Business
Dynamic Announces Late Filing of Annual Financial Statements
Dynamic Announces Late Filing of Annual Financial Statements
About this update from Dynacert Inc.
[{"type":"text","content":"Dynamic Announces Late Filing of Annual Financial Statements\n\n\n\nDynamic Announces Late Filing of Annual Financial Statements\n\nPickering, Ontario CANADA, April 30, 2008 /FSC/ - Dynamic Fuel Systems Inc. (DYA - TSX Venture), (\"Dynamic\" or the \"Corporation\") provides this Notice of Default further to OSC Policy 57-603 advising that Dynamic does not anticipate filing its annual financial statements for the year ending December 31, 2007 on or before the prescribed deadline of April 29, 2008. The Corporation has made an application as prescribed under the foregoing policy requesting that a Management Cease Trade Order be imposed in respect of this late filing, rather than an Issuer Cease Trade Order.\n\nDynamic's failure to file its annual financial statements within the prescribed period of time is a direct result of the unforeseen and isolated medical emergency befalling its internal accountant immediately prior to the filing deadline. Specifically, the Corporation's internal accountant was forced to travel to the United States on or about April 23, 2008, for an emergency medical procedure that was unavailable in Canada. While in the United States, it became apparent that Corporation's internal accountant would be required to remain under medical care for longer than initially anticipated. Corporation's internal accountant was finally able to return from treatment in the United States on or about April 28, 2008. The Corporation has indicated that they it will require less than fourteen days in order to complete the necessary work to file the audited financial statements for the year ended December 31, 2007.\n\nDynamic's financial statements for its fiscal year end of December 31, 2007 are required to be filed by April 29, 2008 and Dynamic's failure to file such by June 29, 2007 may result in the securities commissions or regulators imposing an Issuer Cease Trade Order. Dynamic presently expects to file its financial statements for the year ended December 31, 2007 on or before May 14, 2008.\n\nShould Dynamic fail to file the appropriate Default Status Reports as prescribed OSC Policy 57-603, the securities commissions or regulators may as a result of such failure imposed an Issuer Cease Trade Order.\n\nDynamic fully expects to file its financial statements for the fisc...