From the Wires
Sterling Announces Late Filing
By: Marketwired .
May. 2, 2012 07:42 PM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/02/12 -- Sterling Shoes Inc. (the "Company") announced today that the filing of its annual financial statements, management's discussion and analysis and related officer certifications for the financial year ended on December 31, 2011 (the "Annual Filings") will be delayed beyond the filing deadline of April 30, 2012. On October 21, 2011, the Company received protection under an initial order (the "Order") granted pursuant to the Companies' Creditors Arrangement Act (Canada) ("CCAA"). As a result of the Company's ongoing review process while under CCAA protection, there is a high degree of measurement uncertainty with respect to the appropriate carrying value of certain of the Company's assets on its balance sheet and as a result the Company is unable to prepare its Annual Filings.
The Company intends to file with securities regulatory authorities throughout the period in which it is in default, the same information it provides to its creditors when the information is provided to the creditors and in the same manner as it would file a material change report. While under CCAA protection, the Company's board of directors maintains its usual role and its management remains responsible for Company's day-to-day operations, under the supervision of the Court-appointed monitor.
Currently, the stay period under the Order will end on June 30, 2012 but may be extended upon further order of the British Columbia Supreme Court. The Company also intends to satisfy the provisions of the alternate information guidelines of National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12- 203") as long as it is in default of the filing requirements. This news release constitutes a "default announcement" made under pursuant to NP 12-203. Any recovery for creditors and other stakeholders, including shareholders, is uncertain and is highly dependent upon a number of factors, including the outcome of the Company proceedings under the CCAA.
Additional information about Sterling Shoes Inc. can be found in the disclosure documents filed by Sterling Shoes Inc. with the securities regulatory authorities, available at www.sedar.com.
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