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CY Oriental updates its delay in filing financial statements
28
Jun '08
CY Oriental Holdings Ltd announced that independent accountants engaged by the Company's Audit Committee to verify the Company's sale and purchase transactions, recoverability of accounts receivable and internal controls, have substantially completed their work and have submitted a draft report, which has been reviewed by the Company's Audit Committee.

The Company's Audit Committee expects to receive a final report shortly.

The Company is pleased with the findings of the independent accountants detailed in the draft report, which are subject to review by the Company's auditors prior to completion of the audit of the Company's annual financial statements for the year ended December 31, 2007.

The Company expects at least another two weeks from the date of this report for that process to be completed.

The Company now expects that the audited year end financial statements will be filed by mid-July, 2008, and its interim financial statements for the period ending March 31, 2008 will be filed shortly thereafter.

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.

CY Oriental Holdings Ltd

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