TORONTO, ON / ACCESSWIRE / May 26, 2022 / Sparta Group (TSXV:SAY) (the "Corporation", the "Company", "Sparta Group", "Sparta Capital", "SAY.V" or "Sparta") is announcing that further to its May 10th, 2022 news release ("Annual Financial Results"), the Management Cease Trade Order (MCTO) issued by the Alberta Securities Commission (ASC) has been officially lifted.
Under an MCTO, all trading in securities of the Company by the Chief Executive Officer and Chief Financial Officer of the Company is restricted. However, as of May 12th, 2022, that restriction was lifted. It's important to note that throughout the auditing process, regular trading continued.
Due to COVID-19 illness among Sparta management involved in the audit process and staffing issues within the new accounting audit firm employed by Sparta, the filing of the annual financial statements along with the management's discussion and analysis (MD&A) and certifications did not meet the January 28th, 2022, deadline. An MCTO was therefore issued by the ASC. After a series of extensions, the annual financial results and MDA were filed on May 9th, 2022.
"With the audit behind us, we are focused on expanding our customer reach in our Environmental Division and our Innovation Division. For example, in 2021 our materials upcycling team secured multiple long-term contracts and the work/revenue from those contracts will be realized in 2022 and beyond. Additionally, we expect more well-known brands to come on board since we are positioned as one of few who can handle strict electronic waste recycling regulations that went into effect in 2021," said John O'Bireck, President of Sparta.
O'Bireck went on to explain that the e-waste division (ERS-International) is working on projects that will enhance the efficiency of the recycling/upcycling process and help companies meet their sustainability goals. As demand for more environmental, social and governance (ESG) efforts grows and consumers increasingly expect brands to act, Sparta hopes to assist more companies in operating responsibly. This includes reducing waste and reducing greenhouse gas emissions. As well as forging ahead in the e-waste sector, Sparta's Innovation Division has been working diligently on health-related technologies that include powerful encryption and artificial intelligence technology.
Over the next few months, Sparta will be expanding its communications efforts to provide details on impending business developments.
Management confirms that, other than what was disclosed in prior news releases, there have been no material business developments since the filing of the Company's latest financial report.
Sparta Group (a.k.a. Sparta Capital Ltd.) 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.
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