Pearl River Holdings Faces Filing Delay and Management Order
Pearl River Holdings Delays Annual Filings Amid Auditor Changes
LONDON, Ontario -- Pearl River Holdings Limited (“Pearl River” or the “Company”) (TSXV: PRH) has announced a delay in its annual filings due to a recent change in auditors. This change, which occurred late last year, has led to complications in finalizing important financial reports. As a result, the Company will not meet the deadline of April 30 for submitting its Annual Filings.
Implications of the Delay
The Annual Filings include crucial documents such as the Annual Audited Financial Statements, Management Discussion & Analysis, and related certifications for the year ending December 31. The delay stems from the previous auditor's refusal to be reappointed, leaving the Company to find a new auditor and complete its necessary reviews.
Management Cease Trade Order Application
In light of this delay, Pearl River has proactively applied to the Ontario Securities Commission for a Management Cease Trade Order (MCTO). This order is designed to prevent the Company’s management from trading its securities until the required filings are submitted. Importantly, the Ontario Securities Commission will evaluate this application and decide whether to grant the MCTO or potentially impose a broader issuer cease trade order.
Commitment to Timely Filing
Despite these setbacks, Pearl River is dedicated to rectifying the situation. The Company is working diligently on its annual financial statements and aims to have these filings completed by the end of May. A news release will be issued once the filings are completed, ensuring that stakeholders are kept informed.
Operational Transparency During Delay
While the Company navigates through this filing delay, it has mandated a blackout policy on insider trading among its management and insiders. This policy follows the guidelines outlined in existing regulatory frameworks. It's worth noting that no significant business developments have occurred since the filing of interim financial reports last November, maintaining a consistent position regarding the state of the Company.
About Pearl River
President of the Company, George Lunick, emphasizes that Pearl River's core operations focus on the manufacturing and distribution of plastic products across various global markets, including China, Australia, and the United States. This diversification highlights the Company's commitment to operational resilience.
Contact Information
For further inquiries regarding this announcement, please contact:
George Lunick
CEO
T: (519) 645-0267
E: george@lunick.ca
Frequently Asked Questions
What are the reasons for Pearl River's filing delay?
The delay is primarily due to a change in auditors that has impacted the completion of necessary financial statements.
What is the Management Cease Trade Order?
An MCTO is a regulatory measure that prevents company management from trading shares until all necessary filings are submitted.
When does Pearl River expect to complete its annual filings?
The Company aims to complete and file the Annual Filings by the end of May.
What operations does Pearl River focus on?
Pearl River specializes in manufacturing and distributing plastic products across multiple countries.
Who can be contacted for more information?
Inquiries can be directed to CEO George Lunick via the provided contact information.
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