TSX Venture Exchange
TORONTO, May 25 /CNW/ - SonnenEnergy Corp. (the "Company") is providing this bi-weekly default status report in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). In its initial default announcement of April 27, 2010 (the "Default Notice"), the Company announced that it did not file 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 thereto (collectively, the "Annual Required Filings") before the prescribed deadline of April 30, 2010.
As previously announced, the Company made an application to the applicable securities regulators under NP 12-203 requesting that a management cease trade order be imposed in respect of this late filing. On May 18, 2010, the Ontario Securities Commission issued a permanent management cease trade order (the "MCTO"), which prohibits the chief executive officer and acting chief financial officer and the directors of the Company from trading in the Company's securities for so long as there are filings that are outstanding under applicable securities laws. The issuance of an MCTO 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 previously announced that it expected to file the Annual Required Filings by the end of May 2010. However, while the audit of the 2009 Annual Financial Statements is underway, the audit process is taking longer than anticipated and the Company now expects to file the Annual Required Filings by the end of June 2010.
As a result of the delay in filing the Annual Required Filings, the Company anticipates that it will not be able to file, by the prescribed deadline of May 31, 2010, its interim financial statements for the three month period ended March 31, 2010 and its management's discussion and analysis relating thereto (collectively, the "Interim Required Filings"). The Company expects to file the Interim Required Filings by the end of June 2010.
Other than as set out herein, the Company reports that since the Default Notice and any subsequent bi-weekly default status report (the "Default Status Report"): (i) there is no material change to the information set out in the Default Notice or the Default Status Report that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.
The Company will continue to satisfy the provisions of the alternative information guidelines under NP 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