TORONTO, ONTARIO--(Marketwire - Aug. 17, 2012) - China Wind Power International Corp. (TSX VENTURE:CNW) ("China Wind Power" or the "Company") provides its first bi-weekly Default Status Report under National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). On July 27 and August 1, 2012, the Company announced (the "Default Announcement") that the filing of its annual financial statements for the financial year ended March 31, 2012, management discussion and analysis and related CEO and CFO certifications would not be completed by the filing deadline set by Canadian securities laws (the "Required Filings").
As a result of the delay in filing, on August 8, 2012, the Ontario Securities Commission (the "OSC"), the principal regulator of the Company, issued a management cease trade order ("MCTO"), which imposed restrictions on all trading in securities of the Company by the Chief Executive Officer and Chief Financial Officer of the Company until the Company files the Required Filings. All other parties are permitted to trade the Company's securities.
The Company is diligently working with its Audit Committee to resolve the issues set out in the Default Announcement and anticipates that the duration of its default will continue for approximately two to three weeks. The filing of the Company's interim financial statements for the three months ended June 30, 2012, management discussion and analysis and related CEO and CFO certifications could be delayed beyond the filing deadline of August 29, 2012 if the Required Filings cannot be completed within this time period.
The Company reports that since the Default Announcement, there have not been any material changes to the information contained therein; nor any failure by the Company to fulfill its intentions as stated therein with respect to satisfying the provisions of the alternative information guidelines, and there are no additional defaults or anticipated defaults subsequent to such announcement. Further, there have been no additional material changes respecting the Company and its affairs.
Until the Required Filings are filed, the Company intends to continue to satisfy the provisions of the Alternative Information Guidelines specified by NP 12-203 by issuing bi-weekly Default Status Reports in the form of news releases. The Company intends to file, if required, its next Default Status Report on or about August 27, 2012.
About China Wind Power International Corp.
China Wind Power International Corp. is an Ontario company that is uniquely positioned to capitalize on the growing demand for wind power in China. The Company indirectly holds the exclusive rights for wind energy development in Du Mon County, Heilongjiang Province, which has a demonstrated potential installed capacity of 1,150 MW of wind energy developable over an area of 612 square km. While 1,150 MW represents the Company's long-term potential for wind power in the area, its current plans are for building out approximately 800 MW over five development phases. The Company's common shares are listed on the TSX Venture Exchange under the symbol "CNW".
Caution Regarding Forward-Looking Statements
Certain statements that are not historical facts made in this press release may be forward-looking statements subject to risks and uncertainties. Statements containing words such as "will", "could", "expect", "may", "anticipate", "believe", "intend", "estimate", "plan" and other similar expressions are forward-looking statements that represent management's beliefs at the time the statements are made and are based on certain factors and assumptions including the resolution of the financial statement matter; the ability of the Company to prepare and file its annual and interim financial statements and respective management's discussion and analysis on a timely basis; the issuance of a management and insider cease trade order in connection with the anticipated filing delay by the applicable securities regulatory authorities. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events to differ materially from those projected in forward-looking statements. Important factors that could cause actual results to differ materially from the Company's expectations including uncertainties involving the progress of resolving the financial statement matter; the completion of the Company's filing of its annual and interim financial statements and respective management's discussion and analysis; the issuance of a management and insider cease trade order in connection with the anticipated filing delay by the applicable securities regulatory authorities; and other risks and uncertainties as more fully described in the Company's in the information circular dated November 2, 2011, its Management's Discussion and Analysis for the 2011 fiscal year and the three and nine months ended December 31, 2011 and in the Company's other filings with securities regulatory authorities, which are available under the Company's profile at www.sedar.com. Readers are cautioned that the foregoing lists of risks, uncertainties, assumptions and other actors are not exhaustive; therefore, readers should not place undue reliance on the forward-looking statements contained herein. Except as required by applicable securities laws, the Company undertakes no obligation to update any forward looking statement to reflect events or circumstances after the date on which such statement is made.
Neither 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 release.