MONTREAL, April 27, 2012 /CNW/ - Aptilon Corporation ("Aptilon" or the "Company") (TSX-V: APZ), a leader in online access to, engagement and interaction with physicians and healthcare professionals on behalf of pharmaceutical and life sciences companies, today announced that the filing of the Company's audited annual financial statements for the year ended December 31, 2011, including the related management discussion and analysis, and CEO and CFO certifications (collectively, the "Annual Financial Filings") will not be made by the required filing deadline of April 30, 2012 (the "Filing Deadline"). As a result, Aptilon has applied to the Autorité des marchés financiers for a management cease-trade order. If approved, this application would give the Company extra time to complete its audit and file its annual financials without a full cease-trade order being issued.
The Company cannot meet the Filing Deadline as it was unable to come to a mutually acceptable agreement with KPMG, its current auditors, with regards to their fees for past services and services to be rendered in connection with the audit of its 2011 financial statements. The Company will have to appoint new auditors to perform the audit.
The Annual Filings will be filed as soon as the audit work is completed. Currently, the Company estimates that the preparation of the audited financial statements should take no more than five weeks from the beginning of the audit on May 14, 2012. The Company therefore expects to file on or before June 15, 2012.
The Company intends to satisfy the provisions of the alternative information guidelines by issuing bi-weekly default status reports in the form of news releases.
About Aptilon Corporation
Aptilon enables pharmaceutical, biotech and medical device companies to effectively reach, message, connect and interact with US physicians and healthcare professionals on the Internet and over mobile devices via multiple access channels. Its innovative service offerings provide targeted impressions and interactions through: video and mobile detailing, ReachNet℠ Physician Access Channel, the DMD database and permission-based email services. Top US pharmaceutical companies and respected healthcare organizations have adopted Aptilon's solutions to market to, engage and interact with leading healthcare practitioners. For more information, visit www.aptilon.com.
This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Such statements include those with respect to the date on which the audit of the Company's 2011 financial statements will begin, the time that audit will take to complete, and the date that the Annual Filings will be filed. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved.
Such assumptions, which may prove incorrect, include the following: (i) the Company will succeed in retaining new auditors within a reasonable timeframe, (ii) the Company's new auditors will begin their work forthwith, (iii) the audit of the Company's 2011 financial statements will not take longer than has been customary, (iv) the auditors will be in a position to issue an auditor's report without reservations upon the completion of their audit, and (v) the Company will be in a position to file the Annual Filings shortly after the audit is complete. Factors that could cause actual results to differ materially from expectations include (i) the inability of the Company to successfully retain new auditors for whatever reason, (ii) the inability of those auditors to begin or complete their audit in a reasonable timeframe, (iii) the inability of the auditors to issue an unqualified auditor's report upon the completion of their audit and (iv) the Company's inability to file the Annual Filings for whatever reason after the audit has been completed. These factors and others are more fully discussed in the Company's filings with Canadian securities regulatory authorities available at www.sedar.com. Actual results may vary from the forward-looking information.
ReachNetSM is a service mark of Aptilon Corporation.
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.
For further information:
Mr. Denis Martineau