TORONTO, Oct. 29 /CNW/ - Toxin Alert Inc. (V. TOX) announced today that it was unable to comply with the requirement to file its audited financial statements and other material for the fiscal year ended June 30, 2009 and is requesting that a Management Cease Trade Order (MCTO) be issued by the relevant securities authorities.
The Company has several licensing proposals that should materialize either positively or negatively in the next 30 days, and the Company has applied for funding under government development programs in Canada and the U.S., and expects to know the results of those applications shortly. The Company anticipates that a positive result in any of these will enable the Company to complete private placement negotiations presently ongoing that would result in sufficient funds for the Company to fulfill its filing requirements in a reasonable time.
The Company has experienced cash flow problems for the past two years due to market conditions and the non-payment of substantial funds owed to it by University of Southern Mississippi.
The Company intends to satisfy the provisions of the Alternative Information Guidelines by issuing bi-weekly default status reports in the form of news releases so long as it remains in default.
The Company is not in any insolvency proceedings at the present time and there is no other material information relating to the affairs of the Company that has not been generally disclosed.
SOURCE TOXIN ALERT INC.
For further information: For further information: William T. Bodenhamer, President and CEO, Toxin Alert Inc., Telephone (905) 678-6946