Pixman Nomadic Media Inc.

Pixman Nomadic Media Inc.

November 25, 2009 15:26 ET

Pixman Updates on Filing of Annual Financial Statements

MONTREAL, QUEBEC--(Marketwire - Nov. 25, 2009) - Pixman Nomadic Media Inc. (TSX VENTURE:PMN) ("Pixman" or the "Corporation") updates on the delay in producing its annual audited financial statements, management discussion and analysis for the financial year ended June 30, 2009, as well as corresponding Chief Executive Officer and Chief Financial Officer certifications (the "Annual Documents").

Let us remind the reader that on October 27, 2009, Pixman announced that the filing of the Annual Documents would be delayed beyond the prescribed time limit. This delay is attributable to a delay in the preparation of an external auditor's report required in the production and auditing of its annual financial statements.

Due to the restructuring previously announced on October 7, 2009 and the need to devote its energy and resources in furtherance of its recapitalization process and the development of its new applications for mobile devices, the Corporation announces it now expects to file the Annual Documents on or before December 18, 2009. The temporary layoffs completed in the restructuring process have furthermore reduced the staff allocated to the preparation of financial statements to a minimum.

For the same reasons stated above, the Corporation moreover estimates that the filing of the financial statements, management discussion and analysis for the interim period ended September 30, 2009 as well as corresponding Chief Executive Officer and Chief Financial Officer certifications (the "First Quarter Documents") will be pushed beyond the delay prescribed under applicable securities law. The Corporation plans to file the First Quarter Documents during the month of January 2010.

As of November 3, 2009 and as a consequence of the default in filing the Annual Documents within the prescribed delay, the Autorite des marches financiers issued a cease trade order on the shares of Pixman. Trading of Pixman shares on the TSX Venture Exchange was consequently suspended.

Pixman is working closely with its auditors towards completing the audit of its annual financial statement for the year ended June 30, 2009 and to file is financial statements for the interim period ended September 30, 2009 as soon as possible.

Forward-Looking Statements

This press release contains forward-looking statements. Words such as "can," "have," "should," "anticipate," "believe," "project," "estimate," "plan," "continue" or similar expressions are intended to identify forward-looking statements. These statements are about future and uncertain events and are based on current expectations and assumptions of the management based on currently available information to the management. Pixman cautions the reader that these assumptions regarding future events, many of which are beyond the control of management, may ultimately prove to be incorrect. Factors that could cause actual results to differ materially from those contemplated in forward looking statements include risks associated with economic conditions, risks associated with Pixman's business environment, and operational risk. These forward-looking statements are made as of the date hereof and Pixman disclaims any intention or undertaking to update or revise any forward-looking statements, even as a result of future events or otherwise, except as required by applicable law.

Neither TSX Venture Exchange nor its Regulatory 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.

Contact Information

  • Pixman Nomadic Media Inc.
    Michel Garneau
    Chief Financial Officer
    514-845-9669; Toll free: 1-877-PIXMAN-1
    Evolution Group Inc.
    Sylvain Archambault
    Investor Relations
    514-448-4887; Toll free: 1-866-703-4887