Business
TECSYS delays filing of 2006 annual results
TECSYS delays filing of 2006 annual results.
About this update from Tecsys Inc.
[{"type":"text","content":"\n\n\n\n\nMONTREAL, Aug. 1 /CNW Telbec/ - TECSYS Inc. (TSX: TCS) announced today\nthat it has been granted an order by l'AutoritDe des marchDes financiers\npreventing certain directors, officers and other designated insiders from\ntrading in TECSYS securities as consequence of missing the deadline of July\n31, 2006 for filing its Fiscal 2006 annual financial statements.\nAs previously announced on June 30, 2006, due to an interpretation of the\nmethod and timing of revenue recognition required by Statement of Position\n97-2 - Software Revenue Recognition and after having consulted with its\nauditors, TECSYS has determined that a restatement of prior years financial\nresults may be necessary.\nManagement is working to complete this review as expeditiously as\npossible and has targeted mid-August 2006 for the release of Fiscal 2006\nfinancial results and the end of August 2006 for the filing of Fiscal 2006\nannual financial statements. Management expects to be in a position to file\nthe Fiscal 2006 annual financial statements by September 30, 2006 which is two\nmonths after the filing deadline, at the latest.\nUntil it is able to file its Fiscal 2006 annual financial statements,\nTECSYS will issue updates every two weeks.\nIn the event TECSYS is not in a position to file the Fiscal 2006 annual\nfinancial statements within two months of the filing deadline or in the event\nTECSYS fails to issue updates every two weeks until the Fiscal 2006 financial\nstatements are filed, the Canadian securities regulators may impose an issuer\ncease trader order.\n\nAbout TECSYS\n------------\n\nTECSYS is a leading, fast-growing supply chain management software\nprovider that delivers powerful enterprise distribution, warehouse and\ntransportation logistics software solutions. The company's customers include\nabout 800 mid-size and Fortune 1000 corporations in healthcare, giftware,\noffice products, third-party logistics, and general wholesale high-volume\ndistribution markets. TECSYS' shares are listed on the Toronto Stock Exchange\nunder the ticker symbol TCS.\n\nThe statements in this news release relating to matters that are not\nhistorical fact are forward looking statements that are based on management's\nbeliefs and assumptions. Such statements are not guarantees of future\nperformance and are subject to a number of uncertainties, including...