TORONTO, April 8 /CNW/ - As previously announced on April 1, 2010, Redline Communications Group Inc. (the "Company") did not file, by the deadline of March 31, 2010, its audited financial statements for the fiscal year ended December 31, 2009, related management's discussion and analysis, annual information form and CEO and CFO certificates.
Following application by the Company to the Ontario Securities Commission ("OSC") and the Autorité Des Marchés Financiers ("AMF"), the Company announced that the OSC and AMF issued a temporary management cease trade order (a "MCTO") under National Policy 12-203 which prohibits trading in securities of the Company by certain insiders of the Company. The purpose of the application by the Company was to request that the OSC and AMF issue a MCTO rather than a general cease trade order which would have prohibited the trading of the Company's securities generally. A MCTO does not generally affect the ability of persons who have not been directors, officers or insiders of the Company to trade securities of the Company.
The Company intends to satisfy the provisions of the Alternate Information Guidelines as set out in the National Policy 12-203 for as long as the Company remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a press release.
About Redline Communications
Redline Communications (www.redlinecommunications.com) is a leading provider of advanced wireless broadband products with more than 150,000 installations in 130 countries, and a global network of over 150 partners. Redline's experience and expertise helps service providers, enterprises and government organizations roll out wireless broadband networks to cost-effectively deliver high-bandwidth services, including video, voice and data communications. Redline award-winning infrastructure products include The AN80i and RDL 2000, which support its continued commitment to maintaining its wireless industry leadership with the development advanced products.
Forward Looking Statements
Certain statements in this release constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws and are made pursuant to the "safe harbour" provisions of such laws. Readers are cautioned not to place undue reliance on such statement. Unless otherwise required by applicable securities laws, Redline assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Redline Communications Group Inc.
For further information: For further information: Craig Armitage, Equicom, Tel: (416) 815-0700