Penfold Capital Acquisition IV Corporation Provides Default Status Report
12 February 2014 - 6:20AM
Marketwired
Penfold Capital Acquisition IV Corporation Provides Default Status
Report
TORONTO, ONTARIO--(Marketwired - Feb 11, 2014) - Penfold Capital
Acquisition IV Corporation (the "Company") (TSX-VENTURE:SEL),
announces that it has been granted a Temporary Management Cease
Trade Order (the "Temporary MCTO") by its principal regulator, the
Ontario Securities Commission. As previously announced on January
29, 2014, a MCTO was made by the Company in respect of the late
filing of the Company's its annual financial statements,
accompanying management's discussion and analysis and related CEO
and CFO certifications of annual filings for the financial year
ended September 30, 2013 (collectively, the "Required
Filings").
The Temporary MCTO restricts all trading in securities of the
Company, whether direct or indirect, by the Chief Executive
Officer, the Chief Financial Officer and the directors of the
Company, until such time as the Required Filings have been filed by
the Company. All other parties are permitted to freely trade in the
Company's securities. The Ontario Securities Commission has given
notice of a hearing to be held on February 18, 2014, for the
purposes of making the Temporary MCTO permanent if the Company has
not remedied the default in the filing the Required Filings.
As previously announced, the Company was not in a position to
timely file its Required Filings, primarily as a result of
additional time required to complete the audit of the Company's
annual financial statements. The Company's board of directors and
its management confirm that they are working expeditiously with the
Company's auditors to meet the Company's obligations relating to
the filing of the Required Filings, and the Company continues to
expect to file the Required Filings on or before February 18,
2014.
The Company confirms that it will satisfy the provisions of the
alternative information guidelines under Section 4.4 of National
Policy Statement 12-203 respecting Cease Trade Orders for
Continuous Disclosure Defaults, for so long as it remains in
default, by issuing bi-weekly default status reports in the form of
further news 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 news 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 news release.
About Penfold Capital Acquisition IV Corporation
The Company, through its wholly owned subsidiary SLM, is
dedicated to managing consumer and retail store returns and
defective and problematic electronics through product end-of-life
management. The Company provides manages returns from receiving to
end-of-life with quality assurance testing, factory servicing,
resale through non-traditional channels and recycling of non
saleable product to support a closed-loop distribution process. The
Company is able to recycle the non-saleable returns it receives,
thereby allowing customer returns to have a very low environmental
impact. An independent Waste Audit Report shows that the Company is
able to achieve a waste diversion rate of 98.6%. This means that
companies using the Company's processes are able to divert 98.6% of
their product from landfill sites. The Company is currently working
on rolling out this product offering to retailers to allow them to
capture the environmentally conscious consumer. The Company
currently operates only in Ontario.
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.
Forward looking information is typically identified by words
such as: believe, expect, anticipate, intend, estimate, postulate
and similar expressions, or are those, which, by their nature,
refer to future events. The Company cautions investors that any
forward-looking information provided by the Company is not a
guarantee of future results or performance, and that actual results
may differ materially from those in forward looking information as
a result of various factors, including, but not limited to: the
state of the financial markets for the Company's securities; the
state of the industry; recent market volatility; the Company's
ability to raise the necessary capital or to be fully able to
implement its business strategies; and other risks and factors that
the Company is unaware of at this time. The Company expressly
disclaims any obligation to update any forward-looking statements
except as may be required by law.
Penfold Capital Acquisition IV CorporationVito BuffoneChief
Executive Officervito.buffone@slm-logistics.comPenfold Capital
Acquisition IV CorporationPaul HaberInterim Chief Financial
Officerphaber@blackbirchcap.com
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