Sterling Shoes Inc.

Sterling Shoes Inc.

August 20, 2012 11:55 ET

Sterling Provides Default Status Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 20, 2012) - Sterling Shoes Inc. (the "Company") provides its bi-weekly Default Status Report under National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203").

As previously announced, the Company did not file its interim financial statements for the quarter ended March 31, 2012, management discussion and analysis and related CEO and CFO certifications (collectively, the "Interim Filings") nor its annual financial statements for the financial year ended December 31, 2011, management discussion and analysis and related CEO and CFO certifications (collectively, the "Year End Filings" and together with the Interim Filings, the "Required Filings") by the applicable filing deadlines. The British Columbia Securities Commission placed the Company on its list of defaulting issuers on May 4, 2012.

Since the Company's last default status announcement on August 7, 2012, there have not been any material changes to the information contained therein; nor any failure by the Company to fulfill its intentions as stated therein with respect to satisfying the provisions of the alternative information guidelines, and there are no additional defaults or anticipated defaults subsequent to such announcement. Further, there have been no additional material changes respecting the Company and its affairs.

Until the Required Filings are filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines specified in Section 4.4 of NP 12-203 by issuing bi-weekly Default Status Reports, each of which will be issued in the form of a news release. The Company intends to file, if required, its next Default Status Report by September 4, 2012.

Additional information about Sterling Shoes Inc. can be found in the disclosure documents filed by Sterling Shoes Inc. with the securities regulatory authorities, available at www.sedar.com.

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