... and Comments on Temporary Trading Halt Initiated by Investment Industry Regulatory Organization of Canada
WATERLOO, ON, Nov. 24, 2011 /CNW/ - ARISE Technologies Corporation (TSX: APV and Frankfurt: A3T), ("ARISE" or "the Company") announced that it has today received notice from the Toronto Stock Exchange ("TSX") to delist the Company's shares and warrants as of December 23, 2011. This decision is the result of the previously announced delisting review which was initiated by the TSX and announced October 21, 2011. The TSX has concluded its review and has determined that the Company currently does not meet the listing requirements under existing policies. ARISE is working toward listing its shares and warrants on an alternate exchange in order to minimize the impact on its shareholders.
In addition, the Investment Industry Regulatory Organization of Canada (IIROC) has initiated a temporary cease trade order on the ARISE's common shares and warrants. The fifteen day temporary trading halt is in effect until such time as the Company's third quarter interim financial statements and MD&A ("Q3 financials") are completed.
As noted in the media release of November 14, 2011, ARISE is delayed in filing its interim Q3 financials due to material events that have occurred subsequent to the quarter end including the structured insolvency proceedings at the Company's German subsidiaries and related creditor issues. These events have created an additional level of complexity. ARISE is working towards completing its interim Q3 financials as soon as possible in order to comply with IIROC's requirements so that the temporary trading halt is lifted.
ARISE will continue to provide updates regarding developments in the above mentioned items and any other material issues.