TORONTO, May 4 /CNW/ - ENSSOLUTIONS GROUP INC. (TSXV: ENV) (the "Corporation") announced today was not be able to file its audited
financial statements for the year ended December 31, 2010, its
management's discussion and analysis relating to the financial
statements, and the CEO and CFO certificates (collectively, the
"Required Documents") by May 2, 2011 as required under securities laws.
The Corporation has recently undertaken to change its auditors and due
to the voluminous documentation changing hands during the transition
period, which has been received belatedly, it is unable to meet the
filing deadline. The Board of Directors has developed a work plan
pursuant to which the Corporation's management will assist the auditors
in completing the financial statements. It is expected that the
Corporation will be in a position to file the Required Documents as
soon as practicable or by no later than May 31, 2011.
The Corporation has applied for an order from the relevant Canadian
securities regulatory authorities for a management cease trade order
("MCTO") as provided for in National Policy 12-203 - Cease Trade Orders
for Continuous Disclosure Defaults ("NP 12-203") which prohibits
trading in securities of the Corporation by certain insiders of the
Corporation. The granting of an MCTO is at the discretion of the
Canadians securities regulatory authorities and there is no assurance
that an order will be granted.
An MCTO would not generally affect the abilities of persons who have not
been directors, officers or insiders of the Corporation to trade
securities of the Corporation. The Corporation intends to satisfy the
provisions of the alternate information guidelines as set out in NP
12-203 for as long as the Corporation remains in default, including the
issuance of bi-weekly default status reports, each of which will be
issued in the form of a press release.
There is no other material information concerning the affairs of the
Corporation that has not been generally disclosed.
ABOUT THE CORPORATION
The Corporation, with production facilities in Hamilton, Ontario and
Phoenix, Arizona, services some of North American's largest mining,
steel, cement, and road construction/maintenance companies as well as
numerous public road authorities. The Corporation provides engineered
environmental solutions for mine tailings control, process dust and
erosion control, granular stabilization, road construction/maintenance
and stockpile sealing.
For more information on the Corporation, please visit www.enssolutions.com.
SOURCE Enssolutions Group Inc.
For further information:
David J. Howe, President and Chief Executive Officer
Jim Griffiths, Chief Financial Officer
Enssolutions Group Inc.
t: (905) 312-8422