VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 30, 2017) -DuSolo Fertilizers Inc. (TSX VENTURE:DSF) ("DuSolo" or "the Company") announces that it will be late in filing its audited financial statements for the year ended September 30, 2016 and certain related filings.
On January 30, 2017, DuSolo is required to file:
- Audited annual financial statements for the year ended September 30, 2016 as required by Part 4 of National Instrument 51-102 Continuous Disclosure Obligations;
- Management's discussion and analysis relating to the audited annual financial statements, as required by Part 5 of National Instrument 51-102 Continuous Disclosure Obligations; and
- CEO and CFO certificates relating to the audited annual financial statements, as required by National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings (collectively, the "required filings").
DuSolo has undergone significant management changes since the completion of its last annual filings, and it changed its auditor to Ernst & Young LLP ("E&Y) in September 2016. New management working with new auditors has resulted in some delays, and management is still in the process of obtaining and providing E&Y with the documents and information which it requires to complete the 2016 audit. Dusolo currently anticipates the required filings will be made on or about February 15, 2017.
Dusolo has applied to the securities commissions of the provinces in which it is a reporting issuer to impose a management cease trade order for the duration of the default. Until the required filings are made and the management cease trade order is lifted, Dusolo will satisfy the requirements of the alternative information guidelines set out in National Policy 12-203 Management Cease Trade Orders (the "MCTO Policy") which require Dusolo to issue bi-weekly news releases to keep the market continuously informed of any developments during the period of the default.