Toronto, ON / ACCESSWIRE / April 14, 2014 / NTG Clarity Networks
Inc. (TSX.V:NCI), announces that following a review by staff of the
Ontario Securities Commission (the "OSC") in connection with the
filing of the Company's annual consolidated financial statements,
notes and related Management's Discussion and Analysis for the year
ended December 31, 2012 (the "2012 Annual Filings") and the interim
consolidated financial statements, notes and related Management's
Discussion and Analysis (the "Q2 2013 Interim Filings"), the OSC
has determined that Company is in default of its continuous
disclosure requirements under the Securities Act (Ontario) (the
"Default"). These filings amend those made on April 2, 2014.
1. For NTG's 2012 Annual Filings, the following have been
corrected:
-Expand/enhance the Company's revenue recognition policy
-Correct the label in Trade and Other Receivables, Note 12, now
on page 62 to read "Trade receivables after impairment" instead of
Related Party.
-Update Financial Risk Management Objectives and Policies, Note
21, under Liquidity Risk, now on page 68 to remove reference to
"operating losses in the current year" and "...to reach profitable
levels of operation".
-Update the MD&A to enhance analysis and comparisons and
other requirements of 51-102F1.
These changes have no effect on figures previously reported in
the 2012 financial statements (the Audited Consolidated Statement
of Financial Position, the Audited Consolidated Statements of
Changes in Shareholders' Equity, the Audited Statement of
Comprehensive Income, or the Audited Consolidated Statement of Cash
Flows).
2. For NTG's Q2 2013 Interim Filings, the following have
been corrected:
-revenue recognition policy found in Note 3 on page 31 should be
consistent with that of the revised 2012 Annual Filings (above)
-Condensed Consolidated Interim Statement of Cash Flow on page
28, remove long term debt from Operation Activities and correct
decrease in long term debt under Financing for three and six
months. Correct the accounts payable and accrued liabilities
number. Changes to MD&A section on Liquidity to reflect the
adjusted numbers.
-Under Operating Segments, Note 6 on page 50, for the Six Months
ended June 30, 2013, replaced the table with the correct 6 month
figures. Three months was mistakenly duplicated.
-Under Related Party Disclosures, Note 19, Key Management
Compensation, on page 66, corrected June 30, 2013 and June30, 2012
figures that were mistakenly reversed.
-Update the MD&A to enhance analysis and comparisons and
other requirements of 51-102F1.
-On Statement of Financial Position on page 25, correct typo for
June 30, 2013 Total non-current assets number to $3,081,461.
-On Statement of Comprehensive Income on page 26, Other
Expenses, add Write Down of investment of $2,489 for Six Month 2012
comparative. This was mistakenly left out. Adding of section
components remains the same.
These changes have no effect on figures previously reported in
the Interim Q2 2013 (the Condensed Consolidated Interim Statement
of Financial Position, the Condensed Consolidated Interim Statement
of Comprehensive Income, or the Condensed Consolidated Interim
Statement of Changes in Shareholders' Equity).
For Cash Flow:
-Increase in accounts payable and accrued liabilities changes to
$878,544 from $635,715 (for 3 months) and $878,227 from $635,398
(for 6 months)
-Net Cash From Operations changes to $202,578 from $85,911 (for
3 months) and $615,558 from $474,892 (for 6 months)
-Increase (decrease) in long-term debt changes to $($20,747)
from $95,920 (for 3 months) and ($65,491) from $75,174 (for 6
months)
-Cash From (Used For) Financing changes to $12,667 from $129,334
(3 months) and ($71,031) from ($69,634) (for 6 months)
-Cash From Investing changes to ($453,227) from ($69,634) (for 6
months).
The Company has made the necessary updates and the revised
MD&A for the year ended December 31, 2012 and the Q2 2013
Interim Filings that were refiled on April 2, 2014 were amended and
refiled on April 14, 2014 to remedy the Default.
ABOUT NTG CLARITY NETWORKS
NTG Clarity Networks' vision is to be a global leader in
providing networking solutions. Established in 1992, NTG Clarity is
a leader in Canada in delivering networking, IT and network enabled
application software solutions to network service providers and
large enterprises. More than 200 network professionals provide
design, engineering, implementation, software development and
security expertise to the industry's leading network service
providers and enterprises.
This release may contain "forward-looking statements" within the
meaning of applicable securities laws regarding events or
conditions that may occur in the future. These statements are based
on current expectations that, while considered reasonable by
management at this time, inherently involve a number of significant
business, economic and competitive risks, uncertainties and
contingencies. There can be no assurance that forward looking
statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements. Readers should not place undue reliance on
forward-looking statements. The forward-looking statements
contained herein are based on the beliefs, expectations and
opinions of management as of the date hereof and NTG Clarity
disclaims any intent or obligation to update them or revise them to
reflect any change in circumstances or in management's beliefs,
expectations or opinions that occur in the future, except as
required by applicable securities laws. Additional risks relating
to NTG Clarity may be found in the current and periodic reports
filed by NTG Clarity with Canadian securities regulatory
authorities on www.sedar.com.
TSX does not accept responsibility for the adequacy or accuracy
of this release.
FOR FURTHER INFORMATION:
Doren Quinton, President QIS Capital
Ph: 250-377-1182
Fax: 250-377-1183
Email: info@smallcaps.ca
NTG Clarity Networks (TSXV:NCI)
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NTG Clarity Networks (TSXV:NCI)
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