TORONTO, Jan. 16 /CNW/ - Knightscove Media Corp. (TSXV: KC/OTCQX: KCMDF)
("Company", "Knightscove" www.knightscove.com) confirms that further to the
Company's announcement on January 2, 2008, the filing of its financial
statements as of the fiscal year ended August 31, 2007 and related
management's discussion and analysis will now be delayed until approximately
January 25, 2008.
Given the acquisition of Morningstar Entertainment Inc. during the period
and the required integration activities related to that acquisition, the
Company requires additional time to complete its annual financial statements.
The bulk of the audit has been completed and the Company is working with its
auditors to fine tune the consolidated financials. Previously a private
company with a library of over 1400 DVD titles, Morningstar has never been
audited and the delay has been caused by bringing those financial statements
into compliance with Canadian GAAP. The operations of the Company continue as
expected and the application of Canadian GAAP does not affect either the
Company's cash position or its business operations.
The Ontario Securities Commission has issued a management and insider
cease trade order until such time as the statements are filed. Should the
Company not file its financial statements on or before February 29, 2008, the
Ontario Securities Commission may impose an issuer cease trade order. The
Company intends to satisfy the alternative information guidelines recommended
by OSC Policy 57-603 and CSA Staff Notice 57-301.
Other than the release of the financial statements, the Company confirms
that there is no other material information concerning the affairs of the
Company that have not been generally disclosed as of the date hereof. The
Corporation also confirms that there are no insolvency proceedings against the
Corporation as of the date herein.
Additional information regarding the business of Knightscove may be found
on www.knightscove.com on SEDAR at www.sedar.com and on www.OTCQX.com. The TSX
Venture Exchange does not accept responsibility for the adequacy or accuracy
of this release.
For further information:
For further information: Knightscove Media Corp., Leif Bristow,
President and CEO, (416) 444-7900 x. 222; Porter, Levay & Rose, Michael
Porter, President, or Linda Decker, (212) 564-4700