Seprotech updates status of previously reported delay in filing of 2010 annual financial statements and first quarter 2011 inter
February 23 2011 - 5:11PM
PR Newswire (Canada)
OTTAWA, Feb. 23 /CNW/ -- OTTAWA, Feb. 23 /CNW/ - Seprotech Systems
Incorporated (TSX-V: SET) ("Seprotech" or the "Company") is issuing
this press release as a default status report in accordance with
National Policy 12-203. 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. The following is an
update of material changes to the information set out in the
Default Notice and the bi-weekly Default Status Reports. As
previously reported, the Company had over-billed its customer, the
Department of National Defence, Canada (the "DND") an amount not
expected to exceed $300,000 under its contract with the Company.
Arrangements have been made to repay such an amount by way of
credits against actual work currently in process. One minor aspect
of the materials provided to DND continues to be under review with
an early response expected. However, until the precise amount of
the overbilling is confirmed by DND, and accepted by the Company's
auditors, the Company is not in a position to finalize
quantification and/or allocation of the over-billing to the
appropriate historical fiscal quarters thereby enabling completion
of the audit of its Annual Financial Statements and subsequent
filing of its Annual Required Filings as well as its first quarter
2011 filings. Finalization of this process is expected to further
delay the filing of the Annual Required Filings until April 30,
2011, and the first quarter 2011 filings to May 31, 2011. In the
event of any significant further delay in the response from DND,
completion of outstanding filings could be further delayed. The
Company confirms that: (i) there has been no failure by the Company
in fulfilling its stated intentions with respect to satisfying the
provisions of the alternative information guidelines set out in NP
12-203; (ii) there has not been any other anticipated or specified
default by the Company under NP 12- 203; and (iii) there is no
other material information concerning the affairs of the Company
that has not been generally disclosed. The Company will continue to
satisfy the provisions of the alternative information guidelines
under NP 12-203 by issuing bi-weekly default status reports in the
form of news releases so long as it remains in default of the
filing requirements set out above. 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/February2011/23/c5517.html
pMr. Matthew Anderson, Investor Relationsbr/ Tel: (613) 523-1641br/
Fax: (613) 731-0851/p
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