Northern Power Systems Announces Delay in Filing Annual Financial Statements

About this update from Canadian Large Cap Leaders Split Corp. Class A

[{"type":"text","content":"\n\n\n\nNorthern Power Systems Announces Delay in Filing Annual Financial Statements\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nNorthern Power Systems Announces Delay in Filing Annual Financial Statements\nCanada NewsWire\nBARRE, Vt., March 28, 2016\n\n\n\nBARRE, Vt., March 28, 2016 /CNW/ -- Northern Power Systems Corp. (TSX: NPS), (the \"Company\" or \"Northern Power Systems\"), a next generation renewable energy technology company, today announced that there will be a delay in the filing of its annual report on Form 10-K for the year ended December 31, 2015 (which report consists of audited annual financial statements, management's discussion and analysis and the annual information form) as well as the related officer certifications for the year ended December 31, 2015 (collectively, the \"Annual Filings\") which are due to be filed on or before March 30, 2016 pursuant to relevant securities laws.  \n\nManagement, in conjunction with the Company's audit committee and auditors, has determined that its auditors will not be able to complete all of their audit procedures and render an audit opinion by the filing deadline.  The Company and its auditors are analyzing the timing of the recording of certain accounting transactions.  The Company believes that the treatment of these transactions will have no impact on the Company's cash flow, cash balance or overall book of business.  \n\nNorthern Power Systems and its auditors are working diligently to complete the associated audit work and the Annual Filings. The Company anticipates that they will be completed on or before May 30, 2016.  \n\nIn connection with the delay in filing the Annual Filings by March 30, 2016, the Company has applied to applicable Canadian securities regulators requesting that such regulators issue a voluntary management cease trade order (\"MCTO\"), which restricts trading in the Company's securities by the Company's insiders, including the CEO and CFO, as opposed to an issuer cease trade order, which restricts all trading in the Corporation's securities.  Upon t...

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