Brainhunter Inc.

Brainhunter Inc.

March 25, 2009 18:16 ET

Brainhunter Provides Default Status Report

TORONTO, ONTARIO--(Marketwire - March 25, 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 instead 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.

The date of Brainhunter's 2009 annual shareholders' meeting will be set when the Annual Filings are finalized.

Despite the previously announced filing deadline of March 27, 2009, the Company now anticipates that the Annual Filings and interim financial statements will not be filed until April 3, 2009 and has made an application to the applicable securities regulatory authorities for an extension of the management cease trade order until such date. If the extension is not granted, the securities regulatory authorities, in their discretion, may determine that it would be appropriate to issue a general cease trade order affecting all of the Company's securities.

Until such time as the filings are up to date or the securities regulatory authorities issue a general cease trade order, the Company will continue to provide bi-weekly updates, as contemplated by NP 12-203.

The Company confirms that, other than a two day delay in filing this Status Report and 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.


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 220 employees, over 1,600 contract personnel with offices across Canada, a presence in select U.S. jurisdictions, and 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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