the future plans and objectives of Cathay
Forest. Actual results and future events could differ materially
from those anticipated in such statements. Except as required under
applicable securities laws, Cathay Forest assumes no obligation to
update forward-looking statements should circumstances or
management's estimates or opinions change.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy of this release.
Contacts: Cathay Forest Products Corp. Luc Perron, CA Chief
Financial Officer (416) 226-7269 luc.perron@cathayforest.com Cathay
Forest Products Corp. John Duncanson, RPF Interim Chief Executive
Officer & Chief Operating Officer (416) 531-3680
john.duncanson@cathayforest.com
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