Peace Arch(R) Entertainment Provides Update Regarding the Filing of Its Annual and First Quarter Financial Information
15 Janeiro 2009 - 12:26AM
Marketwired
Peace Arch� Entertainment Group Inc. (AMEX: PAE) (TSX: PAE), today
provided an update with respect to the Company's SEDAR filing of
its audited financial statements for the year ended August 31, 2008
and its first quarter period ending November 30, 2008.
As announced on November 28, 2008 and as updated on December 1,
2008, the Company has not filed its annual financial statements for
the year ended August 31, 2008. As a result of not filing its
yearend financial statements, it has yet to file its financial
statements for the first quarter ended November 30, 2008. The late
filing of the yearend financial statements is due to management's
re-evaluation of the Company's investment in ten movie titles and
its participation in their production during fiscal 2006 and
possible restatement of its consolidated financial statements for
fiscal 2006 and fiscal 2007.
As previously announced, a Notice of Temporary Order and Hearing
was issued by the Ontario Securities Commission on December 4,
2008, halting trading in the Company's shares in Canada for a
period of 15 days from the date of the Order. On December 18, 2008,
the Ontario Securities Commission issued a cease trade order for
all shares in Canada.
About Peace Arch Entertainment Group Inc.
Peace Arch Entertainment produces and acquires feature films,
television and home entertainment content for distribution to
worldwide markets. Peace Arch owns one of the largest libraries of
top quality independent feature films in the world, featuring more
than 2,000 classic and contemporary titles. 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," "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. Factors that would cause or contribute to such
differences include, but are not limited to, that the corresponding
restatement of the Company's financial statements may change based
upon the Audit or Special Committee's ongoing analysis, that the
Company's ability to file required reports timely with the
Securities and Exchange Commission and Canadian securities
regulators will be impaired, that potential claims or proceedings
may arise relating to such matters, that the Audit or Special
Committee in consultation with the Company's independent auditors
will determine that the proper accounting differs from the
accounting treatment upon which the assumptions and forward-looking
statements in this release are based and other risks detailed in
the Company's periodic report filings with the Securities and
Exchange Commission and with the Canadian securities regulators. By
making these forward-looking statements, the Company undertakes no
obligation to update these statements for revisions or changes
after the date of this release.
Distributed by Filing Services Canada and retransmitted by
Marketwire
Contact: Gerry Noble Chief Executive Officer Peace Arch
Entertainment Group Inc. 416.783.8383 Email: Email Contact
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