Welcome!

News Feed Item

Sonomax Technologies Announces Late Filing of Annual and Quarterly Financial Statements

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

Connect with Sonomax Technologies Inc. on Facebook at facebook.com/pages/Sonomax and on Twitter at twitter.com/Sonomax_SHH.

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.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"We're developing a software that is based on the cloud environment and we are providing those services to corporations and the general public," explained Seungmin Kim, CEO/CTO of SM Systems Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"We're focused on how to get some of the attributes that you would expect from an Amazon, Azure, Google, and doing that on-prem. We believe today that you can actually get those types of things done with certain architectures available in the market today," explained Steve Conner, VP of Sales at Cloudistics, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, introduced two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a multip...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
"CA has been doing a lot of things in the area of DevOps. Now we have a complete set of tool sets in order to enable customers to go all the way from planning to development to testing down to release into the operations," explained Aruna Ravichandran, Vice President of Global Marketing and Strategy at CA Technologies, in this SYS-CON.tv interview at DevOps Summit at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"The reason Tier 1 companies are coming to us is we're able to narrow the gap where custom applications need to be built. They provide a lot of services, like IBM has Watson, and they provide a lot of hardware but how do you bring it all together? Bringing it all together they have to build custom applications and that's the niche that we are able to help them with," explained Peter Jung, Product Leader at Pulzze Systems Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2,...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, discussed how data centers of the future will be managed, how the p...
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Data scientists must access high-performance computing resources across a wide-area network. To achieve cloud-based HPC visualization, researchers must transfer datasets and visualization results efficiently. HPC clusters now compute GPU-accelerated visualization in the cloud cluster. To efficiently display results remotely, a high-performance, low-latency protocol transfers the display from the cluster to a remote desktop. Further, tools to easily mount remote datasets and efficiently transfer...
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, discussed how by using ne...
"We work around really protecting the confidentiality of information, and by doing so we've developed implementations of encryption through a patented process that is known as superencipherment," explained Richard Blech, CEO of Secure Channels Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.