QUEBEC CITY, Aug. 24 /CNW Telbec/ - Sigma Industries Inc. ("Sigma" or the "Company") (TSX Venture Exchange: SIC) announces that it was not in a position to file its audited financial statements for fiscal year ended April 24, 2010, related management's discussion and analysis and CEO and CFO certificates for the deadline of August 23, 2010.
Further to the recent filing of its proposal in bankruptcy under the Bankruptcy and Insolvency Act, which was approved by its creditors on August 2, 2010 and ratified by the Superior Court of Quebec on August 3, 2010, Sigma is currently negotiating with its institutional lenders the last details for the renewal of credit facilities at its disposal and consequently does not expect to in a position to file its audited financial statements before September 13, 2010.
The Company has applied to the Autorité des marchés financiers (the "AMF"), Alberta Securities Commission (the "ASC") and the British-Columbia Securities Commission (the "BCSC") for a temporary management cease trade order (a "MCTO") under Policy Statement 12-203 which, if granted, will prohibit trading in securities of the Company by certain insiders of the Company. An MCTO would 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 granting of a MCTO is at the discretion of AMF, ASC and BCSC and there is no assurance that such an order will granted.
If the MCTO is granted, the Company intends to satisfy the provisions of the Alternative Information Guidelines as set out in the Policy Statement 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 SIGMA INDUSTRIES
Sigma Industries Inc. (TSX-V: SIC), a leading composite and metal products manufacturer, has five operating subsidiaries and employs 350 people. The Company is active in the growing heavy-duty truck, coach, transit and bus, train and subway, machinery, agriculture, light forestry, and wind energy market segments. Sigma sells its products to original equipment manufacturers and distributors in the United States, Canada and Europe.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Sigma Industries Inc.
For further information: For further information: Denis Bertrand, President and Chief Executive Officer, Sigma Industries Inc., Phone: 418-484-5282, E-mail: email@example.com