PSN in Default Poseidon discusses options with lenders
Ticker Symbol: C:PSN
Poseidon discusses options with lenders
Poseidon Concepts Corp (C:PSN)
Shares Issued 81,096,828
Last Close 2/14/2013 $0.27
Wednesday February 20 2013 - News Release
An anonymous director reports
POSEIDON CONCEPTS CORP. PROVIDES UPDATE
Poseidon Concepts Corp. has provided the following update with respect to its business and operations.
As previously announced on Feb. 14, 2013, the company has determined that the first, second and third quarter 2012 financial statements must be restated.
As a result, the company is currently in default under its loan agreement dated June 29, 2012. The company is in discussions with its syndicate of lenders regarding short- and long-term support, which is subject to negotiation, credit approval and revised loan terms, which are yet to be determined.
In addition, as a result of the requirement to restate the financial statements, the Alberta Securities Commission has issued a cease trade order against the company. The cease trade order prohibits all trading or purchasing in company securities until the cease trade order has been revoked or varied by the commission.
We seek Safe Harbor.