OTTAWA, Dec. 29 /CNW Telbec/ - Seprotech Systems Incorporated (TSX-V: SET; "Seprotech") is required to file by December 29th, 2009 the following:
a. Audited annual financial statements for the year ended August
31st, 2009, as required by Part 4 of NI 51-102;
b. Management's discussion and analysis (MD&A) relating to the
audited annual financial statements, as required by Part 5 of NI
c. CEO and CFO certificates relating to the audited annual financial
statements, as required by National Instrument 52-109
Certification of Disclosure in Issuers' Annual and Interim Filings
(collectively, the required filings).
The Company announces that these filings will be temporarily delayed.
The Company has recently resolved issues related to fee charges for this upcoming and the prior fiscal year with its Auditor, which resulted in a delay in the commencement of the annual audit. These issues have now been resolved, an engagement letter has been signed with the auditor and the annual audit has commenced. In light of the complexity of this year's audit stemming from the acquisition Envirosearch Operations Inc. in January 2009, staff turnover, and the Christmas Holiday period, the Company anticipates the required filings will be completed by 31 January 2009.
Further, the Company:
- intends to satisfy the provisions of alternative information
guidelines so long as it remains in default of the required filings;
- is not subject to any insolvency proceedings;
- is not aware, subject to section 4.5 of Order NP12-203, of any other
material information concerning its affairs which has not been
The Company has applied for and received from its regulator, the Ontario Securities Commission, a Management Cease Trade Order under part 4 of National Policy 12-203.
By virtue of this order, and until the required filings are complete, neither the CEO, CFO or any Company Vice President will be permitted to trade in the securities of the Company, nor will the Company issue securities to or acquire securities from an insider or employee of the issuer except in accordance with legally binding obligations to do so existing as of the date of the continuous disclosure default.
Management is of the opinion that this late filing does not constitute a Material Change in accordance with part 7 of NI 51-102 Continuous Disclosure Requirements, nor is it aware of any other material information concerning its affairs which has not been generally disclosed as of the date of this press release.
Seprotech is a provider of pre-engineered water and wastewater treatment plants to the land development, resource sector and military market place, including CrystalBlue(TM) membrane-based water recycling systems and the ROTORDISK(R) wastewater treatment systems.
The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. Some of the statements in this press release, including those relating to the Company's strategies and other statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates" or similar expressions, are forward-looking statements within the meaning of securities laws. Forward-looking statements include, without limitation, the information concerning possible or assumed future results of operations of the Company. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. The Company does not undertake any obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events, except as required by law.
SOURCE BluMetric Environmental Inc.
For further information: For further information: Mr. Matthew Anderson, Investor Relations, Tel: (613) 523-1641, Fax: (613) 731-0851