Omnitech Consultant Group inc.

Omnitech Consultant Group inc.

October 14, 2005 16:32 ET

GCO Provides Bi-Weekly Update in Accordance with CSA Staff Notice 57-301

QUEBEC CITY, QUEBEC--(CCNMatthews - Oct. 14, 2005) - Omnitech Consultant Group Inc. ("GCO") (TSX VENTURE:GCO) has provided its bi-weekly update in accordance with CSA Staff Notice 57-301, and will continue to do so until its audited annual financial statements for the year ended May 31, 2005 and related reports are filed.

GCO's management and directors are currently subject to a management cease-trade order, which was issued on September 30, 2005 by securities regulators in Quebec, Ontario, Alberta and British Columbia. The request for this order was made when it became apparent that GCO would be delayed in filing its audited annual financial statements and management report.

A press release dated October 3, 2005 indicated that the delay was primarily due to recent financings and the closing of acquisitions such as Groupe ISAC Inc., as well as the many other transactions that took place during the 2004-2005 financial year, namely, the reverse takeover of Bio Angel 1, GCO's initial public offering, seven acquisitions and integrations, and the raising of additional funds, all of which created a very complex file for the auditors to review. As a consequence, the final steps of the audit are taking longer than expected to complete.

In accordance with CSA Staff Notification 57-301, GCO confirms that except as described herein: (i) there is no material change to the information provided in its initial notice of default; (ii) GCO was unable to file its audited annual financial statements on October 12 as planned, but anticipates filing them shortly; (iii) there is no actual or anticipated default of a financial statement filing requirement subsequent to that disclosed in the initial notice of default; and (iv) there is no other material information concerning the affairs of the company that has not been publicly disclosed.

About Omnitech Consultant Group Inc. ("GCO")

GCO operates in the engineering, information technology and systems maintenance sectors. GCO is capable of intervening in all aspects of industrial engineering and information technology (IT), thus combining a major and distinctive niche in comparison with the competition. GCO integrates new technologies or optimizes existing systems by applying cutting-edge expertise currently used in the best practices.

TSX Venture Exchange Inc. assumes no responsibility regarding the relevance or accuracy of this press release.

Contact Information

  • Omnitech Consultant Group Inc.
    Claude Belley
    (418) 626-9090
    Omnitech Consultant Group Inc.
    Philippe R. Bertrand
    Vice President, Communications and Public Affairs
    (418) 626-9090
    Paradox Relations Publiques
    Eric Leboeuf
    (514) 341-0408