|By Business Wire||
|May 6, 2014 05:55 PM EDT||
Sonomax Technologies Inc. (CSE:SHH) announces that it has not filed its annual financial statements for the fiscal year ended December 31, 2013 and the related management’s discussion and analysis by the legal deadline of April 30, 2014. In place of an issuer cease-trade order against all of Sonomax’s shareholders, Sonomax has obtained a management cease-trade order from the Autorité des marchés financiers under National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults, under which Sonomax’s six directors and senior officers cannot trade in Sonomax securities.
Sonomax’s failure to file its audited financial statements by the prescribed deadline is due to Sonomax making the necessary arrangements to complete the annual audit. In particular, in light of its difficult financial situation, Sonomax must make satisfactory arrangements to pay its auditors. Sonomax is actively seeking the necessary funding and is confident that it will be able to make such satisfactory financial arrangements with its auditors shortly.
Should Sonomax fail to file the appropriate Default Status Report as prescribed by National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults, the securities commissions or regulators may as a result impose an issuer cease-trade order against all shareholders of Sonomax. Sonomax expects to file its audited financial statements for the fiscal year ended December 31, 2013 and the related management’s discussion and analysis by June 30, 2014. Sonomax confirms that it intends to provide Default Status Reports for so long as it is in default of its requirement to file the annual financial statements.
Sonomax confirms that, at the date hereof, there are no insolvency proceedings against it and no other material information concerning the affairs of Sonomax that has not been generally disclosed.
Despite the financial challenges, Sonomax has successfully seeded the market with 5,000 pairs of its award-winning V5 self-fit hearing protection products through a network of established global Master Distributors. Sonomax can report that it has recently secured inventory financing for the next order of 8,000 pairs. Sonomax is also engaged in a more long-term inventory financing arrangement with an international trade & finance company which it hopes to conclude in the next 60 days.
Sonomax has started a development project to modify the SonoFit™ system to assist in the delivery of a medical device in the United States. While still early stage, the project is promising and entirely funded by the end-user customer.
About Sonomax Technologies Inc.
Sonomax is a leader in the product development, research, and licensing of in-ear technologies. With more than 21 patents and 10 trademarks worldwide, Sonomax’s pioneering innovation includes instant custom-fitting earpieces that deliver the most comfortable, protective and sound-enhancing experience in the world. Learn more at http://sonomax.com
This news release contains certain forward-looking statements that reflect the current views and/or expectations of Sonomax Technologies Inc. with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.
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