BRAMPTON, ON, Sept. 2 /CNW/ - Norwall Group Inc. (the "Company")
(TSX:NGI) announces that it has not filed its interim financial statements for
the period ended June 30, 2009 (the "Second Quarter Financial Statements") and
its management's discussion and analysis (the "MD&A") relating to the Second
Quarter Financial Statements (collectively, the "Required Filings") on or
before the prescribed deadline of August 31, 2009.
Due to illness, the CFO of the Company is currently unable to devote the
necessary time and effort to prepare and finalize the Required Filings. In
light of this fact, and given that there is a lack of other immediately
available and capable accounting staff at the office, the Company will
experience a delay in completing the Required Filings. The Company expects to
file the Required Filings by October 15, 2009, by which time the Company will
have in place the necessary human resources to finalize the Second Quarter
Financial Statements and related MD&A for filing.
The Company made an application with the applicable securities regulators
under National Policy 12-203 requesting that a Management Cease Trade Order be
imposed in respect of the default of the filing requirements set out above.
The Management Cease Trade Order was granted on September 2, 2009.
The Company confirms that it will satisfy the provisions of the
alternative information guidelines under National Policy 12-203 by issuing
bi-weekly default status reports in the form of news releases so long as it
remains in default of the filing requirements set out above. The Company also
confirms that there is no other material information concerning the affairs of
the Company that has not been generally disclosed.
Norwall manufactures quality residential wallpapers and borders and
distributes them to thousands of home centres, specialty stores and mass
merchants in Canada and through its wholly-owned operating subsidiary, Patton
Wallcoverings, in the United States.
Certain statements included in this release contain words such as
"could", "expects", "expectations", "may", "anticipates", "believes",
"intends", "estimates" and "plans" (and similar expressions) and constitute
"forward-looking statements" within the meaning of applicable securities law.
These statements are based on Norwall's current expectations, estimates,
forecasts and projections about the operating environment, economies and
markets in which Norwall and its subsidiaries operate. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors
which are difficult to predict and may cause the actual results, performance
or achievements of Norwall, or outcomes or results, to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements. Such factors include, among others, such
factors which are described in Norwall's management's discussion and analysis
of operations and other filings with Canadian regulatory authorities. These
statements, although considered reasonable by Norwall at the date of this
press release, may prove to be inaccurate and consequently Norwall's actual
results could differ materially from its expectations as set out or implied in
this release. Unless otherwise required by applicable securities laws, Norwall
disclaims any intention or obligation to update or revise any forward-looking
For further information:
For further information: (905) 791-2700, James J. Patton, President and
Chief Executive Officer, firstname.lastname@example.org, Edward Diochon, Vice
President of Finance, email@example.com