Seamiles Suspended From Trading
May 19 2010 - 1:17PM
Marketwired
SeaMiles Limited ("SeaMiles" or the "Company") (TSX VENTURE: SEE),
North America's premier cruise loyalty provider, announced on April
28, 2010 that it would not be able to file its audited annual
financial statements for the financial year ended December 31,
2009, related management's discussion and analysis and CEO and CFO
certificates (collectively, the "Financial Statements") by the
filing deadline of April 30, 2010 as prescribed by National
Instrument 51-102 - Continuous Disclosure Obligations.
As a result of the Company not filing the Financial Statements
by the filing deadline, the Ontario Securities Commission (the
"OSC") issued a cease trade order on May 14, 2010 prohibiting
further trading in SeaMiles' shares (the "Cease Trade Order"). The
TSX Venture Exchange ("the TSXV") has suspended trading of the
Company's shares as a result of the Cease Trade Order and
reinstatement to trading can occur only when the Cease Trade Order
is revoked and the TSXV has concluded its reinstatement review to
ensure the Company has satisfactorily complied with all applicable
TSXV requirements.
The reinstatement requirements for the Company vary depending
upon how long the Company remains suspended and whether the Company
meets the Tier Maintenance Requirements ("TMR") of the TSXV. If the
Company does not complete its reinstatement and does not meet the
TMR within 90 days from the suspension date, the TSXV will transfer
the shares of SeaMiles to NEX without further notice.
SeaMiles remains unable to state at this time when it expects to
file the Financial Statements. Once the Company's regulatory
filings are up-to-date, the Company intends to seek reinstatement
of the listing of its shares, although the timing for this process
is unknown at this time.
ABOUT SEAMILES
SeaMiles is North America's premier cruise loyalty provider,
committed to recognizing and rewarding the cruiser through multiple
earning opportunities and best-in-class, maximum award flexibility
based on "Any Cruise Line...Any Time". Additional information can
be found at www.seamiles.com.
This press release contains "forward looking information" within
the meaning of applicable Canadian securities legislation. Forward
looking information includes, but is not limited to, statements
with respect to the terms of the proposed litigation settlement,
the proposed filing of financial statements, and potential
regulatory actions. Generally, forward looking information can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
the Company to be materially different from those expressed or
implied by such forward-looking information, including but not
limited to: general business, economic, competitive and regulatory
risks. Although the Company has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward
looking information. The Company does not undertake to update any
forward-looking information, except in accordance with applicable
securities laws.
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 release.
Contacts: SeaMiles Limited Peter Rooney President (416) 398-1555
Ext. 442 peter.rooney@seamiles.com SeaMiles Limited Steven Wise
Chairman & CEO (416) 631-3400 steven@seamiles.com
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