TORONTO, Sept. 26 /CNW/ -
1. The Company was required, on or prior to July 29, 2008, to file its
annual financial statements for the year ended March 31, 2008 (the
"Financial Statements"), and was unable to complete this filing.
2. The Company sold its shares of T S Telecom Technologies Limited to
Gold City Assets Holdings Ltd. on August 27, 2007 in Hong Kong. Due
to the change of share holdings, the auditor requires additional time
to complete its audit related to this disposition. The company's
auditors are now in possession of the requested financial information
from T S Telecom Technologies Limited. A draft of the audit report
has been completed and we have been advised that the aditor will
deliver a final report prior to the September 29th deadline.
3. The Company expects to file the Financial Statements by September 29,
2008. This date is dependant upon the audit being completed by the
company's auditors. The company continues to work with the auditors
in order to expedite the completion of the Financial Statements.
4. As the Company was required to file the Financial Statements by July
29, 2008 (the "Filing Deadline"), September 29, 2008 is the date
which is two months following the Filing Deadline. The Company
understands and confirms that the securities commissions or
regulators may impose an issuer cease trade order ("Issuer CTO") on
the Company if the Company fails to file the Financial Statements
prior to September 29, 2008. The Company further understands that an
Issuer CTO may be imposed sooner if the Company fails to file its
Default Status Reports as required in accordance with CSA Staff
Notice 57-301 (the "Staff Notice").
5. The Company intends to satisfy the provisions of Appendix B to the
Staff Notice for as long as the Company remains in default of the
requirement to file the Financial Statements.
6. The Company is not subject to any insolvency proceedings.
7. There is no other material information concerning the affairs of the
Company which has not been generally disclosed.
DATED this 25th day of September, 2008.
TS TELECOM LTD.
Per: "Cindy Lau"
For further information:
For further information: Cindy Lau, Director, (905) 470-2282