ARISE Technologies Announces Delay in Filing of Third Quarter Interim Financials

WATERLOO, ON, Nov. 14, 2011 /CNW/ - ARISE Technologies Corporation (TSX: APV and Frankfurt: A3T), ("ARISE" or "the Company"), today announced that it will be delayed in the filing of its third quarter interim financial statements and related management discussion and analysis (MD&A) for the three and nine month periods ended September 30, 2011 beyond the filing deadline of November 15, 2011. The Company is in the process of completing its third quarter interim financial statements and MD&A ("Q3 financials") and expects to release these on or before December 15th.  The Company also intends to satisfy the alternative information guidelines in Section 4.4 of National Policy 12-203.

Due to material events that have occurred subsequent to the quarter end including the structured insolvency proceedings at the Company's German subsidiaries and related creditor issues, the decision has been made to defer reporting of Q3 financials until such time as there is sufficient data available upon which to base a fair determination of the Company's assets for purposes of completing the Q3 financials.

In addition to this, and as previously announced, discussions are continuing related to a proposed business combination agreement. Successful finalization of such an agreement would have a significant and direct impact on the Company.

ARISE continues to work with its financial advisor, Canaccord Genuity, and will continue to provide regular updates to its shareholders on the progress of the Company's negotiations in relation to the proposed business combination.

About ARISE Technologies
ARISE Technologies Corporation, based in Waterloo, Ontario, is dedicated to becoming a leader in high-performance, cost-effective solar technology.  The company consists of three divisions.  The PV (photovoltaic) cell manufacturing division (ARISE Germany) is located in Bischofswerda, Germany.  As previously announced ARISE Germany has entered into a voluntary insolvency process under German law.  The PV silicon division is using a proprietary method to produce silicon at 7N+ high-purity (99.99999% purity) for PV cell applications, based on a simplified chemical vapor deposition process.  The division is focusing on scaling up its process to provide ARISE with control over its supply, costs, and quality. The PV systems division has been providing rooftop and ground-mounted PV solutions since 1996. ARISE continues to operate its systems business in Ontario under the Ontario FIT (Feed-In Tariff) program.

The company's shares are listed on the Toronto Stock Exchange under the symbol APV and on the Frankfurt Open Market Exchange under the symbol A3T.  Additional information is available at www.arisetech.com and www.sedar.com.

Forward-Looking Statements and Risk Factors
Certain statements in this news release may be considered to be forward-looking.  Such statements are based on management's current expectations, estimations, and assumptions based on experience, trends, and other factors that are subject to the significant risks and uncertainties described in our regulatory filings.  Please refer to these.  Such risks and uncertainties may include, but are not limited to, the effects of general economic conditions, changing foreign exchange rates, actions by government authorities, the requirement for additional capital, risks associated with manufacturing, industry supply levels, competitive pricing pressures and misjudgements in the course of preparing forward-looking statements.

Risk factors relating to ARISE are discussed in the Risk Factors section of the (final) prospectus supplement, ARISE's Annual Information Form and under the headings Liquidity and Capital Resources and Risk and Uncertainties in ARISE's year-end Management's Discussion and Analysis which are or will be available at www.sedar.com.  These factors should be considered carefully, and readers should not place undue reliance on ARISE's forward-looking statements.

ARISE assumes no obligation to update any forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
 

 

 

SOURCE ARISE Technologies Corporation

For further information:

ARISE Technologies Corporation
65 Northland Road, Waterloo, Ontario, Canada N2V 1Y8
Doug McCollam, Chief Financial Officer, (519) 772-5706
www.arisetech.com

 

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