Enssolutions Group Inc.

Enssolutions Group Inc.

November 03, 2015 16:30 ET

Enssolutions Group Inc. Provides Further Details With Respect to Cease Trade Orders and Suspension of Trading and Announces Officer Appointments

TORONTO, ONTARIO--(Marketwired - Nov. 3, 2015) - Enssolutions Group Inc. (TSX VENTURE:ENV.H)(OTC PINK:NSLSF) ("Enssolutions" or the "Company"), a manufacturer and distributor of environmentally responsible emulsion products for a wide variety of industrial and commercial market demands, advises that each of the British Columbia Securities Commission and the Ontario Securities Commission issued cease trade orders (the "Cease Trade Orders") suspending the trading of the common shares of the Company. The Cease Trade Orders resulted from the Company's delay in filing its audited financial statements for the year ended December 31, 2014 (the "Annual Financial Statements"), the related management discussion and analysis (the "MD&A") and the related certifications of filings under National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings ("NI 52-109"). The filings were due on April 30, 2015 and were not filed as a result of the necessity of the Company to focus on a possible reorganization in the United States. As a result of the Cease Trade Orders, trading of the Company's common shares was suspended effective May 8, 2015. In addition, the Alberta Securities Commission has issued a cease trader order against the Company effective August 28, 2015. The Company's listing was subsequently transferred to the NEX Board of the TSX Venture Exchange (the "Exchange").

Enssolutions has now received its Annual Financial Statements and expects to file the Annual Financial Statements, related MD&A and related certifications of filings as required by NI 52-109 this week. The Company also expects to file thereafter its interim financial statements, related MD&A and related certifications of filings as required by NI 52-109 for the three-month period ended March 31, 2015 and the six-month period ended June 30, 2015. Promptly following the filing of the foregoing documents, the Company will apply to the securities commissions of Ontario, Alberta and British Columbia for revocation of the cease trade orders therein and upon receipt of the requisite revocation orders, Enssolutions will submit a reinstatement application to the Exchange.

Resignation of Chief Financial Officer and Appointment of New Chief Financial Officer

Enssolutions also announces that Amber Ocheltree has resigned as Chief Financial Officer of the Company. The board would like to thank and acknowledge Ms. Ocheltree for her contribution to the Company. The board of directors of the Company has appointed Debra L. Zarbock, CPA as Chief Financial Officer of the Company, subject to Exchange approval. Ms. Zarbock's past corporate positions include corporate controller of Iveda Solutions, Inc., KhiMetrics, Inc., MyWorld, Inc. and interim controller/CFO of various consulting engagements. Ms Zarbock has also been an Adjunct Accounting Instructor at Paradise Valley and Chandler Gilbert Community Colleges.

Appointment of Chief Operating Officer

Enssolutions also announces that James D. Staudohar has been appointed as Chief Operating Officer of the Company, subject to Exchange approval. Mr. Staudohar is a highly successful senior executive and brings over 40 years of operating and financial experience to the Company. His past experience includes senior corporate positions at B. Dalton Bookseller, Dayton Hudson Corporation and Best Products, Inc. His public company board experience includes Iveda Corporation, Xhibit Corporation and Smith & Wesson Holding Corporation. Mr. Staudohar is tasked with developing and streamlining operations, attracting additional key sales personnel and general management duties and responsibilities.

About Enssolutions

Enssolutions manufactures, distributes and applies environmentally responsible products to meet a wide variety of industrial and commercial market demands. Enssolutions provides engineered environmental solutions for mine tailings control, process dust and erosion control, granular stabilization, road construction/maintenance and stockpile sealing. It has production facilities in Beamsville, Ontario and Glendale, Arizona that service some of North America's largest mining, steel, cement, and road construction/maintenance companies as well as numerous public road authorities.

For more information on Enssolutions, please visit www.enssolutions.com.

Certain information in this news release constitutes forward-looking statements. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company's current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company's public disclosure documents. Many factors could cause the Company's actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

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 release.

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