Peace Arch® Entertainment Provides Additional Information Regarding Its U.S. Listing & the Filing of Its Fiscal 2008 Financi...
September 28 2009 - 5:00PM
Business Wire
Peace Arch® Entertainment Group Inc. (AMEX:PAE) (TSX:PAE.T)
today provided an update with respect to the listing of the
Company’s shares on the NYSE Amex LLC (“Amex” or the “Exchange”)
and the filing of the Company’s audited financial statements for
the year ended August 31, 2008.
As previously disclosed, on September 17, 2009 the Company
received notice of Amex’s intent to delist the Company’s shares.
The Company did not appeal Amex’s decision, as a result of which
the Company’s shares are scheduled to be delisted from Amex on
September 30, 2009. After delisting from Amex, the Company expects
its shares to begin trading on the Pink Sheets beginning October 1,
2009. The Company’s business operations will continue in the normal
course and will not be affected by the status of its Amex
listing.
The Company plans to have its shares trade on the OTCQX after
the Company files with the Securities and Exchange Commission
(“SEC”) its Annual Report on Form 20-F for the year ended August
31, 2008, its quarterly reports for the periods ending November 30,
2008, February 28, 2009 and May 31, 2009, and the Company’s shares
resume trading in Canada on the Toronto Stock Exchange (“TSX”). On
December 18, 2008, the Ontario Securities Commission (“OSC”) issued
a cease trade order for the Company’s shares in Canada due to the
Company’s failure to file its audited financial statements for the
year ended August 31, 2008.
As previously disclosed, Peace Arch has been unable to obtain
certain financial information relating to the year ended August 31,
2008 from a number of unrelated companies whose results Peace Arch
is obligated to consolidate under variable interest entity rules.
Because the Company’s auditors are unable to audit information that
is not accessible by Peace Arch, the Company has not yet been able
to obtain an unqualified audit opinion. The Company has been
advised that the OSC generally does not accept qualified audit
opinions. Consequently, Peace Arch has not yet filed its audited
financial statements for the year ended August 31, 2008 with the
OSC or its Annual Report on Form 20-F with the SEC.
At this time, the Company intends to file its Form 20-F for the
year ended August 31, 2008 with the SEC on or around October 15,
2009. Peace Arch expects the audit opinion accompanying that filing
to contain a qualified scope limitation with respect to the
aforementioned variable interest entities. The Company therefore
expects the OSC to leave the cease trade order in Canada in effect
until such time, if ever, as Peace Arch obtains an unqualified
audit opinion or a waiver from the OSC. No assurance can be given
that the Company will obtain an unqualified audit opinion or a
waiver from the OSC. The Company plans to continue pursuing each of
these matters diligently and will provide updates as relevant
information becomes available.
About Peace Arch Entertainment Group Inc.
Peace Arch Entertainment produces and acquires feature films and
television programs for distribution to worldwide markets. The
Company’s award winning drama “The Tudors” airs on Showtime in the
United States and the CBC in Canada, and its lifestyle series “Last
10 Pounds Boot Camp” and “Bulging Brides” both air on FLN in the
United States and Slice in Canada. Peace Arch’s recent feature film
releases include “The Mysteries of Pittsburgh” starring Jon Foster,
Peter Sarsgaard, Sienna Miller, Mena Suvari and Nick Nolte, and
“JCVD” starring Jean Claude Van Damme. For additional information,
please visit www.peacearch.com.
Forward-Looking Statements
This press release includes statements
that may constitute forward-looking statements, usually containing
the words “believe,” “estimate,” “project,” “plan,” “expect,” or
similar expressions. These statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. The Company undertakes no
obligation to update these forward-looking statements for revisions
or changes after the date of this release.
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