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: Amazon

Apparel/Garments | On 23rd Sep 2018

Consumers in Turkey get access to Amazon

Amazon has launched in Turkey giving customers in the country...

Value in omni-channel retail with Flipkart buying: Walmart

Apparel/Garments | On 23rd Sep 2018

Value in omni-channel retail with Flipkart buying: Walmart

With the acquisition of Flipkart, Walmart sees great value in...

E-com to result in common SE Asian consumer market: BCG

Textiles | On 23rd Sep 2018

E-com to result in common SE Asian consumer market: BCG

The rapid spread of e-commerce and digital technologies is binding...

Interviews View All

Pinkesh Jain, Everflow Petrofils Ltd

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Karan Toshniwal, Orange O Tec

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Top executives, Textile industry, India

Top executives
Textile industry, India

Such fairs are a must for industry to showcase new innovations

Shivani Swamy,

Shivani Swamy

The Livinguard Technology is owned by Green Impact Holding AG based in...

Paolo Crespi,

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Tina Antoniades,

Tina Antoniades

India-headquartered Lulu & Sky is a rapidly escalating brand with the...

Silke Brand-Kirsch, Schlegel und Partner GmbH

Silke Brand-Kirsch
Schlegel und Partner GmbH

<div>Schlegel und Partner is the market research and consultancy company...

Steve Cole, Xerium Technologies

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Mr Ambrose Chan, DSG International (Thailand) PLC

Mr Ambrose Chan
DSG International (Thailand) PLC

Pranav Mishra, Huemn

Pranav Mishra
Huemn

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

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Aditi Somani, Aditi Somani

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts 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


September 2018

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

news category


Related Categories:

Advanced Search