Seprotech updates status of previously reported delay in filing of 2010 annual financial statements and first quarter 2011 inter
03 May 2011 - 2:41AM
PR Newswire (Canada)
OTTAWA, May 2 /CNW/ -- OTTAWA, May 2 /CNW/ - Seprotech Systems
Incorporated (TSX-V: SET; "Seprotech" or the "Company") is
providing an update on progress in completing audited financial
statements and related filings for the fiscal year ended August 31,
2010, and its first quarter interim filings for the period ended
November 30, 2010. The Company also advises of a delay in
completing the interim filings for the second quarter ended
February 28, 2011. In its press release on December 17, 2010, (the
"Default Notice"), the Company announced that it would not be able
to file its audited financial statements for the year ended August
31, 2010 (the "Annual Financial Statements") and its related
MD&A and CEO and CFO certificates (collectively, the "Annual
Required Filings") by December 29, 2010 as required under
securities laws. By its subsequent press releases and related
material change reports issued and filed between December 29, 2010
and February 9, 2011, the Company provided updates on the status of
the Annual Financial Statements and the Annual Required Filings,
and also reported a material change relating to an overstatement of
revenues as reported in its financial statements for the quarters
ended November 30, 2009, February 28, 2010, May 31, 2010 and
possibly for the year ended August 31, 2009, in an undetermined
material amount. In its press release dated January 26, 2011, the
Company also reported that it would not be able to file its interim
financial statements for the quarter ended November 30, 2010, and
the related MD&A and CEO and CFO certifications, by January 31,
2011 as required under securities laws. As a consequence of these
delays in completing required filings, on February 24, 2011 the
British Columbia Securities Commission and the Toronto Venture
Exchange issued a cease trade order with respect to the Company's
common shares. On March 8, 2011, the Ontario Securities Commission
also issued a cease trade order for the Company's common
shares. The following is an update of the status on progress
to complete the required filings:. As previously reported, the
Company had over-billed its customer, the Department of National
Defence, Canada (the "DND") $315,584 under its contract with the
Company. The amount was determined to have been related entirely to
the 12 months ended August 31, 2010 and did not impact prior or
subsequent fiscal periods. The $315,584 amount was formally
accepted by DND on March 10, 2011 and has now been repaid in full.
Since resolution was reached with DND we have been working
diligently with our auditors to complete the audit of our financial
statements for the year ended August 31, 2010 and expect to
complete the Annual Required Filings by May 9, 2011. It was
previously indicated that we expected to complete the Annual
Required Filings and first quarter 2011 filings by April 30, 2011,
however, completion of the first and second quarter 2011 filings
are now targeted for completion by May 16, 2011. Seprotech is a
provider of pre-engineered water and wastewater treatment plants to
the land development, resource sector and military market place,
including CrystalBlueâ„¢ membrane-based water recycling systems and
the ROTORDISK® wastewater treatment systems. 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. The
TSX Venture Exchange has neither approved nor disapproved of the
information contained herein. Some of the statements in this press
release, including those relating to the Company's strategies and
other statements that are predictive in nature, that depend upon or
refer to future events or conditions, or that include words such as
"expects", "anticipates", "intends", "plans", "believes",
"estimates" or similar expressions, are forward-looking statements
within the meaning of securities laws. Forward-looking statements
include, without limitation, the information concerning possible or
assumed future results of operations of the Company. These
statements are not historical facts but instead represent only the
Company's expectations, estimates and projections regarding future
events. The Company does not undertake any obligation to update or
release any revisions to these forward-looking statements to
reflect events or circumstances after the date of this presentation
or to reflect the occurrence of unanticipated events, except as
required by law. To view this news release in HTML formatting,
please use the following URL:
http://www.newswire.ca/en/releases/archive/May2011/02/c8485.html p
Mr. Matthew Anderson, Investor Relationsbr/ Tel: (613) 523-1641br/
Fax: (613) 731-0851 /p
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