VANCOUVER, May 1, 2015 /CNW/ - Finavera Wind Energy Inc.
('Finavera Wind Energy', 'Finavera' or the 'Company') (TSX-V:
FVR), announced today that it has been granted a management cease
trade order (the "MCTO") by its principal regulator, the British
Columbia Securities Commission (the "BCSC"). The Company made
an application for the MCTO as a result of the Company's inability
to file annual financial statements, accompanying management's
discussion and analysis and related CEO and CFO certifications for
the financial year ended December 31,
2014 (collectively, the "2014 Annual Financial Statements")
by April 30, 2015.
The MCTO restricts all trading in securities of the Company,
whether direct or indirect, by the CEO, CFO and COO of the Company,
until such time as the 2014 Annual Financial Statements have been
filed by the Company. The MCTO does not affect the ability of
shareholders who are not insiders of the Company to trade their
securities or the Company's ability to issue shares.
The Company's inability to timely file the 2014 Annual Financial
Statements, resulted from (i) the anticipated timing of completion
of a Share Purchase Agreement with Solar Alliance of America
announced on August 25, 2014 and the
resulting impact on the audit, (ii) the timing of a financing to
close contemporaneously with the transaction, and (iii) the need
for additional time for KPMG LLP to enable them to complete their
procedures and render an audit opinion.
The Company, together with its advisors, has developed a
timeline setting forth the steps necessary to allow the 2014 Annual
Financial Statements to be filed. The Company expects to
complete and file its financial statements well before the end of
May 2015.
The Company confirms that it will satisfy the provisions of the
alternative information guidelines under National Policy 12-203
respecting Cease Trade Orders for Continuous Disclosure Defaults
for so long as it remains in default as a result of the late filing
of the 2014 Annual Financial Statements. During this period,
Finavera will issue bi-weekly default status reports in the form of
further press releases, which will also be filed on SEDAR.
The Company confirms that there are no insolvency proceedings
against it as of the date of this press release. The Company
also confirms that there is no other material information
concerning the affairs of the Company that has not been generally
disclosed as of the date of this press release.
Jason Bak, CEO
About Finavera Wind Energy Inc. (www.finavera.com)
Finavera Wind Energy is a company focused on developing
renewable energy opportunities. Our mission is to create and
operate a diversified portfolio of renewable energy projects while
protecting and enhancing the physical and social environment.
Finavera has developed over 360MW of wind projects and
subsequently sold them to utilities or large independent power
producers. Finavera is continuing to opportunistically review
prospects for growth and the enhancement of shareholder value.
Statements in this news release, other than purely historical
information, including statements relating to the Company's future
plans and objectives or expected results, constitute
Forward-looking statements. The words "would", "will", "expected"
and "estimated" or other similar words and phrases are intended to
identify forward-looking information. Forward-looking information
is subject to known and unknown risks, uncertainties and other
factors that may cause the Company's actual results, level of
activity, performance or achievements to be materially different
than those expressed or implied by such forward-looking
information. Such factors include, but are not limited to:
uncertainties related to the ability to raise sufficient capital,
changes in economic conditions or financial markets, litigation,
legislative or other judicial, regulatory and political competitive
developments and technological or operational difficulties.
Consequently, actual results may vary materially from those
described in the forward-looking statements.
"Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
SOURCE Finavera Wind Energy Inc.