CY Oriental announces delay in filing of financial statements

21 Apr '08

1 min read

CY Oriental Holdings Ltd announced that its audited financial statements for the fiscal year ended December 31, 2007 will not be filed on the prescribed date required under Canadian securities regulations.

The filing delay is necessary to provide additional time to gather and review documentation relating to the Company's purchase and sales transactions. Currently, CY Oriental expects that such review will be completed sometime in early May, 2008.

CY Oriental will make an application to the Canadian Securities Regulators as provided under the Canadian Securities Administrators Staff Notice 57-501 and the Ontario Securities Commission Policy 57-603.

If issued, a management cease trade order would be invoked barring certain of the Company's insiders from trading CY Oriental shares until the financial statements are filed.

The cease trade order, if issued, would apply to the, Company's insiders only. Should CY Oriental 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

More CY Oriental Holdings Ltd News... More Apparel/Garments News - Canada...