Mindready Solutions Inc.

Mindready Solutions Inc.

April 03, 2007 08:37 ET

Mindready Solutions Requests From the Regulatory Authorities to be Subjected to a Cease of Trade Limited to the Management (Notice 57-301)

MONTREAL, QUEBEC--(CCNMatthews - April 3, 2007) - Mindready Solutions Inc. (TSX:MNY) reports that its annual financial statements, its management's discussion and analysis (MD&A) and its annual information form for the fiscal year ended December 31, 2006 could not be filed on April 2, 2007, as prescribed, for the reasons described below.

The delay and the problems related to the filing of our financial statements for the fiscal year ended December 31, 2005 resulting from the failed transaction with UTTC United Tri-Tech Corporation ("UTTC") have had significant and unexpected repercussions in the preparation and filing of our 2006 annual financial statements. The intense negotiations that occurred and led to a settlement of the UTTC situation and the impact and complexity of the accounting applicable to the UTTC situation has created a sudden and unexpected work load for our accounting department.

Also, at the end of 2006, Mindready replaced its auditors and the transitional period that followed related to the transfer of Mindready's auditing file from the former auditors to the successor auditors has caused additional delays in the preparation of Mindready's financial statements.

Therefore, despite the efforts and sustained work from Mindready's accounting personnel and although our auditors have completed a significant portion of the audit to be performed, Mindready confirms that it is impossible for Mindready's auditors to prepare and audit the consolidated annual financial statements by April 2, 2007 due to the delays accumulated for the reasons mentioned above.

Mindready has asked regulatory authorities to issue a temporary cease trade order applicable to its management as it expects to be able to file its annual financial statements, its annual MD&A and its annual information form for the year ended December 31, 2006 on or prior to April 30, 2007.

Mindready is aware that regulatory authorities may issue a cease trade order in the event that its financial statements, its annual MD&A and its annual information form are not filed on or prior to April 30, 2007.

A cease trade order may also be issued prior to April 30, 2007 if this notice of default is materially deficient or if Mindready fails to file its Default Status Reports on time. Mindready is confident that these conditions will be met.

Mindready Solutions Inc. (TSX:MNY) is a leading supplier of innovative solutions for test and embedded systems serving the aerospace & defense, automotive & transportation and telecommunications markets from design to manufacturing. More information about Mindready and its products, systems and engineering services can be found at www.mindready.com.

Contact Information