|[May 06, 2014]
Sonomax Technologies Announces Late Filing of Annual Financial Statements and Provides Corporate Update
MONTREAL --(Business Wire)--
Sonomax Technologies Inc. (CSE:SHH) announces that it has not
filed its annual financial statements for the fiscal year ended
December 31, 2013 and the related management's discussion and analysis
by the legal deadline of April 30, 2014. In place of an issuer
cease-trade order against all of Sonomax's shareholders, Sonomax has
obtained a management cease-trade order from the Autorité des marchés
financiers under National Policy 12-203 Cease Trade Orders for
Continuous Disclosure Defaults, under which Sonomax's six directors
and senior officers cannot trade in Sonomax securities.
Sonomax's failure to file its audited financial statements by the
prescribed deadline is due to Sonomax making the necessary arrangements
to complete the annual audit. In particular, in light of its difficult
financial situation, Sonomax must make satisfactory arrangements to pay
its auditors. Sonomax is actively seeking the necessary funding and is
confident that it will be able to make such satisfactory financial
arrangements with its auditors shortly.
Should Sonomax fail to file the appropriate Default Status Report as
prescribed by National Policy 12-203 Cease Trade Orders for
Continuous Disclosure Defaults, the securities commissions or
regulators may s a result impose an issuer cease-trade order against
all shareholders of Sonomax. Sonomax expects to file its audited
financial statements for the fiscal year ended December 31, 2013 and the
related management's discussion and analysis by June 30, 2014. Sonomax
confirms that it intends to provide Default Status Reports for so long
as it is in default of its requirement to file the annual financial
Sonomax confirms that, at the date hereof, there are no insolvency
proceedings against it and no other material information concerning the
affairs of Sonomax that has not been generally disclosed.
Despite the financial challenges, Sonomax has successfully seeded the
market with 5,000 pairs of its award-winning V5 self-fit hearing
protection products through a network of established global Master
Distributors. Sonomax can report that it has recently secured inventory
financing for the next order of 8,000 pairs. Sonomax is also engaged in
a more long-term inventory financing arrangement with an international
trade & finance company which it hopes to conclude in the next 60 days.
Sonomax has started a development project to modify the SonoFit™ system
to assist in the delivery of a medical device in the United States.
While still early stage, the project is promising and entirely funded by
the end-user customer.
About Sonomax Technologies Inc.
Sonomax is a leader in the product development, research, and licensing
of in-ear technologies. With more than 21 patents and 10 trademarks
worldwide, Sonomax's pioneering innovation includes instant
custom-fitting earpieces that deliver the most comfortable, protective
and sound-enhancing experience in the world. Learn more at http://sonomax.com
This news release contains certain forward-looking statements that
reflect the current views and/or expectations of Sonomax Technologies
Inc. with respect to its performance, business and future events. Such
statements are subject to a number of risks, uncertainties and
assumptions. Actual results and events may vary significantly.
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