MONTREAL, May 27 /CNW Telbec/ - Freeport Capital Inc. (the "Company" or "Freeport") (CNSX: FAS) is providing this news release in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). In its news release on April 29, 2010 (the "Default Notice"), the Company announced that it was not able to file its audited financial statements for fiscal year ended December 31, 2009, related management's discussion and analysis and CEO and CFO certificates by the deadline of April 30th 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 3rd 2010, the Autorité des marchés financiers ("AMF") being the Principal Regulator, issued a temporary management cease trade order. The issuance of the temporary cease trade order 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 securities regulatory authorities, in their discretion, may determine that it would be appropriate to issue a general issuer cease trade order affecting all of the Company's securities. Until such time that the Annual Required Filings are filed or the securities regulatory authorities issue a general cease trade order, the Company will continue to provide bi-weekly updates, as contemplated by NP 12-203. Furthermore, the Company will be unable to file the March 31, 2010 interim financial statements due on May 30th 2010 as well as the interim management's discussion andanalysis and CFO and CEO certificates.
Other than as set out herein, the Company reports that since the Default Notice (i) there is no material change to the information set out in the Default Notice 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.
About Freeport Capital Inc. (CNSX: FAS)
Freeport Capital Inc. (CNSX: FAS) provides innovative Internet-based point-of-sale (POS) technology solutions for businesses and consumers worldwide. For more information, please visit www.freeportcap.com.
SOURCE Hybrid PayTech World Inc.
For further information: For further information: Mr. Mike Tasillo, (514) 321-2295, firstname.lastname@example.org; www.freeportcap.com; www.firstequitystrategy.com