VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 4, 2014) - China Keli Electric Company Ltd. (TSX VENTURE:ZKL) ("ZKL" or the "Company"), announced today that the filing of its annual financial statements, management's discussion and analysis, and the related officer certifications for the financial year ended April 30, 2014 (collectively, the "Annual Filings") has been delayed beyond the filing deadline of August 28, 2014. The Company's auditors advised that they were not able to complete their audit by the filing deadline as the Company and the auditors are working together to resolve outstanding issues, including receiving and reviewing requested working papers and confirmations from management and conducting some additional audit procedures required on certain account balances. The Company is fully co-operating with the auditors to resolve any outstanding issues and hopes to file the Annual Filings as soon as possible.
The Company intends to follow the provisions of the Alternative Information Guidelines as set out in National Policy 12-203-Cease Trade Orders for Continuous Disclosure Defaults, for as long as ZKL remains in default, including the issuance of further by-weekly default status reports, each of which will be issued in the form of a press release. A general cease trade order may be issued as a result of the Company's default status.
About China Keli Electric Company Ltd.
China Keli Electric Company Ltd. specializes in the manufacturing of electrical components and equipment, including pre-assembled mini substations, electrical controllers, pressurized and vacuumed switchgears and circuit breakers.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains forward-looking statements based on current expectations. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Risks and uncertainties about Keli's business are more fully discussed in the Company's disclosure materials filed with the securities regulatory authorities in Canada. All amounts are stated in Canadian dollars unless noted otherwise