Current Report Filing (8-k)
July 27 2018 - 3:55PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 27, 2018 (July 24, 2018)
SINORAMA
CORPORATION
(Exact name of registrant as specified in
its charter)
Florida
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000-55744
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81-3305510
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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La Plaza Swatow, Office 518
P.O. Box 008, 998 Blvd. Saint-Laurent
Montreal, QC H2Z 9Y9
(Address of principal executive offices)
Registrant’s telephone number, including
area code:
+1 (514)866-6888
Not Applicable
(Former name or former address, if changed
since last report)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)
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Indicate by check mark whether the registrant
is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter)
or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company
x
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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On July 24, 2018, the Office de la protection du consommateur
(“OPC”), the oversight authority for travel agencies in Québec, appointed PricewaterhouseCoopers LLP as a provisional
administrator to Vacances Sinorama Inc. (“Vacances Sinorama”), the main operating subsidiary of Sinorama Corporation
(the “Company”) in the province of Québec. The provisional administrator has been charged with the management
Vacances Sinorama’s accounts and business, and the termination of its travel agent activities in Québec. The OPC also
informed Vacances Sinorama that it does not intend to renew its operating licence upon expiration on July 31, 2018.
The OPC alleges that Vacances Sinorama has not complied with
certain requirements of the Travel Agents Act (Québec) relating to the management of client funds. The OPC has given Vacances
Sinorama 10 days to respond. If the decision is maintained, Vacances Sinorama will have 30 days to appeal the decision before the
Administrative Tribunal of Québec.
The Company is assessing its means of defense and the possibility
of contesting the OPC’s decision. Management of Vacances Sinorama has offered all of its cooperation and expertise to the
OPC and the provisional administrator in order to ensure that all future travels are completed as planned.
Given the uncertainty of the ongoing process, it is premature
to assess the impact on the business and financial performance of Vacances Sinorama and the Company. However, if Vacances Sinorama
is unable to regain management of its affairs and renew its licence, or if consumers lose confidence in Sinorama Travel’s
ability to offer and deliver travel services, the business and financial performance of Vacances Sinorama and the Company will
be materially adversely affected.
On July 27, 2018, the Company issued a press release announcing
the appointment of the provisional administrator. A copy of the press release is attached hereto as Exhibit 99.1.
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Item 9.01
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Financial Statements and Exhibits.
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SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 27,
2018
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Sinorama
Corporation
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By:
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/s/ Jing
Wenjia
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Name:
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Jing Wenjia
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Title:
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Chief Executive
Officer
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