Penfold Capital Acquisition IV Corporation Provides Default Status Report
March 04 2014 - 5:16PM
Marketwired
Penfold Capital Acquisition IV Corporation Provides Default Status
Report
TORONTO, ONTARIO--(Marketwired - Mar 4, 2014) - Penfold Capital
Acquisition IV Corporation (TSX-VENTURE:SEL) (the "Company")
announces that, further to its press releases of February 11 and
February 19 2014, the Company's board of directors and its
management continue to work 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 March 28, 2014.
As previously announced on January 29, 2014, a MCTO application
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"). On
February 18, 2014, the Ontario Securities Commission, the Company's
principal regulator, has issued a Permanent Management Cease Trade
Order (the "Permanent MCTO").
The Permanent 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 trade freely in the
Company's securities.
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 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 away 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
(TSXV:SEL)
Historical Stock Chart
From May 2024 to Jun 2024
(TSXV:SEL)
Historical Stock Chart
From Jun 2023 to Jun 2024