SeaMiles Unable to File 2009 Audited Financials
29 April 2010 - 12:16AM
Marketwired
SeaMiles Limited ("SeaMiles" or the "Company") (TSX VENTURE: SEE),
North America's premier cruise loyalty provider, announced today
that it has determined that it will not be able to file its audited
annual financial statements for the financial year ended December
31, 2009, related management's discussion and analysis and CEO and
CFO certificates (collectively, the "Financial Statements") by the
filing deadline of April 30, 2010 as prescribed by National
Instrument 51-102 - Continuous Disclosure Obligations.
The Company will be unable to file the Financial Statements by
the prescribed deadline due to ongoing litigation with Carnival
Cruise Lines and Barclays Bank Delaware (the "Litigation") related
to the termination of a co-branded credit card agreement as
previously disclosed in the Company's press release dated July 20,
2009. The parties have been engaged in negotiations in an effort to
achieve consensual resolution to the Litigation. The resolution of
the Litigation will have a material impact on the Company's
financial results and prospects, which will vary depending upon the
outcome of the Litigation.
SeaMiles is unable to state at this time when it expects to file
the Financial Statements. However, the Company will provide updates
as warranted should anything change with respect to the status of
the Litigation and the subsequent timing for the filing of the
Financial Statements.
It is anticipated that the applicable regulatory authorities
will issue a cease trade order against SeaMiles for its failure to
file the Financial Statements within the prescribed time
period.
ABOUT SEAMILES
SeaMiles is North America's premier cruise loyalty provider,
committed to recognizing and rewarding the cruiser through multiple
earning opportunities and best-in-class, maximum award flexibility
based on "Any Cruise Line...Any Time". Additional information can
be found at www.seamiles.com.
This press release contains "forward looking information" within
the meaning of applicable Canadian securities legislation. Forward
looking information includes, but is not limited to, statements
with respect to the terms of the proposed litigation settlement,
the proposed filing of financial statements, and potential
regulatory actions. Generally, forward looking information can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
the Company to be materially different from those expressed or
implied by such forward-looking information, including but not
limited to: general business, economic, competitive and regulatory
risks. Although the Company has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward
looking information. The Company does not undertake to update any
forward-looking information, except in accordance with applicable
securities laws.
Neither the 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.
Contacts: SeaMiles Limited Peter Rooney President (416) 398-1555
Ext. 442 peter.rooney@seamiles.com SeaMiles Limited Steven Wise
Chairman & CEO (416) 631-3400 steven@seamiles.com
www.seamiles.com
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