Seprotech announces full revocation of cease trade orders
03 8월 2011 - 10:22PM
PR Newswire (Canada)
OTTAWA, Aug. 3, 2011 /CNW/ -- OTTAWA, Aug. 3, 2011 /CNW/ -
Seprotech Systems Incorporated (TSX-V: SET; "Seprotech" or the
"Company") announces that the cease trade orders issued by the B.C.
Securities Commission, the Ontario Securities Commission and the
Manitoba Securities Commission (collectively, "the Commissions") on
February 24, 2011, March 8, 2011 and April 19, 2011 respectively,
have been fully revoked by the Commissions. The cease trade orders
were imposed on the Company for failure to file its annual audited
financial statements, related MD&A and other required documents
(the "Annual Filings"), as well as its required filings for the
interim periods ended November 30, 2010 and February 28, 2011 (the
"Quarterly Filings"), each respectively due on December 28, 2010,
January 28, 2011 and April 29, 2011. The required annual filings
were filed on May 10, 2011, and the required quarterly filings were
filed on May 13 and 17, 2011, respectively and can be viewed on
www.sedar.com . As more fully described in the Company's press
release dated May 10, 2011 the delay in completing the required
annual and quarterly filings resulted from management's detection
during the first quarter of fiscal 2011 of an overstatement of
revenue by a material amount with respect to its financial
statements for the quarters ended November 30, 2009, February 28,
2010 and May 31, 2010. The overstatement resulted from over-billing
a customer over a period of approximately 12 months from July 2009.
The over-billing was reported to the customer, and fully repaid
through applying a credit to subsequent work. Once the amount of
the over-billing was confirmed, the affected quarterly financial
statements were restated and subsequently filed on SEDAR. Seprotech
is a provider of pre-engineered water and wastewater treatment
solutions to the municipal/land development, resource sector and
military market place, including Reverse Osmosis water purification
systems, ROTORDISK® biological sewage treatment package plants and
CrystalBlue™ membrane-based water recycling systems. 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. The
TSX Venture Exchange has neither approved nor disapproved of the
information contained herein. Some of the statements in this press
release, including those relating to the Company's strategies and
other statements that are predictive in nature, that depend upon or
refer to future events or conditions, or that include words such as
"expects", "anticipates", "intends", "plans", "believes",
"estimates" or similar expressions, are forward-looking statements
within the meaning of securities laws. Forward-looking statements
include, without limitation, the information concerning possible or
assumed future results of operations of the Company. These
statements are not historical facts but instead represent only the
Company's expectations, estimates and projections regarding future
events. The Company does not undertake any obligation to update or
release any revisions to these forward-looking statements to
reflect events or circumstances after the date of this presentation
or to reflect the occurrence of unanticipated events, except as
required by law. To view this news release in HTML formatting,
please use the following URL:
http://www.newswire.ca/en/releases/archive/August2011/03/c9048.html
p align="justify" Mr. Ian W. Malone, Chief Financial Officerbr/
Tel: (613) 523-1641br/ Fax: (613) 731-0851 /p
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