The Company was unable to start the audit process in a timely manner due to staffing difficulties beyond its control. These difficulties delayed the start of the process of auditing the 2013 financial statements by several weeks.
The Annual Filings will be filed as soon as the audit work is completed. Currently, the Company estimates that the preparation of the audited financial statements should take no more than four weeks from the beginning of the audit on
Further, there are no additional material information respecting the Company and its affairs that have not been generally disclosed and there are no insolvency proceedings against the Company as of the date of this Default Status Report.
Until the Annual Financial Filings have been filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines under Policy Statement 12-203 by issuing bi-weekly default status reports in the form of further press releases, which will also be filed on SEDAR.
This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Such statements include those with respect to the date on which the audit of the Company's 2013 financial statements will begin, the time that audit will take to complete, and the date that the Annual Filings will be filed. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Such assumptions, which may prove incorrect, include the following: (i) the Company will succeed in retaining new auditors within a reasonable timeframe, (ii) the Company's new auditors will begin their work forthwith, (iii) the audit of the Company's 2013 financial statements will not take longer than has been customary, (iv) the auditors will be in a position to issue an auditor's report without reservations upon the completion of their audit, and (v) the Company will be in a position to file the Annual Filings shortly after the audit is complete. Factors that could cause actual results to differ materially from expectations include (i) the inability of the Company to successfully retain new auditors for whatever reason, (ii) the inability of those auditors to begin or complete their audit in a reasonable timeframe, (iii) the inability of the auditors to issue an unqualified auditor's report upon the completion of their audit and (iv) the Company's inability to file the Annual Filings for whatever reason after the audit has been completed. These factors and others are more fully discussed in the Company's filings with Canadian securities regulatory authorities available at www.sedar.com. Actual results may vary from the forward-looking information.
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