MONTREAL,
Jan. 31, 2014 /CNW Telbec/ - Sofame
Technologies Inc. (TSXV: SDW) (OTC: SFMGF) will file its audited
annual financial statements for the year ended September 30, 2013, management discussion and
analysis ("MD&A") and related CEO and CFO certifications on
February 12, 2014. These reports
(collectively, the "Annual Financial Filings") were not released as
scheduled on January 28, 2014.
A comment by the auditor concerning valuation of
real estate assets under new IFRS regulations requires additional
research to complete, and the work should be done within two
weeks. The Company has the necessary financial and human
resources to address the reporting default, and continues to pursue
its regular business, and has work in progress, as well as an order
book consisting of eight contracts compared to three at the same
period of the prior fiscal year.
The Company has requested, and been granted, a
management cease trade order ("MCTO") by its principal regulator,
the Autorité des marchés financiers (the "AMF") in accordance with
part 4 of National Policy 12-203 - Cease Trade Orders for
Continuous Disclosure Defaults ("NP 12-203"). As a result of
the Company's delay in making the Annual Financial Filings on
January 28, 2014, the MCTO imposes,
only on current directors and officers of the Company, restrictions
on trading in, and acquisitions of, securities of the Company,
whether directly or indirectly.
All other parties are permitted to freely trade
the Company's securities.
Pursuant to the requirements of Section 4.4 of
NP 12-203, the Company confirms that there has not been any
specified default by the Company under NP 12-203 other than the
delay in filing the Annual Financial Filings, and there is no other
material information concerning the affairs of the Company that has
not been generally disclosed.
The Company is not planning to issue a bi-weekly
press release update as the default is scheduled to be cured in two
weeks. In accordance with Policy 12-203 - Cease Trade Orders
for Continuous Disclosure Defaults, further developments on this
matter, if any, shall be reported promptly following their
occurrence.
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 Sofame Technologies Inc.