RoaDor Industries Ltd.

RoaDor Industries Ltd.

February 02, 2010 18:16 ET

RoaDor Industries Ltd. Announcement of Late Filing of Annual Financial Statements

TORONTO, ONTARIO--(Marketwire - Feb. 2, 2010) - RoaDor Industries Inc. (the "Company") (TSX VENTURE:RDR) announces that it has not filed its audited annual financial statements for the year ended September 30, 2009 (the "Annual Financial Statements") and its management's discussion and analysis (the "MD&A") relating to the Annual Financial Statements (collectively, the "Required Filings") on or before the prescribed deadline of January 28, 2010.

The Company made an application with the applicable securities regulators under National Policy 12-203 requesting that a management cease trade order be imposed in respect of this late filing but there is no assurance that it will be granted. The Company was not able to file the Required Filings within the prescribed time because of a lack of working capital and the resultant delay in funding its auditors to perform the audit of the Annual Financial Statements.

The Company is currently undertaking transactions to raise funds to meet the Company's long term operational needs, namely a proposed restructuring and refinancing of its existing credit facility, which is subject to the approval of the TSX Venture Exchange. Once the necessary funding is in place, the Company plans to engage auditors to complete the audit of the Annual Financial Statements. The Company expects to file the Required Filings by April 30, 2010.

The Company confirms that it will satisfy the provisions of the alternative information guidelines under National Policy 12-203 by issuing bi-weekly default status reports in the form of news releases so long as it remains in default of the filing requirements set out above. The Company is not subject to any insolvency proceedings at the present time and there is no other material information relating to the affairs of the Company that has not been generally disclosed.

About RoaDor

RoaDor has developed, patented and commercialized polyvinyl chloride (PVC) roll-up doors designed specifically for the commercial truck, van and trailer industry. Marketed and sold under the RoaDor name, they represent a major challenge to the traditional wood or aluminum doors. RoaDor roll-up doors are approximately half the weight and eliminate the major industry problems resulting from paint peeling and delamination as well as roller and hinge rusting. The commercial truck, van and trailer market represents a large opportunity. In the United States alone there are 6.5 million vehicles with roll-up doors currently on the road and in excess of 200,000 new vehicles produced into this market each year.

Forward-looking Statements

Certain statements included in this release contain words such as "could", "expects", "expectations", "may", "anticipates", "believes", "intends", "estimates" and "plans" (and similar expressions) and constitute "forward-looking statements" within the meaning of applicable securities law. These statements are based on RoaDor's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which RoaDor and its subsidiaries operate. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which are difficult to predict and may cause the actual results, performance or achievements of RoaDor, or outcomes or results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, such factors which are described in RoaDor's management's discussion and analysis of operations and other filings with Canadian regulatory authorities. These statements, although considered reasonable by RoaDor at the date of this press release, may prove to be inaccurate and consequently RoaDor's actual results could differ materially from its expectations as set out or implied in this release. Unless otherwise required by applicable securities laws, RoaDor disclaims any intention or obligation to update or revise any forward-looking statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • RoaDor Industries Ltd.
    Philip Lamb
    President and CEO
    905-532-0895 (FAX)