Business
Allen-Vanguard Corporation (TSX:VRS) - Default Status Report - Update
Allen-Vanguard Corporation (TSX:VRS) - Default Status Report - Update.
About this update from Verisante Technology, Inc.
[{"type":"text","content":"\n\n\n\n\nReference is made to the Notice of Default dated December 29, 2005.\n\nOTTAWA, Jan. 13 /CNW Telbec/ - Allen-Vanguard Corporation wishes to\nupdate its shareholders and other stakeholders in compliance with its\nobligations to the Ontario Securities Commission (\"OSC\") under OSC Policy \n57-603.\nAs a result of Allen-Vanguard Corporation failing to file its annual\naudited financial statements and related management discussion and analysis\nand annual information form for the year ended September 30, 2005 in a timely\nmanner, the OSC issued a temporary management cease trade order (\"MCTO\") on\nJanuary 4, 2006 pursuant to OSC Policy 57-603. An MCTO is part of a voluntary\nprocess whereby specific insiders and management of Allen-Vanguard Corporation\nare subject to a cease trade order that prohibits them from trading in\nsecurities of Allen-Vanguard Corporation. The MCTO will continue to be in\neffect until such time as the financial statements are filed.\nAllen-Vanguard Corporation hereby discloses that there are no material\nchanges in the information contained in the Notice of Default, it has not\nfailed to fulfill its stated intentions in the Notice of Default, there are no\ndefaults or anticipated defaults on the financial statement filing requirement\nsubsequent to that disclosed in the Notice of Default, and there is no other\nmaterial information concerning the affairs of Allen-Vanguard Corporation that\nhas not been generally disclosed (however, as contemplated in its press\nrelease disseminated on December 29, 2005, Allen-Vanguard Corporation expects\nin the coming weeks to disclose more detailed information in respect of the\nlicensing and joint development agreement referred to in that press release).\nAllen-Vanguard Corporation is currently working with its auditors to\ncomplete the audit of the financial statements and expects to file its audited\nannual financial statements and related forms for the year ended September 30,\n2005 by the end of January 2006.\n\nAbout Allen-Vanguard\n\nAllen-Vanguard Corporation and its subsidiaries worldwide operate under\nthe brand \"Allen-Vanguard\". The Company develops and markets technologies,\ntools and training for defeating and minimizing the effects of hazardous\ndevices and materials, whether Chemical, Biological, Radiological, Nuclear or\nExplosive (CBRNE). Th...