SEATTLE, WASHINGTON--(Marketwired - Nov. 28, 2016) - Versatile Systems Inc. (TSX VENTURE:VV) (the "Company") is providing this bi-weekly default status report in accordance with National Policy 12-203 Management Cease Trade Orders ("NP 12-203") for the Management Cease Trade Order ("MCTO") issued by the British Columbia Securities Commission on October 31, 2016. On November 1st, 2016, the Company announced 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 NP 12-203 and on October 31, 2016, received the MCTO in respect of the late filing. The MCTO does not affect the ability of other shareholders of the Company to trade their securities, however, Bertrande des Pallieres, the Executive Chairman, Chief Executive Officer and acting Chief Financial Officer of the Company and Andrew Lynch, the President of the Company, will not be able to trade the Company's shares.
As previously reported, the Company's failure to file the 2016 Annual Financial Statements by the prescribed deadline is due to a data corruption issue with its inventory count 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. The Company is not yet in a position to file the 2016 Annual Financial Statements.
The Company expects to file the 2016 Annual Financial Statements by December 2nd, 2016. The Company confirms that it intends to satisfy the provisions of the alternative information guidelines found in NP 12-203 for so long as it is delayed in filing the 2016 Annual Financial Statements. The Company further reports that since October 31, 2016, except as stated in this default status report, there have not been any material changes to the information contained in its press releases dated November 1st, 2016 and November 15, 2016; nor any failure by Company to fulfill its intentions as stated therein with respect to satisfying the provisions of NP 12-203, and there are no additional defaults or anticipated defaults subsequent to the disclosure therein, other than the delay in filing the 2016 Annual Financial Statements. Further, the Company confirms that, at the date hereof, it is not aware of any other material information concerning its affairs which has not been generally disclosed.
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.