ARNPRIOR, ON / ACCESSWIRE / August 11, 2017 / Plaintree Systems Inc. (CSE: NPT) (OTC PINK: PTEEF) (''Plaintree'' or the ''Company'') announces that, further to its news release dated July 28, 2017, the Company's principal regulator, the Ontario Securities Commission (the ''OSC'') granted a management cease trade order (the ''MCTO'') on August 1, 2017, under National Policy 12-203 Management Cease Trade Orders (''NP 12-203'').
Pursuant to the MCTO, the Chief Executive Officer and the Chief Financial Officer may not trade in securities of the Company until such time as the Company files its annual audited financial statements for the year ended March 31, 2017, management's discussion and analysis and related certifications (collectively the ''Required Documents'') and the Director of the OSC revokes the MCTO. The MCTO does not affect the ability of shareholders to trade their securities.
The Company's Board of Directors and management confirm that they are working expeditiously to file the Required Documents and confirm that, since the Company's press release dated July 28, 2017, there is no other material information respecting the Company's affairs that has not been generally disclosed.
Until the Required Documents have been filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines specified in NP 12-203 by issuing bi-weekly default status reports in the form of further press releases for so long as the Company remains in default of the financial statement filing requirement.
About Plaintree Systems Inc.
Plaintree has two diversified product lines consisting of Specialty Structures and Electronics. The Specialty Structures Division includes the former Triodetic Group with over 40 years of experience, is a design/build manufacturer of steel, aluminum and stainless steel specialty structures such as commercial domes, free form structures, barrel vaults, space frames and industrial dome coverings, Spotton Corporation, a design and manufacturer of high end custom hydraulic and pneumatic valves and cylinders and the recently acquired Madawaska Doors, a design and manufacturer of premium solid wood doors. The Electronics Division includes the legacy Hypernetics, Summit Aerospace USA Inc. and Plaintree free space optics (FSO) businesses. Plaintree's FSO systems transmit data at high speeds using beams of light instead of traditional radio frequency which can suffer from congestion. Hypernetics was established in 1972 and is a manufacturer of avionic components for various applications including aircraft antiskid braking, aircraft instrument indicators, solenoids, high purity valves and permanent magnet alternators. Summit Aerospace USA Inc. provides high precision machining to the aerospace and defense markets. Our facility includes 5 axis CNC precision machining of complex castings and large ring parts such as turbine and assembly shrouds as well as assembly & pressure seals. Summit will support requirements from concept, prototype and throughout production.
Plaintree's shares are traded under the symbol ''NPT''. Shareholders and Investors can access Company information on CSE's website and receive full Company disclosure monthly. For more information on Plaintree or to receive stock quotes, complete with trading summaries, bid size and ask price, brokerage house participation, insider reports, news releases, disclosure information, and CSE and SEDAR filings, visit the CSE website at www.cnsx.ca or the Company's website at www.plaintree.com.
Plaintree is publicly traded in Canada on the CSE (NPT) with 12,925,253 common shares and 18,325 class A preferred shares outstanding.
This press release may include statements that are forward-looking and based on current expectations. The actual results of the company may differ materially from current expectations. The business of the company is subject to many risks and uncertainties, including changes in markets for the company's products, delays in product development and introduction to manufacturing and intense competition. For a more detailed discussion of the risks and uncertainties related to the company's business, please refer to documents filed by the company with the Canadian regulatory authorities, including the annual report of the Company for the fiscal year ended March 31, 2016 and related management discussion and analysis. Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
For further information:
(613) 623-3434 x2261
SOURCE: Plaintree Systems Inc.