TORONTO, May 3 /CNW/ - TriNorth Capital Inc. ("TriNorth") (TXV.V: TRT) today announced that it has not reported its 2009 financial statements on April 30, 2010 as previously expected. TriNorth advised that it expects that the reporting of its 2009 financial statements will be filed within the next 30 days.
The reporting delay is a result of the unforeseen delays in the timing of the preparation of the financial statements over the last quarter.
TriNorth has applied to the Ontario Securities Commission under applicable regulatory policies for the issuance of a management cease trade order ("MCTO") pending completion and filing of its 2009 financial statements. TriNorth confirms that it intends to satisfy the requirements to file appropriate Default Status Reports as prescribed by National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults so long as it remains in default of its requirements to file its financial statements within the prescribed period of time.
TriNorth further confirms that there is no other material information concerning the affairs of TriNorth that has not been generally disclosed as of the date hereof.
TriNorth is a Canadian-based investment company that invests in a diversified portfolio of companies to generate long-term capital growth for shareholders. TriNorth takes an active interest in it investee companies from the earliest stages, providing strategic and financial counsel, support and direction to assist in their growth and success. TriNorth's investment strategy includes structuring and initiating deals focused on particular resources, themes or regions as well as launching the development of businesses in select industries by providing assistance with the hiring of management teams, providing seed capital and facilitating IPOs. All investment activities of TriNorth are managed by Navina Asset Management Inc., a Canadian alternative investment asset manager. For more information please see, www.trinorthcapital.com.
Forward Looking Statements
Certain statements in this press release may include "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of TriNorth to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such statements use such words as "may", "will", "expect", "anticipate", "project", "believe", "plan", and other similar terminology. The risks and uncertainties are detailed from time to time in reports filed by TriNorth with the securities regulatory authorities in all of the provinces and territories of Canada. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of TriNorth to be materially different from those contained in forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction actual results.
Neither the 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 TriNorth Capital Inc.
For further information: For further information: TriNorth Capital Inc., Catherine Stretch, Corporate Secretary, (416) 362-6283, email@example.com; John Pennal, Director, (416) 216-4842, firstname.lastname@example.org