|By Business Wire||
|June 19, 2014 04:24 PM EDT||
Sonomax Technologies Inc. (CSE:SHH) is providing this bi-weekly default status report in accordance with National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults. On May 6, 2014, Sonomax announced by way of press release that for the reasons disclosed therein, the filing of Sonomax’s audited financial statements for the fiscal year ended December 31, 2013 and the related management’s discussion and analysis (collectively, the “2013 Annual Financial Statements”) would not be completed by the legal deadline of April 30, 2014.
As a result of the delay in filing the 2013 Annual Financial Statements, Sonomax’s principal regulator, the Autorité des marchés financiers, granted a management cease-trade order (“MCTO”) to Sonomax. The MCTO restricts all trading in securities of Sonomax, whether direct or indirect, by Sonomax’s six directors and senior officers until such time as the 2013 Annual Financial Statements are filed by Sonomax. The MCTO does not affect the ability of other shareholders of Sonomax to trade their securities.
As previously reported, Sonomax’s failure to file the 2013 Annual Financial Statements by the prescribed deadline is due to Sonomax making the necessary arrangements to complete its 2013 annual audit. In particular, in light of its difficult financial situation, Sonomax must make satisfactory arrangements to pay its auditors. Sonomax again confirms that is actively seeking the necessary funding and is confident that it will be able to make such satisfactory financial arrangements with its auditors shortly.
Pursuant to the provisions of the alternative information guidelines specified by National Policy 12-203, Sonomax reports that since May 6, 2014, except as stated in this default status report, there have not been any material changes to the information contained therein; nor any failure by Sonomax to fulfill its intentions as stated therein with respect to satisfying the provisions of the alternative information guidelines, and there are no additional defaults or anticipated defaults subsequent to the disclosure therein, other than the delay in filing the 2013 Annual Financial Statements and a default in filing Sonomax’s interim financial statements and related management discussion and analysis for the quarter ended March 31, 2014 by the prescribed deadline of May 30, 2014. Further, 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.
Until the 2013 Annual Financial Statements are filed, Sonomax intends to continue to satisfy the provisions of the alternative information guidelines specified by National Policy 12-203 by issuing bi-weekly default status reports in the form of further press releases, which will also be filed on SEDAR. Sonomax would file, to the extent applicable, its next default status report on or about July 4, 2014.
Sonomax also announces the resignations of Mr. Peter Malouf, Chairman, and Mr. Peter Brennan, Vice-Chairman of the Board of Directors of Sonomax. Management would like to thank these gentlemen for many years of service and dedication to Sonomax. As Sonomax starts down a path to attempt to reorganize the company, it is no longer possible for them to stay on the Board. As a result, the Board of Directors of Sonomax consists of Nick Laperle, Adam Schwartz and Kevin Veenstra.
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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