MONTREAL, April 3 /CNW Telbec/ - Mindready Solutions Inc. (TSX: MNY)
reports that the annual report, the annual financial statements along with its
management's discussion and analysis (MD&A) for the fiscal year ended
December 31, 2005 could not be filed on or before March 31, 2006, as
prescribed by law, for the reasons described below. Consequently, the annual
shareholders' meeting will be postponed accordingly.
Mindready has obtained an injunction seeking to prevent the former
shareholders of UTTC United Tri-Tech Corporation ("UTTC") from trading their
Mindready shares and has filed legal procedures to cancel the acquisition of
UTTC completed on November 30, 2005.
Negotiations are currently underway which will allow Mindready's auditors
to determine in the coming days how to account for this transaction.
As of now, because of the uncertainty as to the inclusion of the UTTC
balance sheet in Mindready's 2005 consolidated annual financial statements, it
is impossible for Mindready's auditors to prepare and audit the consolidated
annual financial statements in conformity with Canadian generally accepted
accounting principles.
Mindready expects to be able to file its annual report, annual financial
statements and annual MD&A for the year ended December 31, 2005 by May 31,
2006 and has asked regulatory authorities to issue a temporary cease trade
order applicable to its management.
Mindready is aware that regulatory authorities may issue a cease trade
order in the event that its financial statements, annual report and annual
MD&A are not filed before May 31, 2006.
A cease trade order may also be issued prior to May 31, 2006 if this
notice of default is materially deficient or if Mindready fails to file its
Default Status Reports on time as prescribed by law. Mindready is confident
that these conditions will be met.
Mindready Solutions Inc. (TSX: MNY) is a leading supplier of innovative
end-to-end solutions for new electronic product introduction, from design to
manufacturing and test systems, serving the aerospace & defense, wireless
telecommunication and automotive & transportation markets. Mindready serves
clients such as Lockheed Martin, Raytheon, Northrop Grumman, Boeing, Visteon,
Rockwell Collins, NASA, Ford, Nissan, Motorola, Panasonic, Renault, Harris,
Flextronics, Nortel and Alcatel. More information about Mindready and its
products, systems and engineering services can be found at www.mindready.com.
The statements regarding the company's future operating results,
performance and business prospects contained in this press release, and any
other statements not constituting historical information, are forward-looking
statements. These forward-looking statements reflect the company's current
opinions and assumptions with respect to future business decisions and
results, and are based on the information currently available to the company.
Accordingly, these statements are subject to risks, uncertainties and
contingencies that could cause the company's future operating results,
performance or business prospects to differ from those expressed in, or
implied by, these statements.
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