Mr. Tony Pettica reports
SPARTA REPORTS ON DELAY IN FILING ANNUAL FINANCIAL STATEMENTS
Sparta Capital Ltd. has completed the filing of an application seeking a management cease trade order (the MCTO) under National Policy 12-203, from the Alberta Securities Commission (ASC).
Sparta has filed an application seeking an order for a MCTO from the ASC because the company was unable to file its annual financial statements for the year ending Sept. 30, 2023, including the related management's discussion and analysis (MD&A) and certifications from the CEO (chief executive officer) and CFO (chief financial officer), in time to meet the Jan. 28, 2024, filing deadline. The delay in filing the audited statements is largely related to the unexpected and sudden passing of a former director and key officer, John O'Bireck, and the transition of day-to-day operations to a new management team. Mr. O'Bireck was responsible for all of the operations of the issuer, including liaising with the auditor. During this transitionary period, there have been unavoidable delays in responding to information requests from the auditor resulting in a delay in completion of the audited statements.
Sparta expects to file the annual filings on or before March 1, 2024.
While the MCTO restricts all trading in securities of the company by the chief executive officer and chief financial officer of the company until the MCTO is no longer in effect, regular trading by current and future investors outside the company, continues as normal. The MCTO will be in effect until the annual filings are filed.
The new management team will continue to work daily with the audit firm, but this is not expected to interrupt work within the company's health portfolio and environment division or disrupt plans to unveil a comprehensive TruckSuite platform in Canada this year. The TruckSuite program, designed to assist truckers with some of their biggest challenges on the road, has a significant market target. Currently, Canada alone has over 300,000 truck drivers.
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 -- Management Cease Trade Orders. 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.
About Sparta Capital Ltd.
Sparta Group (also known as Sparta Capital) is a technology-based company focused on integrating emerging technologies. It operates with a decentralized business model, with each active business functioning as a separate subsidiary. This structure provides brand recognition, insight, high-level strategic guidance and financial monitoring. Sparta Group is divided into three operational business segments, each accountable for its day-to-day operations and performance. Those segments are environment, energy and innovation.
We seek Safe Harbor.
© 2024 Canjex Publishing Ltd. All rights reserved.