AireSurf Networks Holdings Inc.

AireSurf Networks Holdings Inc.

May 25, 2006 12:48 ET

Airesurf Networks Holdings Inc.: Default Status Report

TORONTO, ONTARIO--(CCNMatthews - May 25, 2006) - Airesurf Networks Holdings Inc. (CNQ:AIRE) is providing an update in accordance with Ontario Securities Commission ("OSC") Policy 57-603 Defaults by Reporting Issuers in Complying with Financial Statement Filing Requirements (the "OSC Policy"). The directors and officers of Airesurf are currently subject to a cease trade order in respect of securities of the Corporation issued by the OSC on May 2, 2006. The cease trade order resulted from the delay in filing the Corporation's annual financial statements for the year ended December 31, 2005 which were required to be filed on May 1, 2006.

Airesurf also announces that it may be late in filing its interim financial statements for the quarter ending March 31, 2006 which are required to be filed no later than May 30, 2006.

The late filing of the required statements is due to the resignation of all of the directors and officers of the Corporation on December 8, 2005 and the subsequent appointment of new management of the Corporation which requires sufficient time to prepare and file the required statements.

Based on the work completed to-date, Airesurf anticipates that the annual financial statements and the interim financial statements will be filed by June 12, 2006. Airesurf will continue to provide bi-weekly updates, as contemplated by the OSC Policy, until the required financial statements have been filed. In the event that Airesurf does not file its annual statements by July 1, 2006, the Ontario Securities Commission may impose an Issuer Cease Trade Order. Airesurf intends to satisfy the provisions of the Alternative Information Guidelines during the period Airesurf remains in default of the filing requirements.

Shares Outstanding: 27,519,538

Contact Information

  • Airesurf Networks Holdings Inc.
    Mr. Paul Brent
    (416) 368-9411