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TORONTO, ON / ACCESSWIRE / January 25, 2022 / Due to the speed that the Omicron variant spread throughout the holiday season, Sparta Capital Ltd. (TSXV:SAY) (the "Corporation" or "Sparta") has been unable to complete preparations for audited annual financial statements to meet the January 28th, 2022 deadline. As a result, the Company is applying for a voluntary cease trade order.
Despite avoiding any major COVID-19 outbreaks across its various divisions over the last 18 months, the emergence of the Omicron variant led to several senior managers contracting the virus through the holiday season. These managers would ordinarily be involved in audit preparations. During this time, Sparta was engaging with new auditors and trying to bring them up-to-speed. Fighting symptoms of COVID-19 made it difficult to work closely with the auditors, but management is confident they are now on the mend and getting back on track and they expect the default will be remedied on or before March 1, 2022, concurrently with the filing of the Corporation's unaudited consolidated interim financial statements and management discussion and analysis for the three months ended December 31, 2021, and 2020.
"With our Workplace Safe Entry technology, we have been able to avoid any major COVID-19 outbreaks among staff within our various divisions, but then Omicron came along, and it surged past all other variants. Even though we were able to keep ourselves safe at work, when the holidays hit everything changed. I was one of the many managers within Sparta that did not escape Omicron. I can attest to how it can suddenly slow you down," said President and CTO, John O'Bireck.
The Company is applying for the management cease trade order pursuant to National Policy 12-203. The application refers to audited annual financial statements for the year ending September 30, 2021, which would have been due January 28, 2022. While it's important to note that the delay in filing is largely due to COVID-19, the Company continues to operate as usual and generate revenue.
Sparta 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. As Investors are increasingly applying non-financial factors to their analysis process (ESG), Sparta continues to strengthen its environmental and social path by adding new green products and services, as well as advanced health technologies for human good.
For more information contact:
John O'Bireck, President & CTO
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