/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TORONTO, Aug. 29 /CNW Telbec/ - Semcan Inc. ("Semcan" or the
"Corporation") (TSX VENTURE:STT), announces that, as a result of increased
time required to complete its reviewed financial statements and Management
Discussion and Analysis thereon for the quarter ended for June 30th, 2008 (the
"Statements"), there will be a delay in the filing of the Statements as
required by National Instrument 51-102, Continuous Disclosure Obligations.
The Corporation is making an application to applicable securities
regulators requesting a Management Cease Trade Order in respect of the late
filing of the Statements. If granted, the Management Cease Trade Order affects
only the directors, officers and insiders of the Corporation and will not
affect the ability of persons who are not officers, directors or insiders of
the Corporation to trade the securities of the Corporation.
The Corporation is delayed in finalizing its Statements primarily because
of the acquisition of Naston Ltd. that took place in the quarter ended
30th June 2008, and the decision by management to have PriceWaterhouseCoopers,
the Corporation's auditors, review the statements on an ongoing quarterly
basis. In the past the quarterly statements have been prepared by management
and audited annually. The Corporation is working with the auditors to complete
the Statements as expeditiously as possible. Management expects to file the
Statements by September 15, 2008, which is ten (10) business days after the
original filing deadline for the Statements.
Management wishes to confirm to its shareholders and other interested
parties that the Corporation is not subject to any insolvency proceeding,
there are no issues with regards to finalizing the filing of the Statements
and that there is no other material information concerning the affairs of the
Corporation that has not been disclosed. The Corporation fully expects to file
the Statements on or before September 15, 2008.
The Corporation confirms that it intends to satisfy the requirement to
provide Default Status Reports so long as it remains in default of its
requirement to file the Statements within the prescribed period of time.
Semcan management regrets this delay and any inconvenience this may cause
to our shareholders and interested parties.
About Semcan Inc
Semcan is fast becoming a worldwide supplier of industrial processes and
environmental solutions with specific emphasis on water remediation, emission
control systems and earth remediation. Semcan provides the central finance and
administrative functions, allowing operational management to remain focused on
bottom line profitability thereby increasing shareholder value.
The TSX Venture Exchange has neither approved nor disapproved the
contents of this press release.
For further information:
For further information: Semcan Inc: Phil Jamieson, Chairman and Chief
Executive Officer, (419) 703-1692 x221; Renmark Financial Communications Inc.:
Victoria Stepanova, email@example.com; John Boidman,
firstname.lastname@example.org, (514) 939-3989, Fax: (514) 939-3717;