Alberta Securities Commission Issues an Interim Cease Trade Order Halting Trading in Canada in Stock of BakBone Software
08 December 2004 - 12:30AM
PR Newswire (US)
Alberta Securities Commission Issues an Interim Cease Trade Order
Halting Trading in Canada in Stock of BakBone Software Trading on
the TSE to Halt at Open of Trading Tuesday, December 7 SAN DIEGO,
Dec. 7 /PRNewswire-FirstCall/ -- BakBone Software, Inc. (TSX: BKB;
OTC Bulletin Board: BKBOF) announces that the Alberta Securities
Commission has issued an interim cease trade order, preventing
trading in the Company's shares in Canada until December 17, 2004.
If BakBone Software has not filed its Form 10-Q for the quarter
ending September 30, 2004 with the Securities and Exchange
Commission and made the required quarterly filing with the Canadian
Securities Commissions by the December 17 date, the Alberta
Securities Commission will again meet to determine if a further
cease trade order will be issued. (Logo:
http://www.newscom.com/cgi-bin/prnh/20031120/SDBAKLOGO) Management
anticipates that trading in the Company's shares on the Toronto
Stock Exchange (TSE) will remain halted until these financial
results have been filed. This cease trade order does not represent
a delisting from the TSE. While the Alberta Securities Commission
cease trade order does not affect trading in the Company's stock in
the United States on the OTC Bulletin Board (OTCBB), the Company's
failure to file its quarterly report on Form 10-Q for the September
30, 2004 period makes the Company subject to delisting from the
OTCBB. As of the date of this release, the Company has not received
any notification from the OTCBB that it will delist the Company's
stock. If the Company does receive such a notice, it will appeal
delisting from the OTCBB, but such appeal may not be successful.
The Company is currently making every effort to complete and file
its quarterly financials for the second quarter fiscal 2005 as
quickly as possible. The delay in filing the Company's financial
statements relates to the recent change in auditors of the Company
and the significant amount of work required to both review the
Company's current results and review previously published financial
statements that will be reflected in the quarterly report on Form
10-Q for the September 30, 2004 period. About BakBone Software,
Inc. BakBone Software (TSX: BKB; OTC Bulletin Board: BKBOF) is a
leading international data protection solution provider that
develops and distributes data backup, restore, and disaster
recovery software for network storage and open-systems environments
worldwide. BakBone delivers scalable solutions that address the
complex demands of large enterprise environments, as well as small
to medium size businesses. Founded in 2000, BakBone products are
used by Fortune 1000 corporations and domestic and international
government entities. Distributed through a select global network of
OEM partners, resellers and solution providers, interested
companies can learn more about BakBone's products and services at
http://www.bakbone.com/ or email . Safe Harbor This press release
contains forward-looking statements that involve risks,
uncertainties, assumptions and other factors, which, if they do not
materialize or prove correct, could cause BakBone's results to
differ materially from those expressed or implied by such
forward-looking statements. These statements include, among others,
any statements, express or implied, regarding BakBone's anticipated
timing for the completion of the initial review of BakBone's
financial statements and/or the timing of the release of BakBone's
financial results and filing of its Form 10-Q. The potential risks
and uncertainties may include, but are not limited to: risks that
the review of BakBone's financial statements may not be completed
in accordance with our expectations as to timing; risks that we may
not release our financial results and file our quarterly report on
Form 10-Q in accordance with our expectations as to timing; and
risks associated with impaired liquidity in our stock that may
result from the cease trade order and any potential delisting from
the OTCBB. Our forward-looking statements should be considered in
the context of these and other risk factors disclosed in our most
recent report filed with the Securities and Exchange Commission,
which may be found at http://www.sec.gov/, as well as those risk
factors disclosed in our most recent report filed with the Canadian
Securities Administrators, which is available on SEDAR at
http://www.sedar.com/. All future written and oral forward-looking
statements made by us or on our behalf are also subject to these
factors. BakBone assumes no obligation to update any
forward-looking statement to reflect events or circumstances
arising after the date on which it was made. For more information,
please contact: Karen A. Silva, Director of Investor Relations of
BakBone Software, +1-858-795-7525, .
http://www.newscom.com/cgi-bin/prnh/20031120/SDBAKLOGO
http://photoarchive.ap.org/ DATASOURCE: BakBone Software, Inc.
CONTACT: Karen A. Silva, Director of Investor Relations of BakBone
Software, +1-858-795-7525, Web site: http://www.bakbone.com/
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