VANCOUVER, July 29 /CNW/ - Ascalade Communications Inc. ("the Company")
(TSX: ACG) is providing this update in accordance with Ontario Securities
Commission Policy 57-603 Defaults by Reporting Issuers in Complying with
Financial Statement Filing Requirements (the "OSC Policy"). In accordance with
the OSC Policy, the Company confirms that, except as disclosed in press
releases dated April 2, 2008, April 9, 2008, April 29, 2008, May 14, 2008, May
21, 2008, June 24, 2008, June 30, 2008 and July 17, 2008 issued by the Company
since its initial default announcement dated March 31, 2008: (i) there is no
material change to the information set out in its initial default announcement
filed pursuant to the OSC Policy, (ii) there has been no failure by the
Company to adhere to the "Alternative Information Guidelines" set out in the
OSC Policy with respect to the financial statement filing default, and (iii)
there is no other material information concerning the affairs of the Company
that has not been generally disclosed.
Any recovery in the Companies' Creditors Arrangement Act (the "CCAA")
proceedings for creditors and other stakeholders of the Company, including
shareholders, is uncertain and is highly dependent upon a number of factors,
including the recovery from the sale of the factory, equipment and inventory
in the PRC and the outcome of the Scheme in Hong Kong.
For further information:
For further information: about the Company or the CCAA proceedings, see:
http://www.ascalade.com or http://www.deloitte.com/ca/ascalade.