Business
Allen-Vanguard Corporation (TSX:VRS) - Notice of default
Allen-Vanguard Corporation (TSX:VRS) - Notice of default.
About this update from Verisante Technology, Inc.
[{"type":"text","content":"\n\n\n\n\nOTTAWA, Dec. 30 /CNW Telbec/ -\n\n1. The Company was required, on or before September 30, 2005, to file its\n financial statements for the year ended September 30, 2005.\n\n2. The Company was unable to file its financial statements on time due to\n the following circumstances:\n\n (a) There has been a delay in completing the audits of Allen-Vanguard\n Limited (\"AVL\"), a United Kingdom corporation, and Allen-Vanguard\n (Ireland) Limited (\"AVI\"), a Republic of Ireland corporation. AVL\n and AVI are indirect wholly-owned subsidiaries of the Company\n which were acquired by the Company on August 12, 2004. Fiscal year\n 2005 therefore represents the first full year audit for AVL and\n AVI as public company subsidiaries.\n (b) The Company has a September 30 fiscal year end while AVL and AVI\n had December 31 fiscal year ends. It was therefore decided to\n change the fiscal year end of AVL and AVI to correspond with the\n fiscal year end of the Company. The fiscal year 2005 consolidated\n financial statements of the Company must therefore include the\n results of AVL and AVI for the stub periods of October 1, 2004 to\n December 31, 2004 (\"2004 Stub Period\") and January 1, 2005 to\n September 30, 2005 (\"2005 Stub Period\").\n (c) Soberman LLP (\"Soberman\") is the external auditor for the Company,\n while Ernst & Young, LLP (\"E&Y\") was the external auditor for AVL\n and AVI. In late September 2005, E&Y informed the Company that it\n did not wish to continue as auditor of AVL and AVI beyond the\n fiscal year 2004 engagement if it could not also be appointed\n auditor for the Company. This request was not acceptable to the\n Company and, with the agreement of E&Y, the Company selected Blick\n Rothenberg (\"BR\") as the new auditor of AVL and AVI. BR must\n therefore rely on the statutory audit reports of E&Y covering the\n fiscal year 2004 accounts for AVL and AVI for the opening balance\n sheets at January 1, 2005 to audit the 2005 Stub Period. Soberman\n must rely on the audit report of E&Y for assurance on the 2004\n Stub Period and on the audit report of BR for assurance on the\n 2005 Stub Period.\n (d) The completion of the fiscal year 2004 statutory audits by E&Y was\n delayed, primarily due to uncertainties concerning the\n collectibility of a material receivable by AVL. The collectibility...