RoaDor Industries Ltd.

RoaDor Industries Ltd.

March 24, 2010 15:01 ET

RoaDor Industries Ltd. Default Status Report & Appointment of New Auditor

TORONTO, ONTARIO--(Marketwire - March 24, 2010) - RoaDor Industries Ltd. (the "Company") (TSX VENTURE:RDR) is providing this bi-weekly default status report in accordance with National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). In its initial default announcement of February 3, 2010 (the "Default Notice"), the Company announced that it did not file its audited financial statements for its fiscal year ended September 30, 2009 (the "Annual Financial Statements") and its management's discussion and analysis relating thereto (collectively, the "Annual Required Filings") before the prescribed deadline of January 28, 2010. As previously announced, with respect to this late filing, the Company is currently subject to a management cease trade order in Ontario (pursuant to an order of the Ontario Securities Commission dated February 24, 2010). With respect to this late filing, the Company is subject to a cease trade order in the Province of British Columbia, which the Company expects will be lifted by the British Columbia Securities Commission on or about the date of this press release.

The Company was unable to file the Annual Required Filings by the prescribed deadline because of a lack of working capital and the resultant delay in funding its auditors to perform the audit of the Annual Financial Statements. As a result of the delay in filing the Annual Required Filings, the Company was unable to file, by the prescribed deadline, its interim financial statements for the three month period ended December 31, 2009 and its management's discussion and analysis relating thereto (collectively, the "Interim Required Filings").

As previously announced, the Company is currently undertaking transactions to raise funds to meet the Company's operational needs, including a bridge loan financing (see the press release of the Company dated February 26, 2010). The first portion of the bridge financing referenced in the last press release dated March 10 2010 has been received. This was provided by CEO Capital Corporation as purchase order financing in the amount of $150,000 at 2% per month interest. Additional bridge financing is expected this week. The former auditor McCarney Greenwood LLP have advised that they have resigned as the Auditors due to the prior delays in payment by the Company, which have since been settled. With the initial portion of the bridge financing having been received, the Company has engaged the services of DNTW Chartered Accountants LLP as the new auditor. The audit has now commenced and as at the date of this release, the Company continues to expect to file the Annual Required Filings and Interim Required Filings on or about April 16, 2010.

Other than as set out herein, the Company reports that since the Default Notice and all subsequent bi-weekly default status reports (collectively, the "Default Status Reports"): (i) there is no material change to the information set out in the Default Notice and the Default Status Reports that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.

The Company will continue to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases so long as it remains in default of the filing requirements set out above.

About RoaDor

RoaDor has developed, patented and commercialized polyvinyl chloride (PVC) roll-up doors designed specifically for the commercial truck, van and trailer industry. Marketed and sold under the RoaDor name, they represent a major challenge to the traditional wood or aluminum doors. RoaDor roll-up doors are approximately half the weight and eliminate the major industry problems resulting from paint peeling and delamination as well as roller and hinge rusting. The commercial truck, van and trailer market represents a large opportunity. In the United States alone there are 6.5 million vehicles with roll-up doors currently on the road and in excess of 200,000 new vehicles produced into this market each year.

Forward-looking Statements

Certain statements included in this release contain words such as "could", "expects", "expectations", "may", "anticipates", "believes", "intends", "estimates" and "plans" (and similar expressions) and constitute "forward-looking statements" within the meaning of applicable securities law. These statements are based on RoaDor's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which RoaDor and its subsidiaries operate. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which are difficult to predict and may cause the actual results, performance or achievements of RoaDor, or outcomes or results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, such factors which are described in RoaDor's management's discussion and analysis of operations and other filings with Canadian regulatory authorities. These statements, although considered reasonable by RoaDor at the date of this press release, may prove to be inaccurate and consequently RoaDor's actual results could differ materially from its expectations as set out or implied in this release. Unless otherwise required by applicable securities laws, RoaDor disclaims any intention or obligation to update or revise any forward-looking statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • RoaDor Industries Ltd.
    Philip Lamb
    President and CEO
    905-532-0895 (FAX)