GreenStar Announces Cease Trade Order
TORONTO, ONTARIO--(Marketwired - June 17, 2014) - GreenStar Agricultural Corporation (TSX VENTURE:GRE) ("GreenStar" or the "Company") reports that further to the temporary order issued by the Director of the Corporate Finance Branch of the Ontario Securities Commission (the "Director") on June 3, 2014 cease trading the common shares of the Company, which order was to expire fifteen days after its issuance, on June 16, 2014 the Director issued a further order cease trading the common shares of the Company (the "CTO") until further order of the Director. As with the June 3, 2014 order, the CTO was issued as a result of the delay in filing the Company's audited financial statements for the year ended December 31, 2013, unaudited interim financial statements of the Company for the three month period ended March 31, 2014, accompanying management's discussion and analysis, and related CEO and CFO certifications, as required by Ontario securities law (the "Required Filings"). As a result of the June 3, 2014 order, the TSX Venture Exchange (the "TSX-V") suspended trading of the Company's common shares until such time as it accepts a reinstatement application by the Company. In addition, the Executive Director of the British Columbia Securities Commission also issued a cease trade order dated June 4, 2014 which order also remains in effect until revoked by the Executive Director. The Company is working diligently to resolve all outstanding issues in the audit. As previously announced, the Company's legal counsel and CFO visited Pucheng on June 6 and 7, 2014, and confirmed certain circumstances at the Company reported by the CEO and confirmed the process initiated by the Company to replace the finance chop. The Company expects to receive a new finance chop on June 19, 2014. With the new finance chop, the Company's audit committee plans to complete certain verification procedures at the banks and the tax bureaus. Following such verification, the auditors should be able to resume and complete their audit work. The Company will fully cooperate with the auditors to facilitate their audit process, so that they can complete the audit as soon as possible. Once the Required Filings are made, the Company intends to apply to the OSC and other securities regulators for a full revocation of the CTO. Upon the revocation of the CTO, the Company will submit a reinstatement application to the TSX-V. A copy of the CTO can be found at the Company's website at www.greenstaragricultural.com. (Source: https://www.greenstaragricultural.com/GreenStar%20Announces%20Cease%20Trade%20Order.pdf)