TORONTO, ONTARIO--(Marketwired - June 17, 2014) - GreenStar Agricultural Corporation (TSX VENTURE:GRE) ("GreenStar" or the "Company") reports that further to the temporary order issued by the Director of the Corporate Finance Branch of the Ontario Securities Commission (the "Director") on June 3, 2014 cease trading the common shares of the Company, which order was to expire fifteen days after its issuance, on June 16, 2014 the Director issued a further order cease trading the common shares of the Company (the "CTO") until further order of the Director. As with the June 3, 2014 order, the CTO was issued as a result of the delay in filing the Company's audited financial statements for the year ended December 31, 2013, unaudited interim financial statements of the Company for the three month period ended March 31, 2014, accompanying management's discussion and analysis, and related CEO and CFO certifications, as required by Ontario securities law (the "Required Filings"). As a result of the June 3, 2014 order, the TSX Venture Exchange (the "TSX-V") suspended trading of the Company's common shares until such time as it accepts a reinstatement application by the Company. In addition, the Executive Director of the British Columbia Securities Commission also issued a cease trade order dated June 4, 2014 which order also remains in effect until revoked by the Executive Director.
The Company is working diligently to resolve all outstanding issues in the audit. As previously announced, the Company's legal counsel and CFO visited Pucheng on June 6 and 7, 2014, and confirmed certain circumstances at the Company reported by the CEO and confirmed the process initiated by the Company to replace the finance chop. The Company expects to receive a new finance chop on June 19, 2014. With the new finance chop, the Company's audit committee plans to complete certain verification procedures at the banks and the tax bureaus. Following such verification, the auditors should be able to resume and complete their audit work.
The Company will fully cooperate with the auditors to facilitate their audit process, so that they can complete the audit as soon as possible. Once the Required Filings are made, the Company intends to apply to the OSC and other securities regulators for a full revocation of the CTO. Upon the revocation of the CTO, the Company will submit a reinstatement application to the TSX-V.
A copy of the CTO can be found at the Company's website at www.greenstaragricultural.com.
GreenStar operates two main divisions, agricultural and food processing. The agricultural division is involved in the cultivation and harvesting of agricultural products such as fresh fruit and vegetables, for sale either directly as fresh fruit and vegetables or canned, and sold overseas and domestically. The food processing division is primarily involved in the processing of canned food, which includes canned tomato paste, canned boiled bamboo shoots, canned oranges, canned peaches and various other types of fruits and vegetables.
GreenStar has been operating for over 19 years. Through the application of science and technology in production, quality control and assurance, and business operations and management, GreenStar has focused on maintaining product and reputational excellence with a high standard of food quality. Key assets include modern production facilities and a close partnership with local farmers.
GreenStar Agricultural Corp. is listed on the TSX Venture Exchange under the symbol "GRE".
For further information on GreenStar please visit our web site at www.greenstaragricultural.com.
Neither the 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.
Caution Regarding Forward-Looking Information:
Certain statements in this press release may constitute "forward looking" statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this press release, such statements may use such words as "may", "will", "expect", "believe", "plan" and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this press release. Forward looking information in this press release includes, but is not limited to but is not limited to, management's expectation on receiving the new finance chop and the anticipated date for receiving the chop, management's expectation that verification at the banks and the tax bureaus will be made by the audit committee; management's expectation that auditors will resume and complete the audit work; management's expectation on making the Required Filings, and management's plan to make application to revoke the CTO and management's intention to apply to restate the trading on the TSXV. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes the expectations reflected in the forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and readers are cautioned not to place undue reliance on forward-looking information contained in this press release. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking information contained in this press release include, but are not limited to: international, national and local business and economic conditions; political or economic instability in the Company's markets; competition; legislation and governmental regulation; and accounting policies and practices. The foregoing list of factors is not exhaustive. Please see the Company's annual MD&A dated April 25, 2013, available on www.sedar.com, for a more detailed description of the risk factors. The Company undertakes no obligation to update publicly or revise any forward looking information, whether a result of new information, future results or otherwise, except as required by law.
GreenStar Agricultural Corporation:
(416) 849 3858
Investor Cubed Inc.:
(647) 258-3311, (888) 258-3323