Bluemetric Environmental, Inc. (TSXV:SET)
Historical Stock Chart
From Jul 2019 to Jul 2024
OTTAWA, May 2 /CNW/ --
OTTAWA, May 2 /CNW/ - Seprotech Systems Incorporated (TSX-V: SET;
"Seprotech" or the "Company") is providing an update on progress in
completing audited financial statements and related filings for the
fiscal year ended August 31, 2010, and its first quarter interim
filings for the period ended November 30, 2010. The Company also
advises of a delay in completing the interim filings for the second
quarter ended February 28, 2011.
In its press release on December 17, 2010, (the "Default Notice"), the
Company announced that it would not be able to file its audited
financial statements for the year ended August 31, 2010 (the "Annual
Financial Statements") and its related MD&A and CEO and CFO
certificates (collectively, the "Annual Required Filings") by December
29, 2010 as required under securities laws.
By its subsequent press releases and related material change reports
issued and filed between December 29, 2010 and February 9, 2011, the
Company provided updates on the status of the Annual Financial
Statements and the Annual Required Filings, and also reported a
material change relating to an overstatement of revenues as reported in
its financial statements for the quarters ended November 30, 2009,
February 28, 2010, May 31, 2010 and possibly for the year ended August
31, 2009, in an undetermined material amount. In its press release
dated January 26, 2011, the Company also reported that it would not be
able to file its interim financial statements for the quarter ended
November 30, 2010, and the related MD&A and CEO and CFO certifications,
by January 31, 2011 as required under securities laws.
As a consequence of these delays in completing required filings, on
February 24, 2011 the British Columbia Securities Commission and the
Toronto Venture Exchange issued a cease trade order with respect to the
Company's common shares. On March 8, 2011, the Ontario Securities
Commission also issued a cease trade order for the Company's common
shares.
The following is an update of the status on progress to complete the
required filings:.
As previously reported, the Company had over-billed its customer, the
Department of National Defence, Canada (the "DND") $315,584 under its
contract with the Company. The amount was determined to have been
related entirely to the 12 months ended August 31, 2010 and did not
impact prior or subsequent fiscal periods. The $315,584 amount was
formally accepted by DND on March 10, 2011 and has now been repaid in
full. Since resolution was reached with DND we have been working
diligently with our auditors to complete the audit of our financial
statements for the year ended August 31, 2010 and expect to complete
the Annual Required Filings by May 9, 2011. It was previously indicated
that we expected to complete the Annual Required Filings and first
quarter 2011 filings by April 30, 2011, however, completion of the
first and second quarter 2011 filings are now targeted for completion
by May 16, 2011.
Seprotech is a provider of pre-engineered water and wastewater treatment
plants to the land development, resource sector and military market
place, including CrystalBlue™ membrane-based water recycling systems
and the ROTORDISK® wastewater treatment 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/May2011/02/c8485.html
p Mr. Matthew Anderson, Investor Relationsbr/ Tel: (613) 523-1641br/ Fax: (613) 731-0851 /p