Tudor Corporation Ltd.
TSX : TDR

September 24, 2007 17:48 ET

Tudor Announces Late Filing of Annual Financial Statements, AIF and 51-101 Forms

CALGARY, ALBERTA--(Marketwire - Sept. 24, 2007) - Tudor Corporation Ltd. (TSX:TDR) ("Tudor" or the "Corporation") provides this Notice of Default further to CSA Staff Notice 57-301 and OSC Policy 57-603 advising that Tudor does not anticipate it will be able to file its financial statements, Annual Information Form ("AIF"), 51-101 Forms F1, F2 and F3 ("51-101 Forms") for the year ending June 30, 2007 (the financial statements, AIF and 51-101 Forms are hereinafter collectively referred to as the "Prescribed Filings") on or before the prescribed deadline of September 28, 2007. The Corporation has made an application as prescribed under the foregoing policy requesting that a Management Cease Trade Order ("MCTO") be imposed in respect of this late filing, rather than an Issuer Cease Trade Order.

The Corporation's failure to file the Prescribed Filings on or before the prescribed filing deadline is a result of a number of factors. The first and most significant factor was that the 51-101 Form F2 Report of Reserve Data by Independent Qualified Reserve Evaluator or Auditor (the "Form F2") for the year ended June 30, 2007 was not completed by the reserve evaluator on time. As the Form F2 is integral to the preparation of the remaining 51-101 Forms, the AIF and the financial statements, the aforementioned delay in acquiring the Form F2 is the central reason for Tudor's late fillings described herein. The second factor related to a change in the Corporation's auditors when BDO Dunwoody LLP, Chartered Accountants ("BDO") were appointed as Tudor's auditors on April 1, 2007. Additional time was required and delays were experienced in connection with the new auditors becoming familiar with Tudor's business and accounting systems (Tudor has segmented financial disclosure and also disposed of some oil and gas assets). Further, Tudor does not employ in-house accounting staff and this has also slowed down the process. This coupled with late receipt of the reserve report has not made it possible for the audit to be completed in time.

The Corporation takes the position that but for the aforementioned factors the Corporation would have been able to comply with the prescribed filing deadline of September 28, 2007. As such, the Corporation submits that it will be in a position to file the Prescribed Filings, within 30 days of the MCTO application and well within the two-month deadline, being November 28, 2007, as prescribed by OSC Policy 57-603. The Corporation's Prescribed Filings for the year ended June 30, 2007 are required to be filed by November 28, 2007 and the Corporation's failure to file such by November 28, 2007 may result in the securities commissions or regulators imposing an Issuer Cease Trade Order. The Corporation presently expects to file the Prescribed Filings for the year ended June 30, 2007 within 30 days of the MCTO application and well within the November 28, 2007 deadline.

Should the Corporation fail to file the appropriate Default Status Reports as prescribed OSC Policy 57-603, the securities commissions or regulators may, as a result of such failure, impose an Issuer Cease Trade Order.

The Corporation fully expects to file its Prescribed Filings for the year ending June 30, 2007 prior to November 28, 2007. Further, the Corporation confirms that it intends to satisfy the requirements to provide Default Status Reports so long as it remains in default of its requirements to file its financial statements within the prescribed period of time.

The Corporation confirms that there are no insolvency proceedings against the Corporation as of the date herein. The Corporation also confirms that there is no other material information concerning the affairs of the Corporation that have not been generally disclosed as of the date herein.

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. Although Tudor believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on such forward-looking statements because Tudor can not give assurance that such expectations will prove to be correct.

The TSX Inc. does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Tudor Corporation Ltd.
    Lionel Conn
    President
    (403) 250-7225
    (403) 291-5146 (FAX)