IEMR Resources Inc.
TSX VENTURE : IRI

March 04, 2011 16:15 ET

IEMR Resources Inc.: Default Announcement Pursuant to National Policy 12-203

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 4, 2011) - IEMR Resources Inc. (TSX VENTURE:IRI) (the "Issuer") today announced that it will not be in a position to file its audited annual financial statements (the "Statements"), management's discussion and analysis and related certifications for the fiscal year ended October 31, 2010 on or before February 28, 2011, as required, as a result of unanticipated delays associated with compiling the requisite financial information to prepare the Issuer's first set of audited financial statements since it completed its qualifying transaction in early July, 2010.

Accordingly, the Issuer has requested the issuance of a management cease trade order under the provisions of National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203") so as to permit the continued trading in the Issuer's Common Shares by persons other than insiders and employees of the Issuer. The Issuer is working closely with its auditors, Chang Lee LLP, and the Issuer expects to be able to have the audit of the Statements completed, and the Statements filed, by mid March, 2011 and in any event no later than March 31, 2011.

The Issuer confirms that it intends to satisfy the provisions of section 4.4 of NP 12-203 and issue bi-weekly default status reports for so long as the Issuer remains in default of the financial statement filing requirement containing the following information:

  1. any material changes to the information in this default announcement or subsequent default status reports, including a description of all actions taken to remedy the default and the status of any investigations into any events which may have contributed to the default;

  2. particulars of any failure by the Issuer to fulfill its stated intentions with respect to satisfying the provisions of the alternative information guidelines;

  3. information regarding any specified default subsequent to the default which is the subject of the default announcement; and

  4. any other material information concerning the affairs of the Issuer not previously disclosed.

The Issuer intends to issue the first default status report on March 14, 2011. The Issuer is not subject to any insolvency proceedings nor is there in other material information concerning the affairs of the Issuer that has not been generally disclosed.

Dated at Vancouver, British Columbia , this 3th day of March, 2011.

IEMR RESOURCES INC.

Contact Information

  • IEMR Resources Inc.
    Long Wang
    Chief Financial Officer
    604 642 6199
    604 642 6162 (FAX)
    info@iemr.ca