C-Chip Technologies Corporation
OTC Bulletin Board : CCHI

C-Chip Technologies Corporation

May 25, 2005 09:01 ET

C-Chip Technologies Corporation Reports Delay in Quarterly 10-QSB Filing

MONTREAL, QUEBEC--(CCNMatthews - May 25, 2005) - C-Chip Technologies Corporation (OTCBB:CCHI)(FRANKFURT:CCP-WKN:255471) today reported a delay in the filing of its Quarterly Form 10-QSB report for the third quarter ended March 31, 2005.

The late filing is the result of delays C-Chip has experienced in completing its financial statements for the quarter ended March 31, 2005. The delays stem directly from the time required to prepare the audited financial statements of our most recent acquisitions; Chartrand Laframboise Inc. and Avensys Inc. which were both completed in late February 2005. As a result, C-Chip has been unable to complete its Form 10-KSB by May 16, 2005 and thus is now a late filer. Consequently, C-Chip anticipates its stock will shortly be changed to CCHIE until the filing has been brought up to date.

Stephane Solis, President and CEO of C-Chip Technologies Corporation, stated: "Despite the best efforts of our management and the different accounting firms involved in the auditing process of our recent acquisitions which closed late in the quarter, we were unable to meet our filing deadline. This is our most urgent priority and we are working closely with our legal advisors and auditors to resolve this matter as soon as possible. While this situation may directly be associated with the pains of growing rapidly, we find the present state is unacceptable and we are taking all necessary steps to complete our filing in the timeliest manner. Needless to say, our goal is to ensure that this situation be avoided in the future. Meanwhile, all our business units are progressing as expected and we are continuing with the implementation of our business plan."

C-Chip will issue a follow-up Press Release when it has filed its Form 10-QSB.

About C-Chip Technologies Corporation

C-Chip Technologies Corporation operates in the risk management industry, offering both solutions and security services. C-Chip itself is positioned in an emerging and rapidly growing industry that is about interconnecting machines with IT infrastructures and mobile assets. We integrate wireless communications, online transactions, software applications, RFID technology, the Internet and, when location is required, GPS technology to enable business users to efficiently access, control, manage and monitor remote assets at low costs. Through its wholly-owned subsidiary Avensys, C-Chip also offers risk management solutions enabling business and corporations to monitor different types of environments, including Air, Soil, Water as well as buildings and infrastructures.

Through wholly-owned subsidiaries, Canadian Security Agency (2004) Inc. and Chartrand Laframboise Investigation, C-Chip also provides corporations and institutions security services including corporate investigation, surveillance, electronic monitoring and protection of personnel and premises.

C-Chip's goal is to be recognized as a leading provider of security services and risk management solutions used by corporations and institutions. Detailed information on our risk management solutions, their applications and our security services is available on our web site at http://www.c-chip.com

FORWARD-LOOKING-STATEMENT: Except for factual statements made herein, the information contained in this press release consists of forward-looking statements that involve risks uncertainties, including the effect of changing economic conditions, competition within the credit and security industry, customer acceptance of products and other risks and uncertainties. Such forward looking statements are not guarantees of performance, and C-Chip Technologies Corporation results could differ materially from those contained in such statements. These forward-looking statements speak only as of the date of this release and C-Chip Technologies Corporation undertakes no obligation to publicly update any forward-looking statements to reflect new information, events or circumstances after the date of this release.

Contact Information

  • C-Chip Technologies Corporation
    Mr. Stephane Solis
    President & CEO