ESI announces changes to its Board and anticipated delay in filing Third Quarter Financial Results for the period ended November 30, 2011

BURNABY, BC, Jan. 18, 2012 /CNW/ - ESI Entertainment Systems Inc. ("ESI" or the "Company") (CNSX: ESY).  It is with great sadness that the Company reports the tragic and untimely death of Anthony Greening, its Chairman and CEO, on Sunday, January 15, 2012.

As a consequence of the death of Mr. Greening, Michael Meeks has been appointed as Chief Executive Officer, and Christopher H. Freeman has been appointed as Chairman of the Board of Directors.

As a result of the sad loss of Mr. Greening, the Company anticipates that it will be unable to meet its originally scheduled filing of the interim unaudited consolidated financial statements for the Third Quarter ended November 30, 2011, the Management's Discussion and Analysis for the Third Quarter and relevant CEO and CFO Certifications within the time prescribed by securities regulations, namely January 30, 2012.  Management has taken steps to resolve the difficulties, and believes that as a result it will be able to file the interim unaudited consolidated financial statements, MD&A and CEO and CFO Certifications for the Third Quarter ended November 30, 2011, by February 10, 2012.

The Company has made an application to the British Columbia Securities Commission, as its Principal Regulator, for issuance of a Management Cease Trade Order pursuant to National Policy 12-203, and intends to comply with its obligations to satisfy the provisions of the alternative information guidelines as set out in National Policy 12-203 for so long as it remains in default

ESI is not the subject of any insolvency proceeding.

There is no other material information that has not been generally disclosed.

About ESI Entertainment Systems Inc.

ESI Entertainment Systems Inc (CNSX: ESY) is an idea generation and software development company. We develop concepts, create prototypes, establish partnerships and validate potential markets. When we have proven a product and its opportunities we create subsidiaries with a dedicated team, infrastructure, and resources to allow it to focus on building and selling the product to its market niche. Our team of experienced and dedicated people have led us to be revolutionary market leaders in many industries, including e-commerce payment technologies, hardware based input devices, real time auditing systems, transaction processing systems, graphical 3D displays, ecommerce web services, and payment fraud and risk mitigation.

SOURCE ESI Entertainment Systems Inc.

For further information:

ESI Entertainment Systems Inc.
Michael Meeks
Chief Executive Officer
Telephone: (604) 299-6922  Ext 228
email: mmeeks@esi.ca
Web: www.esi.ca

Profil de l'entreprise

ESI Entertainment Systems Inc.

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