TSX Venture: FWK
TORONTO,
Nov. 4, 2013 /CNW/ - Liuyang
Fireworks Limited (TSX-V: FWK) ("Liuyang" or "the Company") has
delayed the filing of its annual financial statements, accompanying
Management's Discussion and Analysis and related CEO and CFO
Certifications of Annual Filings for the financial year ended
June 30, 2013 (collectively, the
"2013 Annual Financial Statements"). As a result of this
delay, the Company is in default under Parts 4 and 5 of Regulation
51-102 respecting Continuous Disclosure Obligations and pursuant to
Regulation 52-109 respecting Certification of Disclosure in
Issuers' Annual and Interim Filings.
The Company is currently not in a position to
timely file its 2013 Annual Financial Statements, primarily as a
result of additional time required, for its auditors, Thompson
Penner& Lo LLP, to complete the audit.
The Company's Board of Directors and its management
will be working expeditiously with the Company's auditors to meet
the Company's obligations relating to the filing of the 2013 Annual
Financial Statements. The Company expects to file the 2013 Annual
Financial Statements on or before November
15, 2013.
During the period of default, the Company will
issue weekly default status reports in the form of further press
releases, which will also be filed on SEDAR. The Company confirms
that there are no insolvency proceedings against it as of the date
of this press release. The Company also confirms that there is no
other material information concerning the affairs of the Company
that has not been generally disclosed as of the date of this press
release.
The applicable Canadian securities regulatory
authorities could issue a general cease trade order against the
Company for failure to file the 2013 Annual Financial
Statements.
About Liuyang Fireworks Limited
Liuyang Fireworks Limited is a China-based manufacturer of fireworks.
The company's products are sold both domestically in China as well as exported to more than 15
countries in North America,
South America and Europe. The Company has more than 17
years of experience in the fireworks industry and is a supplier to
the world's top five fireworks wholesalers and
retailers. Liuyang's ISO9001-certified manufacturing
facilities are located in the Liuyang area of Hunan, China.
The forward-looking information contained in this news release
represents the expectations of the Company as of the date of this
news release and, accordingly, is subject to change after such
date. Readers should not place undue importance on
forward-looking information and should not rely upon this
information as of any other date. While the Company may elect
to, it does not undertake to update this information at any
particular time except as required in accordance with applicable
securities legislation.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Liuyang Fireworks Limited