EarthFirst Canada Inc. - 21st Default Status Report and update



    
    /NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES WIRE
    SERVICES/
    

    CALGARY, Aug. 31 /CNW/ - EarthFirst Canada Inc. ("EarthFirst" or the
"Company") provides its 21st bi-weekly Default Status Report under National
Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults,
pursuant to which EarthFirst announced that its: (a) financial statements and
management's discussion and analysis for the third quarter ended September 30,
2008 would not be filed by November 14, 2008; (b) its annual audited financial
statements, management's discussion and analysis, annual information form and
related CEO and CFO certifications for the year ended December 31, 2008 would
not be filed by March 31, 2009; (c) its financial statements and management's
discussion and analysis for the first quarter ended March 31, 2009 would not
be filed by May 15, 2009; and (d) its financial statement and management's
discussion and analysis for the second quarter ended June 30, 2009 would not
be filed by August 15, 2009 (collectively the "Required Filings").
    EarthFirst received from the Court of Queen's Bench of Alberta, Judicial
Centre of Calgary (the "Court") an extension until September 14, 2009 of the
initial Order granted on November 4, 2008 pursuant to which EarthFirst was
granted creditor protection under the CCAA. The extension was supported by
Ernst & Young Inc., the Court-appointed Monitor of EarthFirst's CCAA process.
    EarthFirst reports that since announcing the original Notice of Default
on November 10, 2008 there have not been any material changes to the
information contained therein; nor any failure by EarthFirst to fulfill its
intentions as stated therein. Further, there have been no additional material
changes respecting EarthFirst and its affairs which have not been previously
disclosed or disclosed in this press release. EarthFirst intends to file its
next Default Status Report on Monday, September 14, 2009.

    Certain statements included in this news release constitute
"forward-looking information" within the meaning of applicable securities
legislation including the timing and continuance of CCAA protection. Such
forward-looking information involves known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or
achievements of EarthFirst to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
information.
    Specifically, some of the material risks include the uncertainty involved
in the Court proceedings and the implementation of a Plan under the CCAA.
    The forward-looking information contained in this news release represents
the expectations of EarthFirst as at August 31, 2009, and, accordingly, is
subject to change after such date. However, EarthFirst expressly disclaims any
intention or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise, except as
required by applicable law.





For further information:

For further information: Brian Trypka, Chief Restructuring Officer,
EarthFirst Canada Inc., Tel: (403) 513-0780, Toll Free: (877) 513-0777,
E-mail: btrypka@earthfirstcanada.com; Derren Newell, VP, Finance and Chief
Financial Officer, EarthFirst Canada Inc., Tel: (403) 513-0766, Toll Free:
(877) 513-0777, E-mail: dnewell@earthfirstcanada.com

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EARTHFIRST CANADA INC.

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