TORONTO, April 14 /CNW/ - TriNorth Capital Inc. (TSX:TRT) ("TriNorth") is
providing its first bi-weekly Default Status Report in accordance with
National Policy 12-203: Cease Trade Orders for Continuous Disclosure Defaults
("NP 12-203"). On March 31, 2009, TriNorth announced that it was unable to
file its audited financial statements and other material for the year ended
December 31, 2008 due to a delay in receiving audited financial statements
from one of TriNorth's investee companies.
In accordance with NP 12-203, and as previously announced, TriNorth made
an application to applicable securities regulatory authorities for a temporary
management cease trade order related to the Company's securities against
certain directors, officers and insiders of the Company for so long as
financial statements, certifications and related MD&A and AIF are not filed.
The management cease trade order was issued on March 31, 2009. The issuance of
such management cease trade order generally does not affect the ability of
persons who have not been directors, officers or insiders of the Company to
trade in their securities. However, the Ontario Securities Commission, in its
discretion, may determine that it would be appropriate to issue a general
issuer cease trade order affecting all of the Company's securities.
TriNorth continues to anticipate that the annual financial statements and
other material for the year ended December 31, 2008 will be filed by April 30,
2009. Until such documents are filed, Trinorth intends to provide information
in accordance with National Policy 12-203: Cease Trade Orders for Continuous
Disclosure Defaults, including the issuance of bi-weekly default status
reports so long as it remains in default.
TriNorth is a Canadian-based investment company that invests in a
diversified portfolio of companies to generate long-term capital growth for
shareholders. TriNorth takes an active interest in its investee companies from
the earliest stages, providing strategic and financial counsel, support and
direction to assist in their growth and success. TriNorth's investment
strategy includes structuring and initiating deals focused on particular
resources, themes or regions as well as launching the development of
businesses in select industries by providing assistance with the hiring of
management teams, providing seed capital and facilitating IPOs. All investment
activities of TriNorth are managed by Lawrence Asset Management Inc, a leading
Canadian alternative investment asset manager.
Except for statements of historical fact contained herein, the
information in this press release constitutes "forward-looking information"
within the meaning of Canadian securities law. Such forward-looking
information may be identified by words such as "plans", "proposes",
"estimates", "intends", "expects", "believes", "may", "will" and include
without limitation, statements regarding the stated use of proceeds; plan of
operations and comparative advantages; and benefits of this investment. There
can be no assurance that such statements will prove to be accurate; actual
results and future events could differ materially from such statements.
Factors that could cause actual results to differ materially include, among
others, regulatory risks, risks inherent in foreign operations, commodity
prices, competition, and investments having no history of operations. Most of
these factors are outside the control of the Company. Investors are cautioned
not to put undue reliance on forward-looking information. Except as otherwise
required by applicable securities statutes or regulation, the Company
expressly disclaims any intent or obligation to update publicly
forward-looking information, whether as a result of new information, future
events or otherwise.
For further information:
For further information: (416) 362-6283, Catherine Stretch, Lawrence
Asset Management Inc., Toronto, Canada, firstname.lastname@example.org,