MARKHAM, ON, Nov. 14 /CNW/ - Cygnal (TSX: CYN) today announced that it
will miss the deadline for filing its interim financial statements and related
management's discussion and analysis for the period ending September 30, 2007.
Under the securities laws of the provinces in which Cygnal is a reporting
issuer, these materials are to be filed by November 15, 2007. Cygnal has
advised the Ontario Securities Commission ("OSC") that it will miss the filing
deadline. Based on its current expectations, Cygnal anticipates that its
interim financial statements will be filed on or prior to December 15, 2007.
Cygnal has determined that the completion of its interim financial
statements and related information will take a longer period than expected.
The company's delay is attributable to the resignation of its Chief Financial
Officer on November 5, 2007 and its proposed restructuring announced earlier
As a result of the filing delay, the OSC could issue a Management and
Insider Cease Trade Order. The order may prohibit trading by certain directors
and certain senior managers of the Company in Cygnal's securities for 15 days
from the date of that Order. The temporary order may be replaced by a
permanent order if Cygnal does not file its interim financial statements
within such a timeframe.
The company indicated that it will issue a Default Status Report on a
bi-weekly basis during the default period. These reports will disclose any
material change in the information contained in this news release and the
related material change report. The reports will also disclose, among other
things, any failure by Cygnal to fulfill its stated intentions during the
default period and any other material information concerning the company's
affairs that has not been generally disclosed.
Cygnal is in the business of providing network communications solutions
including the design, integration, installation, maintenance and management of
wired and wireless solutions and networks. The company offers a full range of
technologies and solutions for service providers and enterprise customers.
Cygnal has expertise in voice, video and data solutions over traditional and
next generation converged technologies.
Cygnal Technologies Corporation is headquartered in Markham, Ontario and
supports end-user customers and business partners through 12 offices across
Canada, including Vancouver, Edmonton, Calgary, Winnipeg, London, Burlington,
Toronto, Ottawa, Montreal, Quebec City and Halifax.
This news release may contain forward-looking information with respect to
the company's business, operations, financial performance and conditions.
Actual results may differ from expected results for a variety of reasons
including factors discussed in the Company's Management's Discussion and
Analysis section of its 2006 Annual Report.
To learn more about Cygnal and its business, please refer to our Web site
For further information:
For further information: Jeff Codispodi, Investor Relations, The Equicom
Group Inc., (416) 815-0700 ext. 261, firstname.lastname@example.org