GreenStar Announces Payment of Dividend and Granting of Temporary MCTO
06 Mai 2014 - 3:00PM
Marketwired
GreenStar Announces Payment of Dividend and Granting of Temporary
MCTO
TORONTO, ONTARIO--(Marketwired - May 6, 2014) - GreenStar
Agricultural Corporation (TSX-VENTURE:GRE) (the "Company" or
"GreenStar"), is pleased to announce that the Company has paid its
quarterly dividend of $0.015/share in respect of the first quarter
of 2014. This dividend payment is the fifth consecutive quarterly
dividend payment made by the GreenStar and represents an increase
of 50% over the previous dividend payments.
GreenStar also wishes to provide additional background with
respect to the news release issued on April 28, 2014 and the
Company's application for the issuance of a management and insider
cease trade order ("MCTO"). GreenStar voluntarily made an
application to the securities commissions of Ontario, British
Columbia and Alberta for a MCTO once management became reasonably
certain that the Company's audited annual financial statements for
the fiscal year ended December 31, 2013 and related Management's
Discussion & Analysis, and CEO and CFO certification of filings
(collectively, the "Annual Filings") would be delayed.
Mr. Guan Lianyun, GreenStar's CEO commented, "GreenStar
management continues to work with the Company's auditors and is
placing their highest priority on completing the Annual Filings and
will provide further updates as soon as information is available.
We are confident we will be successful in completing the audit in
short order and are looking forward to continuing our efforts to
absorb our Bei Chen acquisition and continue our efforts to
grow."
In respect of the MCTO, the Ontario Securities Commission
("OSC"). the principal regulator of the Company, issued a Temporary
MCTO yesterday, which imposes restrictions on all trading in and
all acquisitions of securities of the Company, whether direct or
indirect, by the Chief Executive Officer and the Chief Financial
Officer of the Company for a period of 15 days. The Temporary MCTO
will not affect the ability of persons who are not insiders of
GreenStar to trade its securities. The OSC has given notice of a
hearing to be held on within 15 days of the Temporary MCTO for the
purposes of making the Temporary MCTO permanent (which is expected
to continue to only restrict management and insiders in the trading
of securities) if the Company has not remedied the default in
filing the Annual Filings. GreenStar intends to satisfy the
provisions of the Alternative Information Guidelines as set out in
National Policy 12 - 203 for as long as GreenStar remains in
default, including the issuance of further by-weekly default status
reports, each of which will be issued in the form of a press
release. A general cease trade order may be issued if GreenStar
fails to file such default status reports on a timely basis. The
Company is working diligently to ensure that its Annual Filings are
brought up to date well before a general cease trade order would be
applicable.
About GreenStar
GreenStar operates two main divisions, agricultural and food
processing. The agricultural division is involved in the
cultivation and harvesting of agricultural products such as fresh
fruit and vegetables, for sale either directly as fresh fruit and
vegetables or canned, and sold overseas and domestically. The food
processing division is primarily involved in the processing of
canned food, which includes canned tomato paste, canned boiled
bamboo shoots, canned oranges, canned peaches and various other
types of fruits and vegetables.
GreenStar has been operating for over 19 years. Through the
application of science and technology in production, quality
control and assurance, and business operations and management,
GreenStar has focused on maintaining product and reputational
excellence with a high standard of food quality. Key assets include
a well established management team, modern production facilities,
and a close partnership with local farmers.
GreenStar Agricultural Corp. is listed on the TSX Venture
Exchange under the symbol "GRE".
For further information on GreenStar please visit our web site
at www.greenstaragricultural.com.
Neither the 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.
Caution Regarding Forward-Looking Information:
Certain statements in this press release may constitute
''forward looking'' statements which involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward looking
statements. When used in this press release, such statements may
use such words as ''may'', ''will'', ''expect'', ''believe'',
''plan'' and other similar terminology. These statements reflect
management's current expectations regarding future events and
operating performance and speak only as of the date of this press
release. Forward looking information in this press release
includes, but is not limited to but is not limited to, management's
expectation on whether a permanent MCTO will be granted and the
expected terms and effects of the permanent MCTO if granted,
management's intention to provide further updates as soon as
information is available, management's intention to comply with the
Alternative Information Guidelines, management's expectation that
it will be successful in completing the audit in short order,
management's plan to continue the efforts to absorb the Bei Chen
acquisition and continue its efforts to grow; and management's
expectation that the Annual Filings will be brought up to date well
before a general cease trade order would be applicable..
Forward-looking information involves known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking information. The Company believes the expectations
reflected in the forward-looking information are reasonable but no
assurance can be given that these expectations will prove to be
correct and readers are cautioned not to place undue reliance on
forward-looking information contained in this press release. Some
of the risks and other factors which could cause results to differ
materially from those expressed in the forward-looking information
contained in this press release include, but are not limited to:
risk of regulatory authorities not granting the MCTO, risk of the
terms of the MCTO being different from anticipated, international,
national and local business and economic conditions; political or
economic instability in the Company's markets; competition;
legislation and governmental regulation; and accounting policies
and practices. The foregoing list of factors is not exhaustive.
Please see the Company's annual MD&A dated April 25, 2013,
available on www.sedar.com, for a more detailed description of the
risk factors. The Company undertakes no obligation to update
publicly or revise any forward looking information, whether a
result of new information, future results or otherwise, except as
required by law.
GreenStar Agricultural CorporationRobert Macdonald(416) 849
3858rgam36@gmail.comwww.greenstaragricultural.comInvestor Cubed
Inc.(647) 258-3311, (888) 258-3323info@investor3.ca
Greenstar Agricultural Corp (TSXV:GRE)
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