TORONTO, Jan. 2 /CNW/ - Knightscove Media Corp. (TSXV: KC/OTCQX: KCMDF)
("Company", "Knightscove" www.knightscove.com) today announced that the filing
of its financial statements as of the year ended August 31, 2007 and related
management's discussion and analysis (collectively, the "Filings") will be
delayed until approximately January 11, 2008.
The delay is principally related to the audit of Morningstar
Entertainment Inc., a previously private company acquired during the 2007
fiscal year with a library of over 1400 DVD titles. The application of
Canadian GAAP to the acquisition along with the change in the Company's fiscal
year end from December 31st to August 31st resulted in the Company's inability
to comply with the filing deadline over the holiday season of December 29th,
2007. The application of Canadian GAAP does not affect either the Company's
cash position or its operations.
As a result of the delay in filing, the Company has requested that the
Ontario Securities Commission ("OSC") and other applicable Canadian securities
regulators issue a temporary management cease trade order that prohibits
directors, officers and other insiders of the Company from trading in
securities of the Company for so long as the Filings are not filed. The
issuance of such cease trade order does generally not affect the ability of
persons who are not directors, officers or other insiders of the Company to
trade in the Company's securities. In the event that the Filings are not filed
by February 29, 2008, the OSC and other applicable Canadian securities
regulators may impose an issuer cease trade order that all trading in
securities of Knightscove, either permanently, or for such period as is
specified in the order.
This default announcement is provided further to OSC Policy 57-603 and
CSA Staff Notice 57-301. Pending the filing of the Filings, the Company
intends to satisfy the alternative information guidelines recommended by OSC
Policy 57-603 and CSA Staff Notice 57-301.
The Corporation confirms that there are no insolvency proceedings against
the Corporation as of the date herein. The Corporation also confirms that
there is no other material information concerning the affairs of the
Corporation that has not been generally disclosed as of the date herein.
Additional information regarding the business of Knightscove may be found
on www.knightscove.com on SEDAR at www.sedar.com and on www.OTCQX.com. The TSX
Venture Exchange does not accept responsibility for the adequacy or accuracy
of this release.
For further information:
For further information: Knightscove Media Corp., Leif Bristow,
President and CEO, (416) 444-7900 x. 222; Porter, Levay & Rose, Michael
Porter, President or Linda Decker, (212) 564-4700