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, July 21 /CNW Telbec/ - TECSYS Inc. (TSX: TCS) announced today\nthat it will not be in a position to file its Fiscal 2006 annual financial\nstatements on July 31, 2006 as required.\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 financial results for\ncertain prior fiscal years 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.\nAs a consequence of missing the deadline, in accordance with the policies\nadopted by the Canadian Securities Administrators, TECSYS has filed an\napplication to securities regulators in Canada for an order preventing certain\ndirectors, officers and other designated insiders from trading in TECSYS\nsecurities.\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 but not\nlimited to future economic conditions, the markets that TECSYS Inc. serves,\nthe actions of competitors, major new technological trends, and other factors\nbeyond the control of TECSYS Inc., which could cause actual results to differ\nmaterially from such statements. All names, trademarks, products, and services\nmentioned are registered or unregistered trademarks of their respective\nowners.\n%SEDAR: 00010494EF\n\n\n","length":2368,"tagName":"div"}]