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Message: Default Announcement Pursuant to National Policy 12-203
| June 1, 2009 |
| Cantronic Systems Inc. Default Announcement Pursuant to National Policy 12-203 |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 1, 2009) - Cantronic Systems Inc., ("Cantronic" or the "Issuer") (TSX VENTURE:CTS) announced today that it will not be in a position to file its audited annual financial statements (the "Statements"), management's discussion and analysis and related certifications for the fiscal year ended January 31, 2009 on or before June 1, 2009, as required, as a result in large part of the extremely busy period the Issuer has experienced during the past two months as a result of the H1N1 human swine flu epidemic. The Issuer has been trying to meet unparalleled demand for its FeverScan M3000 Thermal Imaging Camera and its management and employees have been working unusually long hours and under extreme time pressures to meet customer demand and to provide support for its products. Accordingly, the Issuer has requested the issuance of a management cease trade order under the provisions of National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203") so as to permit the continued trading in the Issuer's Common Shares by persons other than insiders and employees of the Issuer. The Issuer is working closely with its auditors, Ernst & Young LLP, and the Issuer expects to be able to have the audit of the Statements completed, and the Statements filed, by mid June, 2009 and in any event no later than June 30, 2009. The Issuer confirms that it intends to satisfy the provisions of section 4.4 of NP 12-203 and issue bi-weekly default status reports for so long as the Issuer remains in default of the financial statement filing requirement, containing any material changes to the information in this release; all actions taken by the Issuer to remedy the default; particulars of any failure by the Issuer to fulfill these provisions; any subsequent defaults of the Issuer requiring a default announcement; and, any other material information concerning the affairs of the Issuer not previously disclosed. The Issuer intends to issue the first default status report on June 10, 2009. The Issuer is not subject to any insolvency proceedings nor is there in other material information concerning the affairs of the Issuer that has not been generally disclosed. About Cantronic Cantronic manufactures, distributes, and provides training and services in the fields of infrared vision and video security surveillance technologies, specializing in passive and active infrared cameras, infrared illuminators, low light infrared sensitive CCD cameras and long-range night vision surveillance systems for demanding homeland security and surveillance application. Cantronic, through its US subsidiary QWIP Technologies, Inc. ("QWIPTECH"), holds a worldwide, exclusive license from the California Institute of Technology ("Caltech") to produce and sell infrared detectors and sensors based on Caltech's Quantum Well Infrared Photodetector technology. Cantronic is a Tier 1 issuer on the TSX Venture Exchange, trading under the symbol CTS. For further information about Cantronic and QWIPTECH, please visit our websites at www.cantronics.com and www.qwip.com. |
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