MISSISSAUGA, Ontario, Aug. 24, 2016 (GLOBE NEWSWIRE) -- DataWind Inc. (TSX:DW), the leader in delivering Internet access to emerging markets, is providing its fourth required bi-weekly default status report further to its news release dated June 29, 2016, announcing a delay in the filing of its audited annual financial statements for the year ended March 31, 2016, the related management’s discussion and analysis, certificates of its CEO and CFO and its annual information form (the “Required Annual Filings”).
As previously disclosed, on July 6, 2016, in response to an application made by the company in connection with the company’s delay in filing the Required Annual Filings with Canadian securities regulators by the June 29, 2016 filing deadline, a customary management cease trade order (the “MCTO”) relating to the trading in securities of the company by the company’s CEO and CFO was issued by the Ontario Securities Commission. The MCTO prohibits all trading in securities of the company, whether directly or indirectly, by the company’s CEO and CFO. The MCTO does not affect the ability of other shareholders to trade in the securities of the company. However, the applicable Canadian securities regulatory authorities could determine, in their discretion, that it would be appropriate to issue a general cease trade order against the company affecting all of the securities of the company.
As previously disclosed on August 10, 2016, as a result of the delay in the filing of its Required Annual Filings, the company was not able to file its quarterly financial statements and management’s discussion and analysis for the three-month period ended June 30, 2016 (the “Required Interim Filings”), which were due on August 15, 2016, before the filing deadline.
The company has worked diligently with its auditor to complete the audit of its annual financial statements for the year ended March 31, 2016. Since June 29, 2016 the company has provided approximately 400 records from its global operations to the auditor to assist them in the completion of their audit documentation. Most of these items had been previously provided to the auditor as part of the normal course audit field work. Since July 7, 2016 the auditor has brought in several subject matter experts to review the company’s processes, resulting in additional requests for information and documentation which the company continues to collect and provide to the auditor.
The company is currently evaluating its options with the auditor in respect of bringing the audit to a conclusion and expects to have made its decision in this regard by August 31, 2016. The company will provide an update on August 31, 2016 which will set out the dates by which the company anticipates filing the Required Annual Filings and the Required Interim Filings.
In connection with the issuance of the MCTO, and in accordance with its obligation to provide bi-weekly updates under the alternative information guidelines set out in National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults, the company confirms that it has fulfilled its stated intentions regarding compliance with such alternative information guidelines and that, except as disclosed herein or as previously disclosed, there have been no material changes to the information relating to the company’s delay in making the Required Annual Filings and the Required Interim Filings under applicable Canadian securities laws or otherwise concerning the affairs of the company.
Forward-Looking Information
This press release includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with our business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements, including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend” and similar expressions to the extent they relate to the company or its management. The forward- looking statements are not historical facts, but reflect management’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. The company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in the company’s expectations, except as prescribed by applicable securities laws.
No securities regulatory authority has either approved or disapproved the contents of this press release/media advisory.
About DataWind
DataWind, Inc. is a leader in providing affordable mobile Internet connectivity in emerging markets. The company's patented, cloud-based technology reduces up to 97% the amount of data needed for web browsing, providing a broadband experience on any network -- even on legacy 2G networks that are still prevalent in developing countries. DataWind also provides economical smartphones and tablets that come bundled with one year of unlimited Internet access, making it the largest tablet provider in India. DataWind's unique solution offers broad social and economic benefits for the billions of people around the world for whom an Internet connection was previously out of reach. DataWind is traded on the Toronto Stock Exchange (TSX:DW). For more information, visit www.datawind.com.