Synergex Corporation
TSX : SYX

Synergex Corporation

September 21, 2010 19:41 ET

Synergex Provides Update on Status of Financial Disclosure

TORONTO, ONTARIO--(Marketwire - Sept. 21, 2010) - Synergex Corporation ("Synergex" or the "Company") (TSX:SYX) is providing an update on our reporting defaults and general cease trade order ("CTO"). To remove the CTO, the Company is required to comply with all of its continuous disclosure obligations including financial disclosure for the year ended December 31, 2010, the quarter ended March 31, 2010 and the quarter ended June 30, 2010. 

The Company needed to restructure a number of staff positions, and as our accounting and finance team restructuring has been completed, and the Company is in a position to achieve completion and final auditing of its financial statements and make the annual and quarterly filings required.

We are pleased to announce the following appointments:

  • Matthew Reinhart has been appointed as Financial Controller for Synergex Corporation and Synergex Logistics Corp.

  • Mauricio Buczmiejuk has been appointed as Controller for Synergex Latin American Finance Group.

  • Fabian Ugalde has been appointed as Finance Manager for Synergex de México

  • Francisco Mella has been appointed as Finance Manager Synergex de Chile

  • Gislene Oliveira has been appointed as Chief Accountant for Synergex do Brasil

The restructuring included termination of employment of the Company's Chief Financial Officer, which was previously announced, the Managing Director for Synergex do Brasil, and the Finance Director for Synergex de México.

The newly-reorganized team's primary mandate includes vigilant internal control of ongoing operations, cash flow management and planning, and remedy of filing defaults including the December 31, 2009 annual filings and subsequent quarterly filings as soon as is practicable.

Grant Thornton LLP, the Company's prior auditor has resigned and MSCM LLP has been engaged as the Company's new auditor.

As soon as the Company is up-to-date with all of its continuous disclosure obligations and has filed the necessary financial disclosure at www.sedar.com, the Company will apply to the Ontario Securities Commission for a lifting of the CTO.

About Synergex Corporation

Synergex is a premier international service provider of comprehensive supply chain management services in 6 countries across the Americas, specializing in distribution, licensing, sales, localization, packaging and marketing of digital entertainment products. Headquartered in Mississauga, Ontario, with operations across North, Central and South America, Synergex serves a broad base of customers that includes a number of multinational enterprises. Synergex is listed on the Toronto Stock Exchange and trades under the symbol SYX. For further information, please visit www.syx.ca.

Forward-Looking Information

This news release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Synergex to differ materially from the anticipated Forward-looking statements in this press release include, but are not limited to, the Company's expectation with respect to applying to the applicable securities regulatory authorities for a management cease trade order, the expected time for filing of the Company's Required Documents and the imposition of a cease trade order by applicable securities regulatory authorities. Forward-looking statements may also include, without limitation, any statement relating to future events, conditions or circumstances. The forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results or events to differ materially from current expectations including, but not limited to, the risk detailed from time to time in Synergex filings with Canadian provincial securities regulators. Synergex cautions you not to place undue reliance upon any such forward-looking statements, which speck only as of the date they are made. Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinion, and Synergex does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change.

Contact Information

  • Synergex Corporation
    David Aiello
    President and Chief Executive Officer
    905-565-1212
    David.aiello@syx.ca