BluMetric Advises Delay in Reporting 2013 Annual Financial Results
OTTAWA, Jan. 27, 2014 /CNW/ - BluMetric Environmental Inc. (TSXV: BLM), an Ottawa-based cleantech company, advises that it will not be able to file its audited financial statements for the thirteen months ended September 30, 2013 and related MD&A and CEO and CFO certificates by January 28, 2014 as required under securities laws. The delay in the filings has resulted from a larger-than-expected audit scope due to the reverse-takeover completed by the Company in November 2012, along with longer-than-anticipated timelines. The Company is continuing to work with its auditors to complete its audited financial statements and MD&A for the thirteen months ended September 30, 2013 and has targeted completion and filing by February 4, 2014.
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 Cease Trade Orders for Continuous Disclosure Defaults for so long as it is delayed in filing the annual financial statements and related MD&A and CEO and CFO certificates. The Company is not aware of any other material information concerning its affairs which has not been generally disclosed.
In view of this delay in filing, the Company has applied to the applicable Canadian securities regulatory authorities for a management cease trade order. 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. During this delay in filing, each of the directors and the officers of the Company has voluntarily agreed to cease trading in the Company's securities.
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BluMetric, a cleantech company, delivers sustainable solutions to complex environmental issues. The Company serves clients in many industrial sectors, and at all levels of government, in Canada and abroad.
BluMetric operates through two divisions:
- Professional Services, providing environmental earth sciences and engineering solutions, including contaminated site remediation, water resource management, industrial hygiene, occupational health & safety, and renewable energy. This division also operates under the names "WESA" and "Envir-Eau"
- Water, focussed on design-build and pre-engineered product solutions to industrial/commercial water and wastewater treatment needs. This division also operates under the names "WESAtech" and "Seprotech".
More information can be obtained at www.blumetric.ca
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. 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.
SOURCE BluMetric Environmental Inc.