CALGARY, ALBERTA--(Marketwired - Aug. 29, 2013) - Ginger Beef Corporation (the "Corporation") (TSX VENTURE:GB) announces that it has made an application to the Alberta Securities Commission to approve a temporary management cease trade order ("MCTO") under National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"), which, if granted, will prohibit trading in securities of the Corporation by certain insiders of the Corporation, whether direct or indirect. If approved, it is anticipated that the MCTO will be issued effective August 30, 2013. The Corporation is unable to file its unaudited interim financial statements, management's discussion and analysis and related Chief Executive Officer and Chief Financial Officer certificates for its six-month period ended June 30, 2013 (the "Required Filings") before the August 29, 2013 filing deadline (the "Filing Deadline").
During the process of completing the Required Filings, Michael Poon, the Chief Financial Officer of the Corporation, passed away and accordingly the Corporation will not be able to meet the Filing Deadline.
The Corporation anticipates that it will be a position to remedy the default by filing the Required Filings by September 30, 2013. The MCTO will be in effect until the Required Filings are filed.
The Corporation intends to satisfy the provisions of the alternative information guidelines set out in section 4.3 and 4.5 of NP 12-203 so long as the Required Filings are outstanding.
The Corporation has not taken any steps towards any insolvency proceeding and the Corporation has no material information to release to the public.
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.