|By Marketwired .||
|May 8, 2014 06:52 PM EDT||
CARLSBAD, CALIFORNIA -- (Marketwired) -- 05/08/14 -- Pacific Vector Holdings Inc. (TSX VENTURE:PVH) (the "Company") announces that it has been granted a Temporary Management Cease Trade Order (the "Temporary MCTO") by its principal regulator, the Ontario Securities Commission ("OSC"). As previously announced on May 1, 2014 an application for an MCTO was made by the Company in respect of the late filing of its annual financial statements, accompanying Management Discussion and Analysis and related CEO and CFO Certifications of such annual filings for the financial year ended January 5, 2014 ("collectively the "Required Filings").
The Temporary MCTO restricts all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer and the Chief Financial Officer of the Company until such time as the Required Filings have been filed by the Company. All other parties are permitted to freely trade the Company's securities. The OSC has given notice of a hearing to be held on May 20, 2014 for the purpose of extending the Temporary MCTO until the Company has remedied the default and filed the Required Filings.
As previously announced the Company was not in a position to timely file the required Filings, primarily as a result of additional time required to secure financing and, subsequently, for its auditors to be compensated in order to complete the audit of the Corporation's financial statements. The Company's board of directors and management confirm that they are working expeditiously with the Company's auditors to meet the Company's obligations relating to the filing of the Required Filings. The Corporation expects to file the Required Filings on or before June 13, 2014.
The Company confirms that it intends to satisfy the provisions of the alternative information guidelines found at sections 4.3 and 4.4 of Policy statement 12-203 respecting Cease Trade Orders for Continuous Disclosure Defaults, for as long as it remains in default as a result of the late filing of the Required Filings. During the period of default, the Corporation will issue default report status reports as required on each of May 15, May 29 and June 10 in the form of further press releases, which will also be filed on SEDAR. The Corporation confirms there are no insolvency proceedings against it at the date of this release. The Corporation also confirms that there is no other material information concerning the affairs of the Corporation that has not been generally disclosed as of the date of this press release.
About Pacific Vector
Pacific Vector is a premier action sports retail and consumer brands company. www.pacificvector.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Pacific Vector assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Pacific Vector.