Business
Seprotech announces full revocation of cease trade orders
OTTAWA, Aug. 3, 2011 /CNW/ - Seprotech Systems Incorporated (TSX-V: SET; "Seprotech" or the "...
About this update from Blumetric Environmental Inc.
[{"type":"text","content":"\n\n\n\n\n\nOTTAWA, Aug. 3, 2011 /CNW/ - Seprotech Systems Incorporated (TSX-V: SET;\n \"Seprotech\" or the \"Company\") announces that the cease trade orders\n issued by the B.C. Securities Commission, the Ontario Securities\n Commission and the Manitoba Securities Commission (collectively, \"the\n Commissions\") on February 24, 2011, March 8, 2011 and April 19, 2011\n respectively, have been fully revoked by the Commissions. The cease\n trade orders were imposed on the Company for failure to file its annual\n audited financial statements, related MDA and other required documents\n (the \"Annual Filings\"), as well as its required filings for the interim\n periods ended November 30, 2010 and February 28, 2011 (the \"Quarterly\n Filings\"), each respectively due on December 28, 2010, January 28, 2011\n and April 29, 2011. The required annual filings were filed on May 10,\n 2011, and the required quarterly filings were filed on May 13 and 17,\n 2011, respectively and can be viewed on www.sedar.com .\n\n\nAs more fully described in the Company's press release dated May 10,\n 2011 the delay in completing the required annual and quarterly filings\n resulted from management's detection during the first quarter of fiscal\n 2011 of an overstatement of revenue by a material amount with respect\n to its financial statements for the quarters ended November 30, 2009,\n February 28, 2010 and May 31, 2010. The overstatement resulted from\n over-billing a customer over a period of approximately 12 months from\n July 2009. The over-billing was reported to the customer, and fully\n repaid through applying a credit to subsequent work. Once the amount of\n the over-billing was confirmed, the affected quarterly financial\n statements were restated and subsequently filed on SEDAR.\n\n\nSeprotech is a provider of pre-engineered water and wastewater treatment\n solutions to the municipal/land development, resource sector and\n military market place, including Reverse Osmosis water purification\n systems, ROTORDISK biological sewage treatment package plants and\n CrystalBlue membrane-based water recycling systems.\n\n\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as\n that term is defined in the policies of the TSX Venture Exchange)\n accepts responsibility for the adequacy or accuracy of this release.\n The TSX Venture Exchang...