EarthFirst Canada Inc. (TSX: EF, EF.WT) today announces that the filing of its interim financial statements, management's discussion and analysis and related CEO and CFO certifications for the third quarter ended September 30, 2008, will be delayed beyond the filing deadline of November 14, 2008.
On November 4, 2008, EarthFirst received protection under an order granted pursuant to the CCAA. As a result of the Company's ongoing review process while in CCAA there is a high degree of measurement uncertainty with respect to the appropriate carrying value of certain of the Company's assets on its balance sheet and as a result the Company is unable to prepare its interim financial statements.
EarthFirst intends to file with securities regulatory authorities throughout the period in which it is in default, the same information it provides to its creditors when the information is provided to the creditors and in the same manner as it would file a material change report. While under CCAA protection, EarthFirst's Board of Directors maintains its usual role and its management remains responsible for EarthFirst 's day-to-day operations, under the supervision of the Court-appointed monitor.
Currently the stay period under the CCAA Order will end on December 4, 2008 but may be extended upon further order of the Court of Queen's Bench of Alberta (the "Stay Period"). EarthFirst currently plans to remedy the default and file its third quarter financial statements, management's discussion and analysis and related CEO and CFO certifications as soon as it is able to do so and in any event by the end of the CCAA Stay Period. EarthFirst also intends to satisfy the provisions of the alternate information guidelines of section 4.4 of National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203") as long as it is in default of the filing requirements.
These provisions require EarthFirst to file a bi-weekly default status report, in the form of news releases, containing any material changes to the information in this release; all actions taken by EarthFirst to remedy the default; particulars of any failure by EarthFirst to fulfill these provisions; any subsequent defaults of EarthFirst requiring a default announcement; and, any other material information concerning the affairs of EarthFirst not previously disclosed. EarthFirst intends to issue a corporate update on or before November 14, 2008 and to issue the first default status report on November 24, 2008.
This default announcement is made under section 4.3 of National Policy 12-203, which came into effect September 1, 2008, and replaces previous policies under which provincial securities commissions could grant extensions to filing deadlines.
EarthFirst also announces today that Linda Chambers has resigned as President and Chief Executive Officer and director effective immediately. The Board of Directors of EarthFirst wish to thank Ms. Chambers for her contributions to the company. In Ms. Chambers' place, the Board of Directors has appointed Mr. Brian Trypka as Chief Restructuring Officer. Mr. Trypka's appointment is subject to receipt of approval from the Court of Queen's Bench of Alberta, which approval EarthFirst intends to seek within the next several days. -- www.cnxmarketlink.com
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
