MONTREAL, Feb. 29, 2016 /CNW Telbec/ - (TSXV:SDW): Sofame Technologies Inc. is disclosing developments in accordance with Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults. The Company's new auditors, MNP LLC, are currently completing the audit of statements for the year ending September 30, 2014. The audit of the 2015 statements will continue into March and April.
Sofame's Board has called the Annual General and Special Meeting of Shareholders to be held at 1:00 pm in Pointe Claire, Quebec, on May 18, 2016.
In light of the progress the company has made in meeting its disclosure obligations, the TSX Venture Exchange has granted more time to complete the audits and filings of annual and quarterly financial and management reports.
The Board is planning to bring Sofame's shares back to active trading on the TSX Venture exchange prior to reviewing a takeover offer from a firm with similar operations based in the United States. A precondition to presentation of the offer, is conversion of Sofame's trade debts to shares of Sofame. These negotiations are starting in March, and will be subject to final approval by the TSXV.
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 Sofame Technologies Inc.
For further information: John Gocek, President & CEO, (514) 523-6545 x200; Stone Communication Services, Jason Stone, (416) 867-2533, firstname.lastname@example.org