TORONTO, May 7, 2013 /CNW/ - iMarketing Solutions Group Inc. (CNSX: IMR) (the "Company"), a North American relationship marketing company, announced today that the Ontario Securities Commission, its principal regulator, intends to issue a cease trade order due to the Company's failure to file audited annual financial statements for the year ended December 31, 2012 and the associated management's discussion and analysis and management certifications.
As previously announced, the Company filed for, and was granted, protection in Canada under the Companies' Creditors Arrangement Act (the "CCAA Proceedings"). The CCAA Proceedings have also been recognized in the United States. For further details regarding the CCAA Proceedings, please refer to the Company's news release dated April 12, 2013, a copy of which is available on SEDAR at www.sedar.com under the Company's profile.
In light of the CCAA Proceedings, the Company does not intend to contest the cease trade order at this time.
The Company also announced today that the following changes have occurred to its board of directors (the "Board"):
- Michael A. Neuman resigned from the Board effective December 13, 2012;
- James H. Ambrose resigned from the Board effective January 25, 2013 and was re-appointed to the Board on February 4, 2013;
- A. Richard G. Reid resigned from the Board effective January 25, 2013 and was re-appointed to the Board on February 4, 2013;
- David A. Winograd resigned from the Board effective March 21, 2013 and also resigned as an officer and employee;
- B. Andrus Wilson resigned from the Board effective March 27, 2013;
- Michael P. Platz resigned from the Board effective April 3, 2013;
- Andrew Langhorne was appointed to the Board, effective April 5, 2013; and
- Michael Davis resigned from the Board effective April 13, 2013 but remains an employee and Managing Director, Political.
After these changes, the Board of the Company consists of James H. Ambrose, A. Richard G. Reid and Andrew Langhorne.
The CNSX does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: iMarketing Solutions Group Inc.
For further information:
iMarketing Solutions Group Inc.
Upkar Arora, Chief Restructuring Officer and Chief Financial Officer
416-633-4646 ext. 270