Bakbone (NASDAQ:BKBOF)
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Alberta Securities Commission Issues an Interim Cease Trade Order
Halting Trading in Canada in Stock of BakBone Software
Trading on the TSE to Halt at Open of Trading Tuesday, December 7
SAN DIEGO, Dec. 7 /PRNewswire-FirstCall/ -- BakBone Software, Inc. (TSX: BKB;
OTC Bulletin Board: BKBOF) announces that the Alberta Securities Commission has
issued an interim cease trade order, preventing trading in the Company's shares
in Canada until December 17, 2004. If BakBone Software has not filed its Form
10-Q for the quarter ending September 30, 2004 with the Securities and Exchange
Commission and made the required quarterly filing with the Canadian Securities
Commissions by the December 17 date, the Alberta Securities Commission will
again meet to determine if a further cease trade order will be issued.
(Logo: http://www.newscom.com/cgi-bin/prnh/20031120/SDBAKLOGO)
Management anticipates that trading in the Company's shares on the Toronto
Stock Exchange (TSE) will remain halted until these financial results have been
filed. This cease trade order does not represent a delisting from the TSE.
While the Alberta Securities Commission cease trade order does not affect
trading in the Company's stock in the United States on the OTC Bulletin Board
(OTCBB), the Company's failure to file its quarterly report on Form 10-Q for
the September 30, 2004 period makes the Company subject to delisting from the
OTCBB. As of the date of this release, the Company has not received any
notification from the OTCBB that it will delist the Company's stock. If the
Company does receive such a notice, it will appeal delisting from the OTCBB,
but such appeal may not be successful.
The Company is currently making every effort to complete and file its quarterly
financials for the second quarter fiscal 2005 as quickly as possible. The
delay in filing the Company's financial statements relates to the recent change
in auditors of the Company and the significant amount of work required to both
review the Company's current results and review previously published financial
statements that will be reflected in the quarterly report on Form 10-Q for the
September 30, 2004 period.
About BakBone Software, Inc.
BakBone Software (TSX: BKB; OTC Bulletin Board: BKBOF) is a leading
international data protection solution provider that develops and distributes
data backup, restore, and disaster recovery software for network storage and
open-systems environments worldwide. BakBone delivers scalable solutions that
address the complex demands of large enterprise environments, as well as small
to medium size businesses. Founded in 2000, BakBone products are used by
Fortune 1000 corporations and domestic and international government entities.
Distributed through a select global network of OEM partners, resellers and
solution providers, interested companies can learn more about BakBone's
products and services at http://www.bakbone.com/ or email .
Safe Harbor
This press release contains forward-looking statements that involve risks,
uncertainties, assumptions and other factors, which, if they do not materialize
or prove correct, could cause BakBone's results to differ materially from those
expressed or implied by such forward-looking statements. These statements
include, among others, any statements, express or implied, regarding BakBone's
anticipated timing for the completion of the initial review of BakBone's
financial statements and/or the timing of the release of BakBone's financial
results and filing of its Form 10-Q. The potential risks and uncertainties may
include, but are not limited to: risks that the review of BakBone's financial
statements may not be completed in accordance with our expectations as to
timing; risks that we may not release our financial results and file our
quarterly report on Form 10-Q in accordance with our expectations as to timing;
and risks associated with impaired liquidity in our stock that may result from
the cease trade order and any potential delisting from the OTCBB. Our
forward-looking statements should be considered in the context of these and
other risk factors disclosed in our most recent report filed with the
Securities and Exchange Commission, which may be found at http://www.sec.gov/,
as well as those risk factors disclosed in our most recent report filed with
the Canadian Securities Administrators, which is available on SEDAR at
http://www.sedar.com/. All future written and oral forward-looking statements
made by us or on our behalf are also subject to these factors. BakBone assumes
no obligation to update any forward-looking statement to reflect events or
circumstances arising after the date on which it was made.
For more information, please contact: Karen A. Silva, Director of Investor
Relations of BakBone Software, +1-858-795-7525, .
http://www.newscom.com/cgi-bin/prnh/20031120/SDBAKLOGO
http://photoarchive.ap.org/
DATASOURCE: BakBone Software, Inc.
CONTACT: Karen A. Silva, Director of Investor Relations of BakBone
Software, +1-858-795-7525,
Web site: http://www.bakbone.com/