TSX Venture: FWK
TORONTO, Nov. 4, 2013 /CNW/ - Liuyang Fireworks Limited (TSX-V: FWK) ("Liuyang" or "the Company") has delayed the filing of its annual financial statements, accompanying Management's Discussion and Analysis and related CEO and CFO Certifications of Annual Filings for the financial year ended June 30, 2013 (collectively, the "2013 Annual Financial Statements"). As a result of this delay, the Company is in default under Parts 4 and 5 of Regulation 51-102 respecting Continuous Disclosure Obligations and pursuant to Regulation 52-109 respecting Certification of Disclosure in Issuers' Annual and Interim Filings.
The Company is currently not in a position to timely file its 2013 Annual Financial Statements, primarily as a result of additional time required, for its auditors, Thompson Penner& Lo LLP, to complete the audit.
The Company's Board of Directors and its management will be working expeditiously with the Company's auditors to meet the Company's obligations relating to the filing of the 2013 Annual Financial Statements. The Company expects to file the 2013 Annual Financial Statements on or before November 15, 2013.
During the period of default, the Company will issue weekly default status reports in the form of further press releases, which will also be filed on SEDAR. The Company confirms that there are no insolvency proceedings against it as of the date of this press release. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this press release.
The applicable Canadian securities regulatory authorities could issue a general cease trade order against the Company for failure to file the 2013 Annual Financial Statements.
About Liuyang Fireworks Limited
Liuyang Fireworks Limited is a China-based manufacturer of fireworks. The company's products are sold both domestically in China as well as exported to more than 15 countries in North America, South America and Europe. The Company has more than 17 years of experience in the fireworks industry and is a supplier to the world's top five fireworks wholesalers and retailers. Liuyang's ISO9001-certified manufacturing facilities are located in the Liuyang area of Hunan, China.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable securities legislation.
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.
SOURCE: Liuyang Fireworks Limited
For further information:
Chief Financial Officer
Liuyang Fireworks Limited
Tel : 647 350 8818