CALGARY, ALBERTA--(Marketwired - Aug. 31, 2015) -
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Groundstar Resources Limited (the "Company") (TSX VENTURE:GSA) today announced that its audited annual financial statements, CEO and CFO certifications and management discussion & analysis (the "Annual Filings") for the year ended April 30, 2015 were not released as scheduled on August 28, 2015. It is now anticipated that the release will occur on or about September 15, 2015.
The Company is late in the preparation of the Annual Filings due to the change of auditor and the inability of the Company to find a suitable replacement for the outgoing Chief Financial Officer since its Chief Financial Officer resigned on March 9, 2015. The preparation of the Annual Filings has been tasked to various financial consultants of the Company and, working with new auditors who are not familiar with the Company, it is taking more time than earlier thought to complete the audit. In addition, issues surrounding the record keeping of previous management continue to hamper efforts to complete the audit in a timely manner. The audit has been commenced and is close to being completed.
As a result of the delay, the Company has voluntarily requested that the Securities Commissions in Alberta, British Columbia, Saskatchewan and Ontario issue a temporary order that prohibits certain current directors, officers and insiders of Groundstar from trading in securities of Groundstar for so long as the Annual Filings are not filed. The issuance of such management cease trade order generally does not affect the ability of persons who are not directors, officers or insiders of the issuer to trade in their securities. Groundstar intends to provide updates in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults with respect to further developments in respect of this matter promptly following their occurrence, including the issuance of bi-weekly status update reports until such time as the Annual Filings are completed.
The reports required under section 2.1 of National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (the "NI 51-101 Reserves Report") are expected to be filed shortly.
About Groundstar Resources Limited
Incorporated in 1968, Groundstar Resources Limited is a publicly traded oil and gas company actively growing a portfolio targeting producing oil and gas assets with development opportunities and exploration upside. The Company's current portfolio of resource assets provides both near term and longer term potential. Groundstar is quoted and trades under the ticker symbol "GSA" on the TSX Venture Exchange.
Neither the 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 press release. |