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TORONTO, ON / ACCESSWIRE / April 4, 2022 / Sparta Group (TSXV:SAY) (the "Corporation", the "Company", "Sparta Group", "Sparta Capital", "SAY.V" or "Sparta") is announcing that further to its March 4th, 2022, news Release ("Acceptance of Extension"), it sought a further extension to file its annual financial statements for the year ended September 30th, 2021, and that extension has been granted.
While the Company's appointed auditors anticipated reaching the newly granted deadline of April 1, 2022, further staffing issues within the new accounting audit services firm employed by Sparta have arisen. Sparta now has an additional extension until April 29th, 2022.
According to the U.S Conference Board, employers around the globe are now turning to a variety of new tactics in a scramble to attract qualified candidates for open positions. HR research firms are advising employers to focus on employee retention and wellbeing throughout 2022.
"Staffing issues continue to strain all industries, but we certainly did not anticipate it would be such a significant problem in the accounting field. While it looked like we were on course to meet the previously set deadline, we also understand that auditors cannot cut corners to meet a deadline, so we've had to wait longer than we'd like for the job to get done," said Sparta President, John O'Bireck.
In a prior "Default Announcement", Sparta indicated it had applied for an MCTO from the Alberta Securities Commission (ASC) because the Company was unable to file its annual financial statements for the year ended September 30, 2021, including the management's discussion and analysis and certifications to meet the January 28, 2022, deadline. The default occurred due to senior management working on audit preparation paperwork contracting COVID-19. The ASC accepted the application for the extension on January 28th, 2022.
The MCTO restricts all trading in securities of the Company by the Chief Executive Officer and Chief Financial Officer of the Company until the management cease trade order is no longer in effect; however, regular trading continues as normal. The MCTO will be in effect until the Annual Filings are filed.
Until the Annual Filings are filed, the Company intends to continue to follow the provisions of the Alternative Information Guidelines set out in National Policy 12-203 - Management Cease Trade Orders.
Management confirms that, other than what was disclosed in prior press releases, there have been no material business developments since the filing of the Company's latest interim financial report.
While the company may have been quieter than usual in the past few months, exciting new developments have continued throughout the company, behind the scenes. Over the next few months Sparta will be expanding its communications efforts to provide details on several impending business developments that will soon be market ready. These include a very unique program to help our customers reach their sustainability goals, especially when it comes to climate-altering emissions, as well as some ground-breaking health-related technologies that embraces powerful encryption combined with space-age artificial intelligence technology.
While the auditing service is finishing up their work on Sparta's annual audited financial statements for the year ended September 30th, 2021, the Company did release their unaudited consolidated interim financial statements and supporting Management Discussion & Analysis ("MDA") for the three months ended December 31, 2021, and 2020 by the required March 1, 2022, filing deadline.
Sparta Group (a.k.a. Sparta Capital Ltd.) is a technology-based company that owns or holds a controlling interest in a network of independent businesses that supply energy saving technologies designed to reduce energy inefficiencies, achieve reduced emissions, and increase operating efficiencies in various industries. In response to the COVID-19 crisis, Sparta has also expanded its scope to help facilitate supply of necessary materials while assisting talented inventors who are looking to introduce innovative technical solutions that will bring greater normalcy to the post COVID-19 world. Sparta's network of independent businesses provides a wide range of specialized energy capturing, converting, optimizing, and related services to the commercial sector. Sparta provides capital, technical and engineering expertise, legal support, financial and accounting knowledge, strategic planning, and other shared services to its independent businesses.
For more information contact:
John O'Bireck, President & CTO
Telephone: (905) 751-8004
This above may contain "forward-looking information" within the meaning of applicable securities laws. When used in this address, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are int[ended to identify forward-looking statements and information. Although the Corporation believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, readers are cautioned to not place undue reliance on forward-looking information because the Corporation can give no assurance that they will prove to be correct. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date of publication of this information and the Corporation undertakes no obligation to update such forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Furthermore, the Corporation undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Corporation. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release).
SOURCE: Sparta Group
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