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ACCESSWIRE Not for distribution to U.S. Newswire Services or for dissemination in the United States of America. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws TORONTO, ON / ACCESSWIRE / March 18, 2022 / Sparta Group (TSXV:SAY) (the "Corporation", the "Company", "Sparta Group", "Sparta Capital", "SAY.V" or "Sparta") is announcing that further to its March 4th, 2022, news Release ("Acceptance of Extension"), the Company is nearing completion of its annual audited financial statements for the year ended September 30th, 2021. While the Company anticipated reaching a new deadline of March 1, 2022, unexpected staffing issues within the new accounting audit services firm employed by Sparta meant a short extension was required and granted. The extension runs until April 1st, 2022. "We very much appreciated being granted this further extension, and for the sake of all companies, we sincerely hope work-related issues associated with COVID-19, including staffing, will soon be a thing of the past," said John O'Bireck In a prior "Default Announcement", Sparta indicated it had applied for an MCTO from the Alberta Securities Commission (ASC) because the Company was unable to file its annual financial statements for the year ended September 30, 2021, including the management's discussion and analysis and certifications to meet the January 28, 2022, deadline. The default occurred due to senior management working on audit preparation paperwork contracting COVID-19. The ASC accepted the application for the extension on January 28th, 2022. The MCTO restricts all trading in securities of the Company by the Chief Executive Officer and Chief Financial Officer of the Company until the management cease trade order is no longer in effect; however, regular trading continues as normal. The MCTO will be in effect until the Annual Filings are filed. Until the Annual Filings are filed, the Company intends to continue to follow the provisions of the Alternative Information Guidelines set out in National Policy 12-203 - Management Cease Trade Orders. Management confirms that, other than what was disclosed in prior press releases, there have been no material business developments since the filing of the Company's latest interim financial report. While the auditing service is finishing up their work on Sparta's annual audited financial statements for the year ended September 30th, 2021, the Company did release their unaudited consolidated interim financial statements and supporting Management Discussion & Analysis ("MDA") for the three months ended December 31, 2021, and 2020 by the required March 1, 2022, filing deadline. |