TORONTO, May 28 /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 (the "2009 Annual Filings"). The Company did not file, by the deadline of May 15, 2010, its unaudited interim financial statements for the three month period ending March 31, 2010, related management's discussion and analysis and CEO and CFO certificates for such period (together with the 2009 Annual Filings, the "Disclosure Documents"). On April 7, 2010 the Ontario Securities Commission ("OSC") and the Autorité Des Marchés Financiers ("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.
Due to the circumstances described above, the Company will not be holding its 2010 annual meeting of shareholders within the time periods required by applicable law. The Company currently intends to file the Disclosure Documents and hold its 2010 annual meeting during the Company's third fiscal quarter.
This news release is the fifth bi-weekly default status report under National Policy 12-203 of the Canadian Securities Administrators. Since announcing the original notice of default on March 15, 2010, filing its first default status report on April 1, 2010, filing its second default status report on April 15, 2010, filing its third default status report on April 29, 2010 and filing its fourth default status report on May 13, 2010, there have not been any material changes to the information contained therein, nor any failure by the Company to fulfill its intentions stated therein, and there are no additional defaults or anticipated defaults subsequent thereto. The Company intends to file its next default status report on June 10, 2010.
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, including the Company's intention to file the Disclosure Documents and hold its 2010 annual meeting of shareholders, 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