MONTREAL, Jan. 31, 2014 /CNW Telbec/ - Sofame Technologies Inc. (TSXV:
SDW) (OTC: SFMGF) will file its audited annual financial statements for
the year ended September 30, 2013, management discussion and analysis
("MD&A") and related CEO and CFO certifications on February 12, 2014.
These reports (collectively, the "Annual Financial Filings") were not
released as scheduled on January 28, 2014.
A comment by the auditor concerning valuation of real estate assets
under new IFRS regulations requires additional research to complete,
and the work should be done within two weeks. The Company has the
necessary financial and human resources to address the reporting
default, and continues to pursue its regular business, and has work in
progress, as well as an order book consisting of eight contracts
compared to three at the same period of the prior fiscal year.
The Company has requested, and been granted, a management cease trade
order ("MCTO") by its principal regulator, the Autorité des marchés
financiers (the "AMF") in accordance with part 4 of National Policy
12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP
12-203"). As a result of the Company's delay in making the Annual
Financial Filings on January 28, 2014, the MCTO imposes, only on
current directors and officers of the Company, restrictions on trading
in, and acquisitions of, securities of the Company, whether directly or
All other parties are permitted to freely trade the Company's
Pursuant to the requirements of Section 4.4 of NP 12-203, the Company
confirms that there has not been any specified default by the Company
under NP 12-203 other than the delay in filing the Annual Financial
Filings, and there is no other material information concerning the
affairs of the Company that has not been generally disclosed.
The Company is not planning to issue a bi-weekly press release update as
the default is scheduled to be cured in two weeks. In accordance with
Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults,
further developments on this matter, if any, shall be reported promptly
following their occurrence.
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:
President & CEO
(514) 523-6545 x200
Stone Communication Services: