Brainhunter Inc.

Brainhunter Inc.

February 23, 2009 17:56 ET

Brainhunter Provides Default Status Report

TORONTO, ONTARIO--(Marketwire - Feb. 23, 2009) -


Brainhunter Inc. ("Brainhunter" or the "Company") (TSX:BH) 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"). On December 29, 2008, the Company announced that it was not able to file its audited financial statements, CEO and CFO certifications, management discussion and analysis ("MD&A") and annual information filing ("AIF") for the year ended September 30, 2008 (collectively, the "Annual Filings") within the 90 day period prescribed for the filing of the Annual Filings as a result of a delay in the completion of the audit stemming from on-going discussions regarding the accounting treatment of goodwill.

As a result, interim financial statements for the period ended December 31, 2008 were not filed by the regulatory deadline of February 14, 2009, and will be filed concurrently with the Annual Filings.

In accordance with NP 12-203, and as previously announced, the Company made an application to applicable securities regulatory authorities for a management cease trade order. On February 10, 2009, the securities regulatory authorities issued a permanent management cease trade order which imposes certain restrictions on the Chief Executive Officer and Chief Financial Officer with respect to trading in and acquiring securities of the Company until two full business days following receipt by the Ontario Securities Commission of all filings the Company is required to make pursuant to Ontario securities laws.

An application was also made by Brainhunter to the Toronto Stock Exchange to obtain an extension to hold its annual shareholders' meeting past March 31, 2009. The Toronto Stock Exchange has granted Brainhunter permission to hold its 2009 annual shareholders' meeting any time before May 29, 2009. The date of the meeting will be set when the Annual Filings are finalized.

The Company confirms that, except as described herein: (i) there is no material change to the information set out in its initial default announcement filed pursuant to NP 12-203; (ii) there has been no failure by the Company in fulfilling its stated intention with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; and (iii) there is no other material information concerning the affairs of the Company that has not been generally disclosed.

Despite the previously announced anticipated filing date of February 20, 2009, the Company now anticipates that the Annual Filings and interim financial statements will be filed on or before March 27, 2009. Until such time as the filings are up to date, the Company will continue to provide bi-weekly updates, as contemplated by NP 12-203.


Brainhunter Inc. is publicly traded on the TSX and is a leading global provider of end-to-end HCM Software, Solutions and Services (the "Offerings"). Utilizing ISO 9001/2000 technology, best practices and processes, Brainhunter has created Offerings that streamline the recruitment and management of permanent, contract and project based people requirements and provides real time analysis of HR metrics that improves operational decision-making and reduces costs. Brainhunter has over 250 employees, over 1,800 contract personnel with offices across Canada, a presence in select U.S. jurisdictions, China as well as offices in India and the U.K., servicing over 2,000 clients.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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