Science & Technology
Tue, September 28, 2010Mon, September 27, 2010Sun, September 26, 2010Fri, September 24, 2010Thu, September 23, 2010Wed, September 22, 2010Tue, September 21, 2010Mon, September 20, 2010Sun, September 19, 2010Fri, September 17, 2010Thu, September 16, 2010Wed, September 15, 2010Tue, September 14, 2010Mon, September 13, 2010Sun, September 12, 2010Fri, September 10, 2010Thu, September 9, 2010Wed, September 8, 2010Tue, September 7, 2010Mon, September 6, 2010MITEC TELECOM TO DELAY FIRST QUARTER FINANCIAL STATEMENTS
Published in Science and Technology on Wednesday, September 15th 2010 at 5:31 GMT by Market Wire
MONTREAL, Sept. 15 /CNW Telbec/ - Mitec Telecom Inc. ("Mitec") (TSX: MTM) announced today that it is not in a position to file its first quarter, fiscal 2011 interim consolidated financial statements for the period ending July 31, 2010. Its audited statements for its fiscal year ended April 30, 2010 continue to provide accurate disclosure up to and including that period.
Mitec's Board of Directors and its management are working expeditiously to meet its obligations relating to the reporting of its first quarter, fiscal 2011 required filings, including interim consolidated financial statements, management's discussion and analysis ("MD&A") and related officer's certificates for the period ending July 31, 2010 and intends to file and report as soon as possible.
Mitec has applied for an order from the relevant Canadian securities regulatory authorities for a management cease trade order ("MCTO") as provided for in National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203") which prohibits trading in securities of Mitec by certain insiders of Mitec. The granting of an MCTO is at the discretion of the Canadian securities regulatory authorities and there is no assurance that an order will be granted.
An MCTO would not generally affect the ability of persons who have not been directors, officers or insiders of Mitec to trade securities of Mitec. Mitec intends to satisfy the provisions of the Alternate Information Guidelines as set out in the National Policy 12-203 for as long as Mitec remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a press release.
About Mitec Telecom Inc.
Mitec is a leading designer and provider of radio frequency (RF) products for the telecommunications and satellite communications industries, as well as a variety of other sectors. Mitec sells its products worldwide to network providers for incorporation into high-performing wireless networks used in voice and data/internet communications. Headquartered in Montreal, Canada, Mitec also operates facilities in California and China. Mitec is listed on the Toronto Stock Exchange under the symbol MTM. On-line information about Mitec is available at [ www.mitectelecom.com ].
Due to confidentiality provisions, Mitec is generally not able to disclose the names of its major customers or the financial data related to sales transactions. Certain statements in this release, including statements regarding future results and performance, are forward-looking statements based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, decreases in demand for Mitec's products, fluctuations in selling prices and adverse changes in general market and industry conditions and other factors listed in Mitec's public filings with the appropriate securities regulatory authorities.
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