MONTREAL, Jan. 22, 2016 /CNW Telbec/ - SENSIO Technologies Inc. ("Sensio" or the "Company") (TSXV: SIO) announced today that it will not be in a position to file its unaudited interim financial statements for the three and six months ended November 30, 2015 and the related management's discussion and analysis and related Chief Executive Officer and Chief Financial Officer certificates by the January 29, 2016 statutory deadline. At this time it is uncertain as to when the Company will be able to finalize its financial statements and related disclosures. Generally, where an issuer is in default of filing its periodic disclosure documents in circumstances such as Sensio, the Canadian Securities Administrators will issue orders prohibiting trading in its securities effective from and after the statutory deadline (so-called cease trade orders).
As previously disclosed on December 23, 2015, faced with a liquidity crisis, Sensio filed a notice of intention to make a proposal under the Bankruptcy and Insolvency Act (Canada) and obtained a stay of proceedings against it until January 22, 2016. On that day, Sensio also announced the sale to Wi-Lan Inc. and an affiliate of the patents and patent applications underlying the existing exclusive license agreement among the parties. The sale since closed in accordance with its terms, the related secured bridge loan was repaid in full and the stay of proceedings was extended until March 7, 2016.
While under protection, Sensio continues its efforts to pursue strategic alternatives, including pursuing the sale of its remaining assets. There can be no assurance that the strategic process will result in the consummation of any specific transaction or agreement or whether any such transaction or agreement will yield net proceeds sufficient to fully satisfy the claims of creditors of Sensio.
Founded in 1999, SENSIO Technologies Inc. (www.sensio.tv) is a pioneer in the field of stereoscopic 3D imaging and of 3D content distribution at home. For over 15 years, SENSIO has been developing, patenting and marketing advanced 3D image processing technology providing superior image quality as well as a simple user friendly experience. Its award-winning technology, SENSIO ® Hi-Fi 3D, can be found in millions of products for the cinema, distribution and consumer electronics markets worldwide.
Today, SENSIO uses its technologies and 3D expertise to deliver its video-on-demand service, 3DGO!TM, the first 3D‑dedicated service offering Hollywood blockbuster movies directly to consumers. SENSIO works with some of the biggest brands in the consumer electronics industry and the film industry to become the destination of choice for 3D movie fans. 3DGO!TM aims to become the largest distributor of 3D content for the consumer market in the world.
Caution Concerning Forward-Looking Statements
Certain statements made in this press release that are not historical facts are forward-looking statements and are subject to important risks, uncertainties and assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements. As a result, we cannot guarantee that any forward-looking statement will materialize and readers are cautioned not to place undue reliance on these forward looking statements. The Company cautions that there are no assurances that the strategic process will result in a transaction or, if a transaction is undertaken, the terms or timing of such a transaction. Trading in the securities of the Company should be considered highly speculative. For more exhaustive information on risks and uncertainties, the reader should refer to the risk factors described in the management's discussion and analysis of SENSIO for the period ended August 31, 2015. The forward-looking statements contained in this press release represent our expectations as of the date hereof. We disclaim any intention and assume no obligation to update or revise any forward-looking statements. Forward-looking statements are presented for the purpose of providing information about management's current expectations and plans and allowing investors and others to obtain a better understanding of our anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.
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.
SENSIO® is a registered trademark of SENSIO Technologies Inc.
SOURCE SENSIO Technologies Inc.
For further information: SENSIO Technologies Inc., Éric Choquette, Chief Financial Officer, Tél.: +1 514 846-2022 x17, Courriel: [email protected]