Home / Knowledge / News / Apparel/Garments / CY Oriental updates its delay in filing financial statements
CY Oriental updates its delay in filing financial statements
12
Jun '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 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 until June 30, 2008.

The Company also maintains a line of trade credit finance with HSBC, which has temporarily suspended new advances. HSBC has confirmed to the Company that new advances will resume once the audited financial statements are filed.

CY Oriental Holdings Ltd


Must ReadView All

Courtesy: ASEAN

Apparel/Garments | On 16th Nov 2018

ASEAN RCEP pushed back to 2019 due to lack of consensus

The Association of Southeast Asian Nations (ASEAN) postponed...

Cotton sector to receive boost in Azerbaijan's Ujar region

Textiles | On 16th Nov 2018

Cotton sector to receive boost in Azerbaijan's Ujar region

Factories for cotton processing, production of cottonseed oil and...

Uzbekistan wants zero EU customs duty on textile products

Textiles | On 16th Nov 2018

Uzbekistan wants zero EU customs duty on textile products

Uzbekistan plans to seek zero customs duty from the European Union...

Interviews View All

Shiladitya K Joshi, Truetzschler India Private Limited

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Awen Delaval, Samatoa

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Abhishek Samdaria, Reflete

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Ramez Basmaji,

Ramez Basmaji

Fabusse is a Lebanon-based fashion agency that offers a variety of...

Marcello Galvanin,

Marcello Galvanin

Galvanin has more than 50 years of experience in the production of textile ...

Sarah Perkins,

Sarah Perkins

Fairfax, Virginia-based Specialty Graphic Imaging Association (SGIA) is a...

Giulio Cesareo, Directa Plus SpA

Giulio Cesareo
Directa Plus SpA

Established in 2005, Direct Plus SpA, is one of the largest producers and...

Mr Hartmann Huth, Trevira GmbH

Mr Hartmann Huth
Trevira GmbH

Trevira GmbH is an innovative European manufacturer of high-value branded...

Robert Erichsen, Statex Produktions & Vertriebs GmbH

Robert Erichsen
Statex Produktions & Vertriebs GmbH

Statex Produktions & Vertriebs Gmbh, founded in 1978 and headquartered ...

Amiben Shroff, Shrujan

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Judy Frater, Somaiya Kala Vidya

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

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

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


November 2018

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

news category


Related Categories:

Advanced Search