SEATTLE, WASHINGTON--(Marketwired - Jan. 5, 2017) - Versatile Systems Inc. (TSX VENTURE:VV) (the "Company") announced on November 1st, 2016, by way of press release, that the filings of the Company's annual financial statements for the fiscal year ended June 30, 2016 and the related management's discussion and analysis (collectively, the "2016 Annual Financial Statements") were not completed by the legal deadline of October 28, 2016. The Company made an application to the provincial securities commissions under National Policy 12-203 and on October 31, 2016, received a Management Cease Trade Order in respect of the late filing. The Company and its auditors have not yet been able to finalize the 2016 Annual Financial Statements and the Company's management, together with its audit committee will continue to cooperate with its auditors to provide the information as soon as possible. As a result, on January 4, 2017, the British Columbia Securities Commission (the "BCSC") issued a cease trade order (the "Cease Trade Order") against the Company for failure to the 2016 Annual Financial Statements and the Company's securities have been halted from trading on the TSX Venture Exchange (the "Exchange") until such time as the Cease Trade Order has been revoked.
The Company is actively working with its auditors to finalize the 2016 Annual Financial Statements, which the Company expects to be completed within a few weeks. Once the 2016 Financial Statements are finalized, the Company will seek to the have the Cease Trade Order revoked.
Versatile is a multi-disciplinary technology company with solutions across the mobile software and hardware landscape. The company's products are utilized by Fortune 500 retailers, as well as large and small distribution companies representing grocery, dairy, beverage and consumer packaged goods. For more information please visit www.versatile.com.
This document may contain forward-looking statements relating to Versatile's operations, filing of annual financial statements for the fiscal year ended June 30, 2016 and the related management's discussion and analysis or to the environment in which it operates, which are based on Versatile's operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or are beyond Versatile's control. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Versatile disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.