TORONTO, May 30, 2011 /CNW/ - ENSSOLUTIONS GROUP INC. (TSXV:ENV) (the "Corporation") 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"). On May 4, 2011, the
Corporation announced there would be a delay in filing its audited
financial statements for the year ended December 31, 2010 (the
"Financial Statements"), its management's discussion and analysis
relating to the Financial Statements, and the CEO and CFO certificates
(collectively, the "Required Documents") by May 2, 2011 as required
under securities laws.
As a result of this delay in filing, on May 11, 2011, the Ontario
Securities Commission, the principal regulator of the Corporation,
issued a Temporary Management Cease Trade Order (the "MCTO"), which
imposed restrictions on all trading in and all acquisitions of
securities of the Corporation, whether direct or indirect, by the Chief
Executive Officer and the Chief Financial Officer of the Corporation
for a period of 15 days from the date of the MCTO or any extension of
the MCTO. All other parties are permitted to freely trade the
The Corporation's auditors are completing the audit of the Financial
Statements, and the Corporation continues to expect to file the
Required Documents on or before June 15, 2011. Until the Required
Documents are filed, the Corporation intends to continue to satisfy the
requirements of the Alternative Information Guidelines (the "AIG")
specified in Section 4.4 of NP 12-203 by issuing bi-weekly Default
Status Reports, each of which will be issued in the form of a news
release. The Corporation intends to file, if required, its next Default
Status Report by June 13, 2011.
The Corporation reports that since the issuance of the default notice,
there has not been any material change to the information provided
therein, nor has there been any failure by the Corporation in
fulfilling its stated intentions with respect to satisfying the AIG. In
addition, there has not been any specified default by the Corporation
under NP 12-203 other than the delay in filing the Required Documents,
and there is no other material information concerning the affairs of
the Corporation that has not been generally disclosed.
ABOUT THE CORPORATION
The Corporation, with production facilities in Hamilton, Ontario and
Phoenix, Arizona, services some of North American's largest mining,
steel, cement, and road construction/maintenance companies as well as
numerous public road authorities. The Corporation provides engineered
environmental solutions for mine tailings control, process dust and
erosion control, granular stabilization, road construction/maintenance
and stockpile sealing.
For more information on the Corporation, please visit www.enssolutions.com.
SOURCE Enssolutions Group Inc.
For further information:
David J. Howe, President and Chief Executive Officer
Jim Griffiths, Chief Financial Officer
Enssolutions Group Inc.
t: (905) 312-8422