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Avcorp Gets Hit with Cease Trade Order for Delay in Filing Annual Financial Statements and Receives $10M Expanded Loan
Thursday, April 12, 2018Company Profile | Follow Company
Delta, BC, April 12, 2018--(T-Net)--Avcorp Industries Inc. (TSX: AVP) announced today a cease trade order has been issued by the British Columbia Securities Commission on April 9, 2018 for not filing its annual financial statements for the year ended December 31, 2017, including the related management discussion and analysis, Annual Information Form and CEO and CFO certifications (collectively, the "Annual Financial Filings").
The Annual Financial Filings were required to be filed by April 3, 2018.
The delay in filing the 2017 Annual Audited Financial Statements is principally related to the Company requiring additional time to complete certain audit and accounting principle applications of the Hitco business acquisition in its consolidated Annual Financial Filings.
Effective November 23, 2017, the Company filed a Change of Auditor Notice on SEDAR detailing the resignation of its former auditor effective November 21, 2017.
The Company is working with its current auditor, Ernst & Young, on the audit procedures required to complete the 2017 Annual Financial Filings and expects to be able to file the Annual Financial Filings within the next few weeks.
The Company will provide updates as further information relating to the Annual Financial Filings becomes available.
Until the Annual Financial Filings are filed, the Company intends to provide information in accordance with National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults.
Also, the Company announced that on March 28, 2018, the Company entered into an amendment to its existing credit facility with a Canadian chartered bank whereby the following amendments were made:
The Expanded Loan provides the Company with liquidity for working capital and further turn-around efforts.
About Avcorp
The Avcorp Group designs and builds major airframe structures for some of the world's leading aircraft companies, including BAE Systems, Boeing, Bombardier, Lockheed Martin and Subaru Corporation. The Avcorp Group has more than 60 years of experience, over 700 skilled employees and 636,000 square feet of facilities. Avcorp Structures & Integration located in Delta British Columbia, Canada is dedicated to metallic and composite aerostructures assembly and integration; Avcorp Engineered Composites located in Burlington Ontario, Canada is dedicated to design and manufacture of composite aerostructures, and Avcorp Composite Fabrication located in Gardena California, USA has advanced composite aerostructures fabrication capabilities for composite aerostructures. The Avcorp Group offers integrated composite and metallic aircraft structures to aircraft manufacturers, a distinct advantage in the pursuit of contracts for new aircraft designs, which require lower-cost, light weight, strong, reliable structures. Comtek Advanced Structures Ltd., at our Burlington, Ontario, Canada location also provides aircraft operators with aircraft structural component repair services for commercial aircraft.
Avcorp Composite Fabrication Inc. is wholly owned by Avcorp US Holdings Inc. Both companies are incorporated in The State of Delaware, USA, and are wholly owned subsidiaries of Avcorp Industries Inc.
Comtek Advanced Structures Ltd., incorporated in the Province of Ontario, Canada, is a wholly owned subsidiary of Avcorp Industries Inc.
Avcorp Industries Inc. is a federally incorporated reporting company in Canada and traded on the Toronto Stock Exchange (TSX:AVP).
Contact:
Sandi DiPrimo
Investor Relations Contact
604-587-4938
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