CALGARY, Jan. 30 /CNW/ - PsiNaptic Inc. (TSXV: PST) announces that the
filing of its annual audited financial statements for the year ended
September 30, 2007 and related Management's Discussion and Analysis
(collectively the "Financial Statements") will be delayed. Pursuant to
applicable securities laws, the Financial Statements were due to be filed on
or before January 28, 2008. It is PsiNaptic's intention to file the Financial
Statements by the end of February, 2008. PsiNaptic is delayed in finalizing
the Financial Statements primarily because it has been endeavouring to
complete the proposed reverse takeover that PsiNaptic announced in August 15,
2007 and for which the TSXV has temporarily halted trading in PsiNaptic's
shares pending receipt and review by the TSXV of acceptable documents
regarding the reverse takeover.
As a result in the delay in filing the Financial Statements, PsiNaptic
has requested and received notice from the Alberta Securities Commission (the
"ASC"), as PsiNaptic's principal regulator, of the issuance of a management
cease trade order (the "MCTO"). The MCTO prohibits directors, officers and
other insiders of PsiNaptic from trading in securities of PsiNaptic until such
time as the Financial Statements are filed and the ASC has revoked the MCTO.
In general, the issuance of the MCTO will not affect the ability of persons
who are not directors, officers or other insiders of PsiNaptic to trade in
In the event that the Financial Statements are not filed by March 31,
2008, the ASC and the BCSC may impose an issuer cease trade order against
PsiNaptic. The cease trade order may permanently, or for such period as is
specified in the order, prevent the securities of PsiNaptic from being traded.
This news release is provided further to the CSA Staff Notice 57-301.
PsiNaptic confirms that there are no insolvency proceedings against PsiNaptic
as of the date of this news release. PsiNaptic also confirms that there is no
material information concerning the affairs of PsiNaptic that has not been
generally disclosed as of the date of this news release.
About PsiNaptic Inc.
PsiNaptic is a technology company that develops and markets software
based on open standards, to connect small, low-power wired or wireless devices
without human intervention, configuration or set up. PsiNaptic software uses
the Java concept of "write once, run anywhere" and code mobility to deliver
application code to devices when and where the code is required. This approach
to device interaction eliminates the need for both devices to have
pre-installed application specific software, drivers or graphical user
interfaces. Resource constrained devices, such as mobile phones, music or game
players, appliances etc. can execute an infinite number of applications.
PsiNaptic solutions operate on multiple platforms, across various networks
including Bluetooth and WiFi.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this release.
For further information:
For further information: PsiNaptic Inc., Contact Aaron Dagan, (403)
830-5957, E-mail: email@example.com, Website: www.psinaptic.com