TORONTO, June 26 /CNW/ - On May 4, 2007 Simplex Solutions Inc. (the
"Corporation") announced by way of a notice of default (the "Notice of
Default") that it had applied to the Ontario Securities Commission for a
temporary management cease trade order until such time as it files its
financial statements and management discussion and analysis for the year ended
December 31, 2006 ("2006 Statements"). On May 7, 2007, the Ontario Securities
Commission issued a temporary order prohibiting the directors, officers and
insiders of the Corporation from trading in the securities of the Corporation
for a period of 15 days from the date of the temporary order because of the
failure by the Corporation to file, within the prescribed period of time, the
2006 Statements. The Corporation is in the process of completing a
$150,000 convertible debenture financing, the funds for which have been placed
in escrow with the Corporation's solicitors. The Corporation expects that the
conditions of closing of the financing will be satisfied and the funds will be
available to the Corporation on or about June 29, 2007. The funds will be used
by the Corporation, among other uses, to complete the 2006 Statements which
the Corporation expects to file on or about July 31, 2007.
As of this date, except as disclosed in this press release:
(i) there has been no material change in the information contained in
the Notice of Default;
(ii) there has been no failure by the Corporation to fulfill its stated
intentions in its Notice of Default;
(iii) there has been no actual or anticipated default of a financial
statement filing requirement subsequent to that disclosed in the
Notice of Default; and
(iv) there is no other material information concerning the affairs of
the Corporation that has not been generally disclosed.
Simplex Solution Inc.'s United Kingdom operating subsidiary Simplex
Consulting Limited ("Simplex") (www.simplexsolutions.com), founded in 1997, is
recognised as one of Europe's leading STP consultancies. The company
specialises in selecting and implementing solutions for the middle and back
office for many of the world's leading banks, asset managers, hedge funds and
multinationals. An accredited SWIFT Service Partner, in 2004, Simplex extended
its activities by launching the UK's first SWIFT ASP-based Service Bureau. In
2005 Simplex announced unique ASP propositions: Simplex's Payments
Administration System (PAYS) for Banking & Corporate provides a range of
payments related services including Message Transformation, Invoice Matching,
Manual Payment Creation, Payment Authorisation, Delivery, and Reporting.
Simplex's Securities Administration Solution (SecAS) for the securities market
provides modules for corporate actions, Electronic Trade Confirmation (ETC),
Electronic Trade Delivery (ETD), Reconciliations, and SWIFT.
Simplex is publicly traded in Canada on The Canadian Trading and
Quotation System Inc. (Symbol: SPLX), with 49,265,603 shares outstanding.
No securities commission or other regulatory authority having
jurisdiction over Simplex Solutions Inc. has approved or disapproved of
the information contained herein.
For further information:
For further information: Dan Weaver, Simplex Solutions Inc., (416)