|By Marketwired .||
|May 1, 2014 09:50 PM EDT||
CARLSBAD, CALIFORNIA -- (Marketwired) -- 05/02/14 -- Pacific Vector Holdings Inc. (TSX VENTURE:PVH), a premier action sports retailer and consumer brands company, announces it will not be able to file its annual financial statements, accompanying Management Discussion and Analysis and related CEO and CFO Certifications of Annual Filings for the financial year ended January 5, 2014 ("collectively the "2013 Annual Financial Statements"), within the period prescribed for the filing of such documents under Part 4 and 5 of regulation 51-102 respecting Continuous Disclosure Obligations, pursuant to Regulation 52-109 respecting Certification of Disclosure in Issuers, Annual and Interim Filings, that require the 2013 Annual Financial Statements to be filed within 120 days of year end being May 5, 2014.
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 Corporation's board of directors and management will be working expeditiously with the Corporation's auditors to meet the Corporation's obligations relating to the filing of the 2013 Annual Financial Statements. The Corporation expects to file the 2013 Annual Financial Statements on or before June 13, 2014.
As a result of the postponement in the filing of the 2013 Annual Financial Statements the Corporation has made an application to the Ontario Securities Commission (the "OSC") for a management cease trade order (the "MCTO"), which would restrict all trading in securities of the Corporation, whether direct or indirect, by management of the Corporation. The MCTO would not affect the ability of the shareholders who are not insiders of the Corporation 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 Corporation for failure to file the 2013 Annual Financial Statements within the prescribed time period.
The Corporation confirms that it intends to satisfy the provisions of the alternative information guidelines found at sections 4.3 and 4.4 of Policy statement 12-203 respecting Cease Trade Orders for Continuous Disclosure Defaults, for as long as it remains in default as a result of the late filing of its 2013 Annual Financial Statements. During the period of default, the Corporation will issue bi-weekly default report status reports in the form of further press releases, which will also be filed on SEDAR. The Corporation confirms there are no insolvency proceedings against it at the date of this release. The Corporation also confirms 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.
About Pacific Vector
Pacific Vector is a premier action sports retail and consumer brands company. www.pacificvector.com
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The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Pacific Vector assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Pacific Vector.
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