TORONTO, ON / ACCESSWIRE / March 4, 2022 / Sparta Group (TSXV:SAY) (the "Corporation", the "Company", "Sparta Group", "Sparta Capital", "SAY.V" or "Sparta") is announcing that further to its January 28, 2022, news release ("Default Acceptance") and its subsequent March 1, 2022 news release, it has been granted a further extension to file its annual audited financial statements for the year ended September 30th, 2021.
The Company anticipated reaching a new deadline of March 1, 2022, but there were unforeseen staffing issues within the new accounting audit services firm employed by Sparta. As a result, an extension to April 1, 2022, has been granted.
In the original "Default Announcement" dated January 27, 2022, Sparta reported that it had completed an application seeking an order 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 related management's discussion and analysis and certifications from the CEO and CFO (the "Annual Filings") to meet the January 28, 2022, deadline. This, due to senior management at Sparta contracting COVID-19 over the holiday season. On January 28th, 2022, the application for an extension was accepted by the ASC.
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by the Chief Executive Officer and Chief Financial Officer of the Company until the management cease trade order is no longer in effect; however, regular trading continues as normal.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 was granted an extension to file its annual audited financial statements for the year ended September 30th, 2021, they 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.
Highlights for the first quarter are as follows:
- Despite the challenges Sparta and other companies were facing, the company still had positive cash flow from operations and ended the quarter with an increase of cash holdings by approximately $ 240,000.
- This quarter saw Sparta evolve into a company that puts not only the environment, but also human health first.
- Sparta staff worked hard on a Workplace Safe Entry program and are advancing technologies designed to help building managers keep indoor spaces energy efficient, as well as healthy for occupants.
- Additionally, the Company is working with scientists and doctors on health technology that should make a big difference to those living in remote areas of the world.
- Excerpts from the published Q1, 2022 MD&A include;
COVID-19 has awakened us all to the fact that we are vulnerable and that there is nothing more important than personal wellbeing. As we have said many times, our respect, or lack of respect for the environment will help determine our health outcomes. Following the worst days of the COVID-19 pandemic, many financial experts stepped up to state that doing what's right for the environment will be a central priority for both businesses and investors going forward. Sparta's focus on health and the environment is an obvious opportunity for growth. Our divisions focused on the environment will continue to evolve, while our newest division, Sparta Health Group will add new, innovative technologies with guidance from some of the most respected minds in the health and science sector.
While Sparta Group and its different divisions initially focused primarily on environmental technologies to assist businesses in lowering their carbon footprint, the Company added a new health division because it became obvious that the environment and health are closely related. Over the last several months, we have worked hard at getting the word out about our suite of technologies designed to address worker's health. Now, the next step is to customize the technology to help multiple business sectors. At the same time, we are working diligently on new technology that we hope will one day make it easier for those in remote areas of the world to receive quick diagnosis and ultimately proper treatment for what ails them. The company's partnership with Metrikus is evolving so that Sparta can advance its efforts in helping building managers keep indoor spaces energy efficient, as well as healthy for occupants. This will be particularly important as more and more people return to their work-space post-pandemic.
So, in addition to offering environmental solutions which save energy, reduce carbon footprints, and upcycle waste, COVID-19 and other health safety programs have been added to our suite of products and services. Despite the challenges posed by the ongoing pandemic, all Sparta divisions have continued to operate as usual.
[Therefore] With the growing attention on the environment and personal health, as well as demand for ESG, Sparta management believe they are in a good position. The World's Health experts consider high-threat viral diseases, such as COVID-19 to be among the biggest threats to humankind, along with climate change. With 75 percent of new infectious diseases in humans coming from animals, it is crucial that we prevent further environmental degradation that can disrupt ecology and species migration, leading to deadly viruses. Thankfully, Sparta has a number of environment-related technologies it can offer customers. It has also attracted a strong talent pool in terms of staff, as well as adding experienced science and health experts to its Technical Advisory Board. The TAB member will help the company move towards its goals of achieving a cleaner environment for future generations, while also helping protect human health.
Stay tuned as we start to release news about the various projects unfolding in each of the divisions.
The Corporation's Q1 financial statements and Management's Discussion & Analysis (MD&A) are available on SEDAR (www.sedar.com).
About Sparta
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.
Sparta is a publicly traded company listed on the TSX Venture Exchange Inc. under the symbol "SAY" (TSX.V: SAY). Additional information is available at www.spartagroup.ca or on SEDAR at www.sedar.com.
For more information contact:
John O'Bireck, President & CTO
Email: jobireck@spartagroup.ca
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 intended 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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