TORONTO, May 14 /CNW/ - HydraLogic Systems Inc. ("HydraLogic" or the "Company") (TSX.V: HLS - OTC Pink Sheet: HYSYF) announced today that the Ontario Securities Commission will be issuing a cease trade order against HydraLogic Systems Inc. on May 14, 2010 for failure to file its audited annual financial statements for the year ended December 31, 2009.
As noted in the news release dated April 30, 2010, the delay in filing results primarily from the change in buyers of the Company's operating subsidiaries, announced April 26, 2010, and the challenge of integrating the disposition into the Company's Year End Financials. Originally due on April 30, 2010 the Company now anticipates filing on or before June 15, 2010.
About HydraLogic Systems:
HydraLogic is an innovator of engineered misting systems and proprietary environmental chemistries with reoccurring revenue distribution platforms. The company strives to be market leaders in providing technologies, through turnkey distribution and service models into the multi-billion dollar mosquito and odour control industries as Bug Defence and HLS Ecolo respectively.
HydraLogic Systems is traded on the TSX Venture exchange - symbol: HLS.
Forward Looking Statements
This press release contains certain "forward looking statements". These statements relate to future events or future performance and reflect expectations and belief regarding growth, results of operations, performance, business prospects, opportunities or industry performance and trends. These forward looking statements reflect current internal projections, expectations or beliefs and are based on information currently available. A number of factors could cause actual events or results to differ materially from the results discussed in the forward looking statements. Although it is believed that the forward looking statements contained in this press release are based upon reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward looking statements. These forward looking statements are made as of the date of this press release, and HydraLogic Systems Inc. assumes no obligation to update or revise them to reflect new events or circumstances, except as required pursuant to applicable securities laws.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
SOURCE HydraLogic Systems Inc.
For further information: For further information: Michael Beckley, President & CEO, (416) 740-3900 ext 400, firstname.lastname@example.org