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Enssolutions Group Inc. Provides First Default Status Report

^{Published on 2011-05-30 12:30:36 - Market Wire}
 

TORONTO, May 30, 2011 /CNW/ - ENSSOLUTIONS GROUP INC. (TSXV:ENV) (the "Corporation") is providing this bi-weekly Default Status Report in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). On May 4, 2011, the Corporation announced there would be a delay in filing its audited financial statements for the year ended December 31, 2010 (the "Financial Statements"), 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.

As a result of this delay in filing, on May 11, 2011, the Ontario Securities Commission, the principal regulator of the Corporation, issued a Temporary Management Cease Trade Order (the "MCTO"), which imposed restrictions on all trading in and all acquisitions of securities of the Corporation, whether direct or indirect, by the Chief Executive Officer and the Chief Financial Officer of the Corporation for a period of 15 days from the date of the MCTO or any extension of the MCTO. All other parties are permitted to freely trade the Corporation's securities.

The Corporation's auditors are completing the audit of the Financial Statements, and the Corporation continues to expect to file the Required Documents on or before June 15, 2011. Until the Required Documents are filed, the Corporation intends to continue to satisfy the requirements of the Alternative Information Guidelines (the "AIG") specified in Section 4.4 of NP 12-203 by issuing bi-weekly Default Status Reports, each of which will be issued in the form of a news release. The Corporation intends to file, if required, its next Default Status Report by June 13, 2011.

The Corporation reports that since the issuance of the default notice, there has not been any material change to the information provided therein, nor has there been any failure by the Corporation in fulfilling its stated intentions with respect to satisfying the AIG. In addition, there has not been any specified default by the Corporation under NP 12-203 other than the delay in filing the Required Documents, and 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 ].