Toxin Alert Inc.

Toxin Alert Inc.

November 25, 2008 14:46 ET

Toxin Alert Notice of Default Update

TORONTO, ONTARIO--(Marketwire - Nov. 25, 2008) - Toxin Alert Inc. (TSX VENTURE:TOX) (the "Company") was unable to file its audited financial statements and other material for the fiscal year ended June 30, 2008 by the statutory deadline of October 29, 2008 and a Management Cease Trade Order was issued by the relevant securities authorities on October 29, 2008. This Default Status Report is issued pursuant to National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203").

The Company continues in the process of preparing a private placement of its securities which it anticipates will raise sufficient funds to enable the audited financial statements to be prepared and filed within 60 days of the default. As previously announced, the Company has experienced cash flow difficulties due to the non-payment of the Company's invoice to a university in Mississippi for a contract that was fulfilled in March, 2008.

The Company intends to continue to satisfy the provisions of the Alternative Information Guidelines by issuing bi-weekly Default Status Reports in the form of news releases, so long as it remains in default.

The Company is not in any insolvency proceedings at the present time and there is no other material information relating to the affairs of the Company that has not been generally disclosed.

There are no other changes otherwise required to be disclosed pursuant to Section 4.4 of NP 12-203.

Contact Information

  • Toxin Alert Inc.
    William T. Bodenhamer
    President and CEO
    (905) 678-6946