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Enssolutions Group Inc. Confirms Delay in Reporting of 2010 Annual Financial Results

^{Published on 2011-05-04 08:00:55 - Market Wire}
 

TORONTO, May 4 /CNW/ - ENSSOLUTIONS GROUP INC. (TSXV: ENV) (the "Corporation") announced today was not be able to file its audited financial statements for the year ended December 31, 2010, its management's discussion and analysis relating to the financial statements, and the CEO and CFO certificates (collectively, the  "Required Documents") by May 2, 2011 as required under securities laws.

The Corporation has recently undertaken to change its auditors and due to the voluminous documentation changing hands during the transition period, which has been received belatedly, it is unable to meet the filing deadline.  The Board of Directors has developed a work plan pursuant to which the Corporation's management will assist the auditors in completing the financial statements. It is expected that the Corporation will be in a position to file the Required Documents as soon as practicable or by no later than May 31, 2011.

The Corporation 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 the Corporation by certain insiders of the Corporation.  The granting of an MCTO is at the discretion of the Canadians securities regulatory authorities and there is no assurance that an order will be granted.

An MCTO would not generally affect the abilities of persons who have not been directors, officers or insiders of the Corporation to trade securities of the Corporation.  The Corporation intends to satisfy the provisions of the alternate information guidelines as set out in NP 12-203 for as long as the Corporation 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.

There is no other material information concerning the affairs of the Corporation that has not been generally disclosed.

ABOUT THE CORPORATION

The Corporation, with production facilities in Hamilton, Ontario and Phoenix, Arizona, services some of North American's largest mining, steel, cement, and road construction/maintenance companies as well as numerous public road authorities. The Corporation provides engineered environmental solutions for mine tailings control, process dust and erosion control, granular stabilization, road construction/maintenance and stockpile sealing.

For more information on the Corporation, please visit [ www.enssolutions.com ].