TORONTO, ONTARIO--(Marketwired - Feb. 19, 2014) - Penfold Capital Acquisition IV Corporation (the "Company") (TSX VENTURE:SEL), announces that, further to its press release of February 11, 2014, the Ontario Securities Commission, the Company's principal regulator, has issued a Permanent Management Cease Trade Order (the "Permanent MCTO").
As previously announced on January 29, 2014, a MCTO was made by the Company in respect of the late filing of the Company's its annual financial statements, accompanying management's discussion and analysis and related CEO and CFO certifications of annual filings for the financial year ended September 30, 2013 (collectively, the "Required Filings").
The Permanent MCTO restricts all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer, the Chief Financial Officer and the directors of the Company, until such time as the Required Filings have been filed by the Company. All other parties are permitted to trade freely in the Company's securities. The Ontario Securities Commission has given notice of a hearing to be held on March 28, 2014 for the purposes of making the Permanent MCTO a general cease trade order if the Company has not remedied the default in filing the Required Filings.
As previously announced, the Company was not in a position to file its Required Filings on time as a result of additional time required to complete the audit of the Company's annual financial statements. The Company's board of directors and its management confirm that they are working expeditiously with the Company's auditors to meet the Company's obligations relating to the filing of the Required Filings, and the Company continues to expect to file the Required Filings on or before February 28, 2014.
The Company confirms that it will satisfy the provisions of the alternative information guidelines under Section 4.4 of National Policy Statement 12-203 respecting Cease Trade Orders for Continuous Disclosure Defaults, for so long as it remains in default, by issuing bi-weekly default status reports in the form of further news releases, which will also be filed on SEDAR. The Company confirms that there are no insolvency proceedings against it as of the date of this news release. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this news release.
About Penfold Capital Acquisition IV Corporation
The Company, through its wholly owned subsidiary SLM, is dedicated to managing consumer and retail store returns and defective and problematic electronics through product end-of-life management. The Company manages returns from receiving to end-of-life with quality assurance testing, factory servicing, resale through non-traditional channels and recycling of non saleable product to support a closed-loop distribution process. The Company is able to recycle the non-saleable returns it receives, thereby allowing customer returns to have a very low environmental impact. An independent Waste Audit Report shows that the Company is able to achieve a waste diversion rate of 98.6%. This means that companies using the Company's processes are able to divert 98.6% of their product away from landfill sites. The Company is currently working on rolling out this product offering to retailers to allow them to capture the environmentally conscious consumer. The Company currently operates only in Ontario.
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.
Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the state of the financial markets for the Company's securities; the state of the industry; recent market volatility; the Company's ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that the Company is unaware of at this time. The Company expressly disclaims any obligation to update any forward-looking statements except as may be required by law.