AireSurf Networks Holdings Inc.

AireSurf Networks Holdings Inc.

June 12, 2007 15:56 ET

Airesurf Networks Holdings Inc.: Default Status Report

TORONTO, ONTARIO--(Marketwire - June 12, 2007) - 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, 2007. The cease trade order resulted from the delay in filing the Corporation's annual financial statements for the year ended December 31, 2007 which were required to be filed on April 30, 2007. The late filing of the required statements is due to the recent passing of Paul Brent, the former President of the Company and difficulty locating information needed in connection with the preparation of the financial statements of the Company.

Based on the work completed to-date, Airesurf anticipates that the annual financial statements will be filed by June 26, 2007. Airesurf will continue to provide bi-weekly updates, as contemplated by the OSC Policy, until the financial statements have been filed. In the event that Airesurf does not file its annual statements by June 30, 2007, 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: 31,882,979

Contact Information

  • Airesurf Networks Holdings Inc.
    Mr. Robert McGowan
    Interim President
    (416) 368-9411
    (416) 861-0749 (FAX)