Garrison Delays Filing of Annual Financial Statements
Posted on October 30, 2006 at 09:33 AM EST
TORONTO, ONTARIO--(CCNMatthews - Oct. 30, 2006) - Garrison International Ltd. (TSX VENTURE:GAU) announces that it will be late in filing its annual financial statements for its year-end of June 30, 2006. The fiscal year-end statements are to be filed no later than October 30, 2006. The late filing of the required statements is that the Company is waiting for a written response from its joint venture partner, Shanxi Jinguang Minerals Exploration Development Co. Ltd. extending the deadline for the US$750,000 in registered capital contribution which was required to be made by September 8, 2006 until such time as it has fully completed the transfer of its exploration licenses into the Joint Venture which is anticipated to be prior to December 31, 2006.
As a result of the delay in filing, Garrison has today requested that the Ontario Securities Commission and other Canadian securities regulatory authorities issue a temporary order that prohibits certain current officers, directors and insiders of Garrison from trading in securities of Garrison for so long as the financial statements are not filed. The issue of such cease trade order would generally not affect the ability of persons who are not officers or directors or insiders of Garrison to trade in their securities.
Garrison intends to provide information in accordance with Ontario Securities Commission Policy 57-603 - Defaults by Reporting Issuers in Complying with Financial Statement Filing Requirements with respect to further developments in respect of this matter promptly following their occurrence, including the issuance of bi-weekly status update reports for so long as the financial statements are not filed. Garrison anticipates that the annual financial statements will be filed by November 10, 2006. In the event that Garrison does not file its annual statements by December 30, 2006, the Ontario Securities Commission may impose an Issuer Cease Trade Order. Garrison intends to satisfy the provisions of the Alternative Information Guidelines during the period remains in default of the filing requirements.
Garrison is a junior mineral exploration company focused on acquiring and developing advanced stage gold properties in China. For complete details on Garrison and its partners, management encourages investors and interested parties to view its public documents filed on SEDAR at www.sedar.com.
All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding the future plans and objectives of Garrison. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Garrison assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
Shares Outstanding - 37,170,057
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here