Mart Delays Filing of Year-End Financial StatementCALGARY, ALBERTA--(Marketwire - May 2, 2011) - Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Company") announces that it has determined that it will not be able to file its annual financial statements, management's discussion and analysis and CEO and CFO certificates (collectively, the "2010 Annual Financial Statements") by the filing deadline of May 2, 2011 as prescribed by National Instrument 51-102 – Continuous Disclosure Obligations.
The Company's delay in filing its annual financial statements is due to it being unable to secure certain documents and confirmations from third parties located in Nigeria necessary to complete the audit. The Company is currently working to secure the required materials at the earliest possible date and anticipates filing its 2010 Annual Financial Statements no later than May 31, 2011.
The Company has made an application to the applicable regulatory authorities for a management cease trade order ("MCTO"). The application and this press release has been authorized by the Chief Executive Officer of the Company, and approved by Mart's audit committee. There is no certainty that such order will be granted. If a MCTO is granted, the general investing public will still be able to trade Mart shares, however, the Company's Chief Executive Officer, Chief Financial Officer and such other directors, officers and persons as determined by the applicable regulatory authorities, will not be able to trade Mart shares. If a MCTO is not granted, the applicable regulatory authorities may issue a cease trade order against Mart for failure to file the Financial Statements within the prescribed time period.
Until Mart completes the filing of the Financial Statements, Mart will comply with the alternative information guidelines set out in National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require Mart to issue bi-weekly default status reports by way of a news release so long as the Financial Statements have not been filed.
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