Press release from CNW Group
SEPROTECH CONFIRMS DELAY IN REPORTING OF 2010 ANNUAL FINANCIAL RESULTS
Friday, December 17, 2010
OTTAWA, Dec. 17 /CNW/ - Seprotech Systems Incorporated (TSX-V: SET; "Seprotech" or the "Company") confirms that, as expected and disclosed in the Company's press release dated December 9, 2010, the Company will not be able to file its audited financial statements for the year ended August 31, 2010 and related MD&A and CEO and CFO certificates by December 29, 2010 as required under securities laws. The Company is continuing to work with its auditors to complete its audited financial statements and MD&A for the fiscal year ended August 31, 2010 and has targeted completion by January 26, 2011.
The Company confirms that it intends to satisfy the provisions of the alternative information guidelines found in sections 4.3 and 4.4 of National Policy 12-203 for so long as it is delayed in filing the annual financial statements and related MD&A and CFO certificates. During the period of delay, the Company will issue bi-weekly status reports in the form of further press releases, which will also be filed on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
In view of this delay in filing, the Company has applied to the applicable Canadian securities regulatory authorities for a management cease trade order precluding the Company's directors and officers from trading in the Company's securities. There can be no certainty that such an order will be granted. The applicable regulatory authorities may instead issue cease trade orders against the Company for failure to file its annual financial statements and related MD&A and CEO and CFO certificates within the prescribed time period.
Seprotech is a provider of pre-engineered water and wastewater treatment plants to the land development, resource sector and military market place, including CrystalBlue™ membrane-based water recycling systems and the ROTORDISK® wastewater treatment systems.
The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. Some of the statements in this press release, including those relating to the Company's strategies and other statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates" or similar expressions, are forward-looking statements within the meaning of securities laws. Forward-looking statements include, without limitation, the information concerning possible or assumed future results of operations of the Company. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. The Company does not undertake any obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events, except as required by law.
For further information:
Mr. Matthew Anderson Investor Relations
Tel: (613) 523-1641
Fax: (613) 731-0851