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TORONTO, ON / ACCESSWIRE / April 4, 2023 / Sparta Group (TSXV:SAY) (OTC PINK:SCAXF) (the "Corporation", the "Company", "Sparta Group", "Sparta Capital", "SAY.V" or "Sparta") is announcing that further to its March 8, 2023, news release ("Status Update"), it is requesting an extension of the new deadline from the Alberta Securities Commission ("ASC") to file the Company's Annual Filings (as defined herein) for the year ended September 30th, 2022, with the expectation that the auditor will have the Annual Filings complete imminently.
If the extension is granted, the management cease trade order ("MCTO") will remain in effect until the Annual Filings are filed which is anticipated to be on or before April 5, 2023.
While in place, the MCTO restricts all trading in securities of the Company by the Chief Executive Officer and Chief Financial Officer of the Company. Regular trading by current and future investors outside the Company continues. The MCTO is in effect until the Annual Filings are filed and the ASC has removed the MCTO.
Sparta initially filed an application seeking an order for the MCTO from the ASC since the Company was unable to file its annual financial statements for the year ending September 30, 2022, including the related management's discussion and analysis and certifications from the CEO and CFO ("the Annual Filings"), in time to meet the January 30, 2023, filing deadline. The company announced in a previous news release that an extension was required due to staffing issues with the auditor. The ASC permitted an extension until April 3, 2023. Now a further extension is needed to allow the auditor to complete a final review before the Annul Filings are submitted.
The CPA (Chartered Professional Accountants) in Canada reports that the number of accounting and auditing firms that have struggled over the last few years to meet deadlines has grown. The issue stems from people leaving the field in record numbers. Turnover rates are hard on accounting and auditing offices. It takes time for new team members to get up to speed with firm requirements, as well as client accounts.
"We know how challenging it is for auditors right now and we are trying to remain patient. Our management team has made it a priority to be available to the auditors to allow them to expedite and complete the audit," said John O'Bireck, Sparta President and CTO.
Until the Annual Filings are filed, the Company intends to satisfy the provisions of the Alternative Information Guidelines set out in National Policy 12-203.
The Company confirms that, other than what was disclosed in prior press releases, there have been no material business developments since the filing of the Company's latest interim financial report. The Company further confirms that there are no insolvency proceedings to which it is subject and the Company intends to file with the CSA regulators 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 under part 7 of National Instrument 51-102 Continuous Disclosure Obligations.
About Sparta Sparta Group (a.k.a. Sparta Capital Ltd.) is a company focused on advanced technology designed to improve the health of the planet, the health of businesses, and the health of humankind. Sparta owns or holds a controlling interest in a network of independent businesses that supply energy saving technologies designed to reduce energy inefficiencies, achieve reduced emissions, and increase operating efficiencies in various industries. At the same time, the company also diverts waste from landfill, transforming it into something of value. While it began as an environmental technology company, Sparta expanded its technological expertise to address the growing demand for healthier workplaces and healthy employees. Its strong Technical Advisory Board reflects Sparta's dedication to advancing technologies that incorporate the latest in high-tech, including Artificial Intelligence (AI), to solve some of the world's pressing problems, including climate change, viral outbreaks, and mounting waste. The company is now structured into three divisions: Environment, Innovation, and Energy. These divisions better categorize the growing list of products and services offered by the Company.
Sparta is a publicly traded company listed on the TSX Venture Exchange Inc. under the symbol "SAY" (TSX.V: SAY). Additional information is available at www.spartagroup.ca or on SEDAR at www.sedar.com.
For more information contact: John O'Bireck, President & CTO Email: jobireck@spartagroup.ca Telephone: (905) 751-8004
The above may contain "forward-looking information" within the meaning of applicable securities laws. When used in this address, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although the Corporation believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, readers are cautioned to not place undue reliance on forward-looking information because the Corporation can give no assurance that they will prove to be correct. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date of publication of this information and the Corporation undertakes no obligation to update such forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Furthermore, the Corporation undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Corporation. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release).
