Xianburg Data Systems Canada Corporation (the "Issuer") (TSX VENTURE:XDS) today
announced that it will not be in a position to file its audited annual
consolidated financial statements (the "Statements"), management's discussion
and analysis and related certifications for the fiscal year ended December 31,
2010 (the "Required Filings") on or before May 2, 2011, as required, as a result
of unanticipated delays associated with the audit of its operating entity
Xianburg International Data Group Co., Ltd. required to in order to prepare the
Issuer's first set of audited financial statements since it completed its
qualifying transaction in late November, 2010.


Accordingly, the Issuer has requested the issuance of a management cease trade
order under the provisions of National Policy 12-203 Cease Trade Orders for
Continuous Disclosure Defaults ("NP 12-203") so as to permit the continued
trading in the Issuer's Common Shares by persons other than insiders and
employees of the Issuer. The Issuer is working closely with its auditors,
Thompson Penner & Lo LLP, and the Issuer's Board of Directors have, as a result
of difficulties encountered while conducting the audit, also resolved to retain
the services of one of the recognized international accounting firms to assist
the existing auditor with completing the audit. The Issuer expects to be able to
have the audit of the Statements completed, and the Required Filings made, by
end of June, 2011. 


The Issuer confirms that it intends to satisfy the provisions of section 4.4 of
NP 12-203 and issue bi-weekly default status reports for so long as the Issuer
remains in default of the requirement to make the Required Filings containing
the following information: 


a) any material changes to the information in this default announcement or
subsequent default status reports, including a description of all actions taken
to remedy the default and the status of any investigations into any events which
may have contributed to the default; 


b) particulars of any failure by the Issuer to fulfill its stated intentions
with respect to satisfying the provisions of the alternative information
guidelines; 


c) information regarding any specified default subsequent to the default which
is the subject of the default announcement; and 


d) any other material information concerning the affairs of the Issuer not
previously disclosed. 


The Issuer intends to issue the first default status report on May 16, 2011. The
Issuer is not subject to any insolvency proceedings nor is there in other
material information concerning the affairs of the Issuer that has not been
generally disclosed.


The Issuer also announces that Sheng (Sam) Wang has resigned as a director and
Chair of the Issuer's Audit Committee on April 22, 2011 and that George Dorin
has resigned as Chief Financial Officer of the Issuer on April 24, 2011. The
Issuer thanks Mr. Wang and Mr. Dorin for their contributions. The Issuer's Board
of Directors have resolved to appoint all of the remaining members of its Board
of Directors to the Audit Committee, such that the Audit Committee is now
comprised of Kabir Jivraj, Ping Huang, Omar Ladak, Jingping Dong and Song Qiao,
with Mr. Ladak serving as Chair of the Audit Committee.


About Xianburg Data Systems Canada Corporation

Xianburg Data Systems Canada Corporation (TSX VENTURE:XDS) is an IT products and
services firm with offices in Xi'an and Beijing. The Company is recognized as a
leader in China in providing mass data storage and disaster recovery IT
solutions. Xianburg International Data Group Co., Ltd. ("XID") was founded in
1994 by Jingping Dong, based on his experience in leading large-scale data
archiving projects. XID is recognized as a leading IT provider to the Chinese
government and to corporate clients, and has received ISO 9001 certification for
its Quality Management practices. XID has more than 120 staff with affiliates in
China, Germany, and Canada. Staff includes a high proportion of IT specialists
with advanced degrees. The Company, through its wholly-owned subsidiary,
Xianburg Data Systems (Canada) Inc., governs and administers the operating
entity XID, a Chinese based operating company, and will earn substantially all
of its income from XID. XID's core business is data entry with a specialty of
converting paper documents to electronic format ("digitization") and it also
manufactures high-performance, high capacity storage systems for the archiving
and publication of such documents.


This press release includes certain "forward-looking information" within the
meaning of the Canadian securities laws, particularly with respect to the
anticipating timing of the Required Filings. The words "expects" and other words
and expressions which may be predictions of or indicate future events and trends
and which do not relate to historical matters identify forward-looking
information. Reliance should not be placed on forward-looking information
because they involve known and unknown risks, uncertainties and other factors,
which may cause the actual results, performance or achievements of the Issuer to
differ materially from anticipated future results, performance or achievement
expressed or implied by such forward-looking information. Factors that could
cause actual results of the Issuer's filing of the Required Filings to differ
materially from those set forth in the forward-looking information include
unforeseen administrative, legal, or transactional issues and other risks
detailed from time to time in the documents filed by the Issuer with the
securities regulators in Canada. Other than as required by law, the Issuer
undertakes no obligation to publicly update or revise any forward-looking
information, whether as a result of new information, future events or otherwise.


iShares India Index ETF (TSX:XID)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024 iShares India Index ETF 차트를 더 보려면 여기를 클릭.
iShares India Index ETF (TSX:XID)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024 iShares India Index ETF 차트를 더 보려면 여기를 클릭.