TSX Venture Exchange
TORONTO, April 27 /CNW/ - SonnenEnergy Corp. (the "Company") announced today that it will not be filing its audited financial statements for its fiscal year ended December 31, 2009 (the "2009 Annual Financial Statements") and its management's discussion and analysis relating to the 2009 Annual Financial Statements (collectively, the "Required Filings") before the prescribed deadline of April 30, 2010.
The expected delay in filing the Required Filings is principally related to the late commencement of the audit of the Annual Financial Statements due to the late payment of outstanding fees to the Company's auditor. The Company settled such outstanding fees to its auditor on or about the end of March 2010, at which point the audit was commenced. Given that the audit of the 2009 Annual Financial Statements is well underway, the Company expects that the Required Filings will be filed and the continuous disclosure default remedied by the end of May 2010.
The Company is in the process of making an application with the Ontario Securities Commission ("OSC") and other applicable securities regulators under National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("National Policy 12-203") requesting that a management cease trade order (the "MCTO") be imposed in respect of this late filing. There is no guarantee that a MCTO will be granted. If the MCTO is granted, the MCTO will prohibit the chief executive officer, the chief financial officer, and possibly the directors, other officers and other insiders of the Company from trading in securities of the Company for so long as the Required Filings are not filed. The issuance of such cease trade order does not generally affect the ability of persons who are not directors, officers or other insiders of the Company to trade in the Company's securities.
The Company confirms that it will satisfy the provisions of the alternative information guidelines under National Policy 12-203 by issuing bi-weekly default status reports in the form of news releases so long as it remains in default of the filing requirements set out above.
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.
About SonnenEnergy Corp.
SonnenEnergy is a solar power systems integrator and solar power producer. The company markets, sells, designs, installs, operates, and maintains grid-connected solar power systems and, since 2004, has installed more than 200 photovoltaic (PV) solar power systems for commercial and residential customers. The company also operates solar power plants in southern Germany, which have total installed capacity of more than 7.0 MWp. SonnenEnergy's European operations are based in Polling, Germany, with a sales office in Italy.
Certain statements included in this release contain words such as "could", "expects", "expectations", "may", "anticipates", "believes", "intends", "estimates" and "plans" (and similar expressions) and constitute "forward-looking statements" within the meaning of applicable securities law. These statements are based on the Company's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which the Company and its subsidiaries operate. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which are difficult to predict and may cause the actual results, performance or achievements of the Company, or outcomes or results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, such factors which are described in the Company's management's discussion and analysis of operations and other filings with Canadian regulatory authorities. These statements, although considered reasonable by the Company at the date of this press release, may prove to be inaccurate and consequently the Company's actual results could differ materially from its expectations as set out or implied in this release. Unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements.
SOURCE SONNENENERGY CORP.
For further information: For further information: Hans Hager, President and Chief Executive Officer, +49-881-924513-0, email@example.com