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TORONTO, ON / ACCESSWIRE / January 26, 2024 / Further to the news release issued on Jan 19, 2024, Sparta Group (TSXV:SAY) (the "Corporation" the "Company", "Sparta Group", "Sparta Capital", "SAY.V" or "Sparta") is announcing an amendment with respect to the filing of an application seeking a management cease trade order (the "MCTO") under National Policy 12-203, from the Alberta Securities Commission ("ASC").
Sparta filed an application seeking an order for a MCTO from the ASC because the Company will be unable to file its annual financial statements for the year ending September 30, 2023, including the related management's discussion and analysis and certifications from the CEO and CFO (the "Annual Filings"), in time to meet the January 29, 2024 filing deadline. The delay in filing the Annual Filings is largely related to the unexpected and sudden passing of a former director and key officer, John O'Bireck, and the transition of day-to-day operations to a new management team. Mr. O'Bireck was responsible for all of the operations of the Issuer, including liaising with the auditor. During this transitionary period, there have been unavoidable delays in responding to information requests from the auditor resulting in a delay in completion of the Annual Filings. Sparta Group confirms that the delay is not related to, nor is the issuer involved in any insolvency proceedings. Management has enacted a detailed remediation plan to ensure the Annual Filings are completed and filed by March 1, 2024. The remediation plan includes the following steps: (a) Alyn Patterson, the Chief Financial Officer will be the primary contact between the auditor and the Company; (b) management has dedicated a staff member to respond to requests for information from the auditor to ensure requested information is provided promptly; and (c) management will implement a document management system to ensure that these types of delays will be avoided in the future.
Sparta expects to file the Annual Filings on or before March 1, 2024.
While the MCTO restricts all trading in securities of the Company by the Chief Executive Officer and Chief Financial Officer of the Company until the MCTO is no longer in effect, regular trading by current and future investors outside the Company, continues as normal. The MCTO will be in effect until two full business days following the receipt of the principal regulator that all filings the issuer was required to make have been filed.
The new management team will continue to work daily with the audit firm, but this is not expected to interrupt work within the Company's health portfolio and Environment division or disrupt plans to unveil a comprehensive TruckSuite platform in Canada this year. The TruckSuite program, designed to assist truckers with some of their biggest challenges on the road, has a significant market target. Currently, Canada alone has over 300,000 truck drivers.
Until the Annual Filings are filed, the Company intends to satisfy the provisions of the Alternative Information Guidelines set out in National Policy 12-203 - Management Cease Trade Orders.
The Company 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.
About Sparta
Sparta Group (a.k.a. Sparta Capital Ltd.) is a company focused on advanced technology designed to improve the health of the planet, the health of businesses, and the health of humankind. Sparta 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. At the same time, the company also diverts waste from landfill, transforming it into something of value. While it began as an environmental technology company, Sparta expanded its technological expertise to address the growing demand for healthier workplaces and healthy employees. Its strong Technical Advisory Board reflects Sparta's dedication to advancing technologies that incorporate the latest in high-tech, including Artificial Intelligence (AI), to solve some of the world's pressing problems, including climate change, viral outbreaks, and mounting waste. The company is now structured into three divisions: Environment, Innovation, and Energy. These divisions better categorize the growing list of products and services offered by the Company.
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:
Tony Pettica, President
Email: tony@spartagroup.ca
Telephone: 416-648-6506
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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