TORONTO, May 7, 2013 /CNW/ - iMarketing Solutions Group Inc. (CNSX: IMR)
(the "Company"), a North American relationship marketing company, announced today
that the Ontario Securities Commission, its principal regulator,
intends to issue a cease trade order due to the Company's failure to
file audited annual financial statements for the year ended December
31, 2012 and the associated management's discussion and analysis and
As previously announced, the Company filed for, and was granted,
protection in Canada under the Companies' Creditors Arrangement Act (the "CCAA Proceedings"). The CCAA Proceedings have also been recognized in the United
States. For further details regarding the CCAA Proceedings, please
refer to the Company's news release dated April 12, 2013, a copy of
which is available on SEDAR at www.sedar.com under the Company's profile.
In light of the CCAA Proceedings, the Company does not intend to contest
the cease trade order at this time.
The Company also announced today that the following changes have
occurred to its board of directors (the "Board"):
Michael A. Neuman resigned from the Board effective December 13, 2012;
James H. Ambrose resigned from the Board effective January 25, 2013 and
was re-appointed to the Board on February 4, 2013;
A. Richard G. Reid resigned from the Board effective January 25, 2013
and was re-appointed to the Board on February 4, 2013;
David A. Winograd resigned from the Board effective March 21, 2013 and
also resigned as an officer and employee;
B. Andrus Wilson resigned from the Board effective March 27, 2013;
Michael P. Platz resigned from the Board effective April 3, 2013;
Andrew Langhorne was appointed to the Board, effective April 5, 2013;
Michael Davis resigned from the Board effective April 13, 2013 but
remains an employee and Managing Director, Political.
After these changes, the Board of the Company consists of James H.
Ambrose, A. Richard G. Reid and Andrew Langhorne.
The CNSX does not accept responsibility for the adequacy or accuracy of
SOURCE: iMarketing Solutions Group Inc.
For further information:
iMarketing Solutions Group Inc.
Upkar Arora, Chief Restructuring Officer and Chief Financial Officer
416-633-4646 ext. 270