Home / Knowledge / News / Apparel/Garments / CY Oriental updates its delay in filing financial
CY Oriental updates its delay in filing financial
15
May '08
CY Oriental Holdings Ltd announced that pursuant to the terms of the management cease trade order issued by the British Columbia Securities Commission, as principal regulator, barring the Company's insiders from trading CY Oriental shares until the Company's audited financial statements for the fiscal year ended December 31, 2007 are filed, the Company announces that the filing delay continues to be necessary to provide additional time to gather and review documentation relating to the Company's purchase and sales transactions.

The Company currently expects that such review will be completed in June 2008 and expects that the audited year end financial statements will be filed by June 30, 2008.

Should the Company fail to file the audited year end financial statements by June 30, 2008, the Canadian Securities Regulators may impose a cease trade order on all trading of the Company's shares until the financial statements are filed.

Also, the Company's interim financial statements for the first quarter period ended March 31, 2008 are expected to be filed after the audited year end financial statement are filed and therefore, such interim financial statements will not be filed by May 30, 2008.

Further, as a consequence of the delay in filing the Company's audited financial statements, the Company has obtained from its trade finance lender, Maple Trade Finance Inc, consent to extend the filing of the Company's audited financial statements untilMay 30, 2008 and the Company is also in the process of obtaining a similar consent from its bank lender, HSBC, pursuant to the terms of the Company's lending facilities with these two lenders.

If necessary, the Company will request additional consents from these lenders to further extend the filing of the Company's audited financial statements to June 2008.

CY Oriental Holdings Ltd


Must ReadView All

Courtesy: American & Efird

Textiles | On 20th May 2018

A&E introduces Repel

American & Efird (A&E), a global leader in industrial sewing thread...

Archroma working with House of Denim Foundation

Textiles | On 20th May 2018

Archroma working with House of Denim Foundation

Archroma, a leader in colour and specialty chemicals, has joined...

Courtesy: Amazon

Textiles | On 20th May 2018

Amazon opening first fulfillment centre in Tucson

Amazon.com is opening its first fulfillment centre in Tucson, which...

Interviews View All

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search