Freeport Capital Inc. (CNSX: FAS) Announces a 15 day cease trade order
MONTREAL, May 6, 2013 /PRNewswire/ - Freeport Capital Inc. (the "Company") a leader on Mobile Credit and PIN Debit payment solutions, announces the following:
The present announcement is to advise that Freeport Capital Inc. (the "Company") has not been in a position to file its audited financial statements for fiscal year ended December 31, 2012 ("2012 AFS"), related management's discussion and analysis ("MD&A") and CEO and CFO certificates ("Certifications") by the deadline of April 30th 2013 and therefore, the Autorité des Marchés financiers "AMF" has issued a general cease trade order which prohibits any person from trading in securities of the Company in Canada. The cease trade order shall be in force for a fifteen (15) day period which will provide the Company the opportunity to file the 2012 AFS, MD &A and Certifications within this time frame.
Despite having developed a work plan pursuant to which the company's management and other professionals of the Company having collaborated to aid the auditors in completing the financial statements, the Company was unable to complete the 2012 AFS on time. This slight overlap is due to long wait periods in order to retrieve responses from International Banks and Suppliers for the auditors to complete the required documentation, logistical reasons and the involuntary unavailability of certain key people due to important business meetings overseas which could not have been postponed and/or cancelled during the month of April. The board of directors reasonably expects that the auditors will be in a position to file 2012 AFS no later than May 10th, 2013. The Company will also file together with said financial statements the related MD&A and Certifications.
The board of directors sincerely apologizes for this situation and is confident that it shall be resolved by week's end, Friday May 10, 2013.
About Freeport Capital Inc.
Freeport Capital Inc. (CNSX: FAS) develops an Enterprise Ready Mobile Payment Platform for the leading OS's (IOS, Android, BB and Windows 7). The Corporations holding First Equity Strategy LLC markets itself with the DBA : HybridPay Tech. Visit www.hybridpaytech.com and click on our corporate video presentation http://www.youtube.com/watch?v=XvZHrck2eag&feature=youtu.be
The Canadian National Stock Exchange (CNSX) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy. This news release does not constitute a solicitation to buy or sell any securities in the United States
SOURCE Freeport Capital Inc.
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