BFS Entertainment & Multimedia Limited

BFS Entertainment & Multimedia Limited

September 24, 2015 18:34 ET

BFS Entertainment & Multimedia Limited Announces Delay In Filing Its 2015 Annual Financial Statements

RICHMOND HILL, ONTARIO--(Marketwired - Sept. 24, 2015) - BFS Entertainment & Multimedia Limited ("BFS" or the "Company") (TSX VENTURE:BFS) of Richmond Hill, announces that it was not able to file its annual financial statements, accompanying management's discussion and analysis and related CEO and CFO certifications for the financial year ended May 2, 2015 (collectively, the "2015 Annual Financial Statements"), within the period prescribed for the filing of such documents under Parts 4 and 5 of Regulation 51-102 respecting Continuous Disclosure Obligations and pursuant to Regulation 52-109 respecting Certification of Disclosure in Issuers' Annual and Interim Filings, namely within 120 days of year-end, being August 30, 2015.

BFS is currently not in a position to timely file its 2015 Annual Financial Statements, primarily as a result of additional time required to evaluate the impact on the Company's assets from the rapid marketplace shift from DVDs to digital delivery. During this transition, the Company is exploiting and monetizing its digital library by rolling out a significant portion of its licensed programmes to third-party digital distribution partners. BFS' management and its board of directors are working expeditiously with the Company's auditors to meet the Company's obligations relating to the filing of the 2015 Annual Financial Statements. BFS is making every effort to file the 2015 Annual Financial Statements by on or about October 15, 2015.

As a result of the postponement in the filing of its 2015 Annual Financial Statements, the Canadian securities regulatory authorities have issued on September 18, 2015 a general cease trade order against the Company for failure to file the 2015 Annual Financial Statements within the prescribed time period.

BFS Entertainment & Multimedia Limited is a recognised independent North American entertainment company focusing on the acquisition, distribution and production of film and television media. Programming includes classic dramas, mystery, comedy, sports, documentaries and health and wellness. North American retail distribution is through national retailers, distributors, mail order companies, Collectables Direct (BFS' direct to consumer division) and e-commerce websites. BFS' strategy is to continue to acquire new programming and to expand its proprietary programme development, international distribution and direct to consumer delivery, including electronic delivery and streaming.

Neither TSX Venture Exchange nor its Regulation Services Providers (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

(SEC Rule 12g exemption #82-4245)

Contact Information

  • BFS Entertainment & Multimedia Limited
    John Grzybowski, MBA, CPA, CA
    Chief Financial Officer
    (905) 884-2323
    (905) 884-8292 (FAX)