TORONTO, Feb. 1 /CNW/ - Electric-Spin Ltd.("Electric-Spin", or the "Company") (TSX: ESC) announces that there will be a delay in filing its Annual Audited Financial Statements and Management Discussion & Analysis ("MD&A") for the Company's financial year ended 30 September 2009, as required by National Instrument 51-102 Continuous Disclosure Obligations.
The delay has arisen due to Electric-Spin's inability at this time due to economic reasons to meet its financial obligations to its auditors in performing the audit of its financial statements for the fiscal year ended September 30, 2009.
The Company will apply to the applicable securities commissions or regulators for a management cease trade order related to the Company's common shares to be imposed against some or all of the persons who have been directors, officers or insiders of the Company instead of a cease trade order being imposed against all securities of the Company. Such an order would not generally affect the ability of persons who have not been directors, officers or insiders of the Company to trade the securities of the Company. If the annual audited consolidated financial statements and related MD&A are not filed by 31 March 2010, the applicable securities commissions or regulators may impose a general cease trade order. A general cease trade order may be imposed sooner if the Company fails to satisfy the provisions of the Alternative Information Guidelines required pursuant to National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults (the "Alternative Information Guidelines").
Electric-Spin is making every effort to raise sufficient funds by way of the sale of its products and raising capital through private placement to pay its auditors and to then have its audited financial statements for the fiscal year ended September 30, 2009 and the MD&A filed by March 31, 2010. Until its annual consolidated financial statements and related MD&A are filed, the Company intends to satisfy the Alternative Information Guidelines, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a press release. The Company is not subject to any insolvency proceeding and there is no other material information concerning the affairs of the Company that has not been generally disclosed.
Electric~Spin Corporation, the subsidiary of Electric-Spin Ltd. (TSX-v: ESC) is the leader in home golf simulators marketed under its Golf Launchpad brand. Electric~Spin designs and develops its golf simulators, accessories and software at its headquarters in Woodbridge, Ontario.
SOURCE ELECTRIC-SPIN LTD.
For further information: For further information: For media inquiries, please contact Alnoor Ebrahim at Electric~Spin at (416) 410-1166 ext. 403. For more information, please visit www.electricspin.com