Peace Arch® Entertainment Provides Update Regarding the Filing of Its Annual Financial Information
17 Julio 2009 - 1:30PM
Business Wire
Peace Arch� Entertainment Group Inc. (AMEX:PAE - News)
(TSX:PAE.TO - News) today provided an update with respect to the
Company�s filing of its audited financial statements for the year
ended August 31, 2008.
As announced in December 2008, the Company�s Board of Directors
appointed a Special Committee to investigate certain transactions
involving the Company and third-party production companies and
sub-distributors during fiscal years 2006 through 2008. Despite its
best efforts, the Company has been unable to obtain from these
third parties all of the financial information required to satisfy
the Special Committee and the Company�s auditors as to the exact
nature of and accounting for these transactions. Because the
third-party production companies were previously determined to be
variable interest entities whose results the Company is required to
consolidate, the Company�s inability to obtain the necessary
financial information has prevented the Company from finalizing its
annual financial statements for the year ended August 31, 2008, and
its quarterly statements for the periods ending November 30, 2008,
February 28, 2009, and May 31, 2009.
Peace Arch CEO John Flock said, �We are taking all the steps we
can reasonably take to obtain from these third parties the
information we need to finalize our statements. We are discussing
with our auditors the Company�s alternatives in the event we are
ultimately unable to obtain that information. Based on the
information available to us today, we expect to file our fiscal
2008 statements by August 31, 2009, at which time we will also file
amended statements for fiscal 2006 and 2007. In the meanwhile, we
are working with NYSE Amex and the Toronto Stock Exchange in order
to ensure that our shares continue to trade in the public market,
and we are confident that we will be able to satisfy their
requirements in a timely manner.�
On December 18, 2008, the Ontario Securities Commission (�OSC�)
issued a cease trade order for the trading of the Company�s shares
in Canada due to the Company�s failure to file its annual financial
statements for the year ended August 31, 2008. That cease trade
order remains in effect.
On May 15, 2009, the NYSE Amex LLC (the �Exchange�) granted the
Company an extension until June 30, 2009 to file with the
Securities and Exchange Commission its Annual Report on Form 20-F
for the year ended August 31, 2008 (the �Form 20-F�). The Company
was unable to meet the June 30 deadline because its financial
statements are not yet complete for the reasons noted above. The
Company requested a further extension from the Exchange in order to
allow the Special Committee to conclude its investigation and the
Company to file its statements. The Exchange agreed to consider the
Company�s request, but the Company�s failure to file its Form 20-F
could result in the Exchange initiating delisting proceedings.
About Peace Arch Entertainment Group Inc.
Peace Arch Entertainment produces and acquires feature films and
television content for distribution to worldwide markets. The
Company�s award winning drama �The Tudors� airs on Showtime in the
United States and the CBC in Canada, and its lifestyle series �Last
10 Pounds Boot Camp� and �Bulging Brides� both air on The Fine
Living Network in the U.S. and Slice in Canada. Peace Arch�s recent
feature film releases include �The Mysteries of Pittsburgh�
starring Jon Foster, Peter Sarsgaard, Sienna Miller, Mena Suvari
and Nick Nolte and �JCVD� starring Jean Claude Van Damme. For
additional information, please visit www.peacearch.com.
Forward-Looking Statements
This press release includes statements that may constitute
forward-looking statements, usually containing the words �believe,�
�estimate,� �project,� �expect,� or similar expressions. These
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements inherently involve risks and uncertainties that could
cause actual results to differ materially from the forward-looking
statements. Factors that would cause or contribute to such
differences include, but are not limited to, that the corresponding
restatement of the Company�s financial statements may change based
upon the Audit or Special Committee�s ongoing analysis, that the
Company�s ability to file required reports timely with the
Securities and Exchange Commission and Canadian securities
regulators will be impaired, that potential claims or proceedings
may arise relating to such matters, that the Audit or Special
Committee in consultation with the Company�s independent auditors
will determine that the proper accounting differs from the
accounting treatment upon which the assumptions and forward looking
statements in this release are based and other risks detailed in
the Company�s periodic report filings with the Securities and
Exchange Commission and with the Canadian securities regulators. By
making these forward-looking statements, the Company undertakes no
obligation to update these statements for revisions or changes
after the date of this release.
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