MONTREAL, Jan. 31, 2014 /CNW Telbec/ - Sofame Technologies Inc. (TSXV: SDW) (OTC: SFMGF) will file its audited annual financial statements for the year ended September 30, 2013, management discussion and analysis ("MD&A") and related CEO and CFO certifications on February 12, 2014. These reports (collectively, the "Annual Financial Filings") were not released as scheduled on January 28, 2014.
A comment by the auditor concerning valuation of real estate assets under new IFRS regulations requires additional research to complete, and the work should be done within two weeks. The Company has the necessary financial and human resources to address the reporting default, and continues to pursue its regular business, and has work in progress, as well as an order book consisting of eight contracts compared to three at the same period of the prior fiscal year.
The Company has requested, and been granted, a management cease trade order ("MCTO") by its principal regulator, the Autorité des marchés financiers (the "AMF") in accordance with part 4 of National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). As a result of the Company's delay in making the Annual Financial Filings on January 28, 2014, the MCTO imposes, only on current directors and officers of the Company, restrictions on trading in, and acquisitions of, securities of the Company, whether directly or indirectly.
All other parties are permitted to freely trade the Company's securities.
Pursuant to the requirements of Section 4.4 of NP 12-203, the Company confirms that there has not been any specified default by the Company under NP 12-203 other than the delay in filing the Annual Financial Filings, and there is no other material information concerning the affairs of the Company that has not been generally disclosed.
The Company is not planning to issue a bi-weekly press release update as the default is scheduled to be cured in two weeks. In accordance with Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults, further developments on this matter, if any, shall be reported promptly following their occurrence.
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: Sofame Technologies Inc.
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