AireSurf Networks Holdings Inc.

AireSurf Networks Holdings Inc.

May 01, 2007 16:33 ET

Airesurf Networks Holdings Inc.: Notice of Default

TORONTO, ONTARIO--(CCNMatthews - May 1, 2007) - Airesurf Networks Holdings Inc. (CNQ:AIRE) announces that it will be late in filing its annual financial statements for its fiscal year-end of December 30, 2006. The fiscal year-end statements are required to be filed no later than 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 May 15, 2007.

As a result in the delay in filing, Airesurf has requested that the Ontario Securities Commission and other Canadian securities regulatory authorities issue a temporary order that prohibits certain current and former directors, officers and insiders of the Company from trading in securities of the Airesurf for so long as the annual financial statements are not filed. The issuance of such cease trade order would generally not affect the ability of persons who have not been directors, officers or insiders of Airesurf to trade in their securities.

Airesurf intends to provide information in accordance with Ontario Securities Commission Policy 57-603 - Defaults by Reporting Issuers in Complying with Financial Statement Filing Requirements with respect to further developments in respect of this matter promptly following their occurrence, including the issuance of bi-weekly status update reports for so long as the annual financial statements are not filed. In the event that the annual financial statements are not filed by June 30, 2007 or bi-weekly status update reports are not filed on a timely basis, the Canadian securities regulatory authorities may impose an issuer cease trade order on the outstanding securities of Airesurf.

Shares Outstanding: 31,882,979.

Contact Information

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