The Carsbad, CA company, which is transitioning toward a brand management and retaling model, said it will not be able to file financial statements and the accompanying documents for for the fiscal year ended Jan. 5 within the 120 days prescribed by the Ontario Securities Commission (OSC). The filing is due May 5. The company's stock trades on the TSX Venture Exchange of Canada.
“The corporation is currently not in a position to timely file its 2013 Annual Financial Statements, primarily as a result of additional time required to secure financing and, subsequently, for its auditors to be compensated in order to complete the audit of the corporation's financial statements,” the company said in a statement released Thursday.
Pacific Vector expects to file the 2013 annual financial statements on or before June 13.
As a result of the postponement in the filing of the 2013 Annual Financial Statements the Corporation has made an application to the OSC for a management cease trade order (the "MCTO"), which would restrict all trading in securities of the company, whether direct or indirect, by management of the company. The MCTO would not affect the ability of the shareholders who are not insiders of the company to trade their securities.
There is no certainty that the MTCO will be granted. If the MTCO is not issued by the OSC, the applicable securities regulatory authorities could issue a general cease trade order against the company for failure to meet the filing deadline.
During the period of default, the company will issue bi-weekly default report status reports in the form of further press releases, which will also be filed on SEDAR. The company confirms there are no insolvency proceedings against it at the date of this release and that there is no other material information concerning the affairs of the corporation,that has not been generally disclosed as of the date of this press release.
By press release
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