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SonnenEnergy Corp. - Announcement of Late Filing of Annual Financial Statements
SonnenEnergy Corp. - Announcement of Late Filing of Annual Financial Statements
About this update from Captiva Verde Wellness Corp
[{"type":"text","content":"\n\n\n\nTORONTO, Apr. 27, 2010 (Canada NewsWire Group) -- /CNW/ -- SonnenEnergy Corp. (the \"Company\") announced today that it will not be filing its audited financial statements for its fiscal year ended December 31, 2009 (the \"2009 Annual Financial Statements\") and its management's discussion and analysis relating to the 2009 Annual Financial Statements (collectively, the \"Required Filings\") before the prescribed deadline of April 30, 2010.The expected delay in filing the Required Filings is principally related to the late commencement of the audit of the Annual Financial Statements due to the late payment of outstanding fees to the Company's auditor. The Company settled such outstanding fees to its auditor on or about the end of March 2010, at which point the audit was commenced. Given that the audit of the 2009 Annual Financial Statements is well underway, the Company expects that the Required Filings will be filed and the continuous disclosure default remedied by the end of May 2010.The Company is in the process of making an application with the Ontario Securities Commission (\"OSC\") and other applicable securities regulators under National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults (\"National Policy 12-203\") requesting that a management cease trade order (the \"MCTO\") be imposed in respect of this late filing. There is no guarantee that a MCTO will be granted. If the MCTO is granted, the MCTO will prohibit the chief executive officer, the chief financial officer, and possibly the directors, other officers and other insiders of the Company from trading in securities of the Company for so long as the Required Filings are not filed. The issuance of such cease trade order does not generally affect the ability of persons who are not directors, officers or other insiders of the Company to trade in the Company's securities.The Company confirms that it will satisfy the provisions of the alternative information guidelines under National Policy 12-203 by issuing bi-weekly default status reports in the form of news releases so long as it remains in default of the filing requirements set out above.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.A...