/NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
CALGARY, Feb. 23 /CNW/ - EarthFirst Canada Inc. ("EarthFirst" or the "Company") provides its 33rd 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; (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; and (e) its financial statement and management's discussion and analysis for the third quarter ended September 30, 2009 would not be filed by November 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 April 15, 2010 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.
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 February 23, 2010, 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.
SOURCE EARTHFIRST CANADA INC.
For further information: For further information: Brian Trypka, Chief Restructuring Officer, EarthFirst Canada Inc., Tel: (403) 513-0780, Toll Free: 1-877-513-0777, E-mail: email@example.com; Derren Newell, VP, Finance and Chief Financial Officer, EarthFirst Canada Inc., Tel: (403) 513-0766, Toll Free: 1-877-513-0777, E-mail: firstname.lastname@example.org