MONTREAL, Jan. 22, 2016
/CNW Telbec/ - SENSIO Technologies Inc. ("Sensio" or the
"Company") (TSXV: SIO) announced today that it will not
be in a position to file its unaudited interim financial statements
for the three and six months ended November 30, 2015 and the
related management's discussion and analysis and related Chief
Executive Officer and Chief Financial Officer certificates by the
January 29, 2016 statutory deadline. At this time it is
uncertain as to when the Company will be able to finalize its
financial statements and related disclosures. Generally, where an
issuer is in default of filing its periodic disclosure documents in
circumstances such as Sensio, the Canadian Securities
Administrators will issue orders prohibiting trading in its
securities effective from and after the statutory deadline
(so-called cease trade orders).
As previously disclosed on December 23, 2015, faced with a
liquidity crisis, Sensio filed a notice of intention to make a
proposal under the Bankruptcy and Insolvency Act
(Canada) and obtained a stay of
proceedings against it until January 22,
2016. On that day, Sensio also announced the sale to Wi-Lan
Inc. and an affiliate of the patents and patent applications
underlying the existing exclusive license agreement among the
parties. The sale since closed in accordance with its terms, the
related secured bridge loan was repaid in full and the stay of
proceedings was extended until March 7, 2016.
While under protection, Sensio continues its efforts to pursue
strategic alternatives, including pursuing the sale of its
remaining assets. There can be no assurance that the strategic
process will result in the consummation of any specific transaction
or agreement or whether any such transaction or agreement will
yield net proceeds sufficient to fully satisfy the claims of
creditors of Sensio.
About SENSIO
Founded in 1999, SENSIO Technologies Inc. (www.sensio.tv) is a
pioneer in the field of stereoscopic 3D imaging and of 3D content
distribution at home. For over 15 years, SENSIO has been
developing, patenting and marketing advanced 3D image processing
technology providing superior image quality as well as a simple
user friendly experience. Its award-winning technology, SENSIO ®
Hi-Fi 3D, can be found in millions of products for the cinema,
distribution and consumer electronics markets worldwide.
Today, SENSIO uses its technologies and 3D expertise to deliver
its video-on-demand service, 3DGO!TM, the first
3D‑dedicated service offering Hollywood blockbuster movies directly to
consumers. SENSIO works with some of the biggest brands in the
consumer electronics industry and the film industry to become the
destination of choice for 3D movie fans. 3DGO!TM aims to
become the largest distributor of 3D content for the consumer
market in the world.
Caution Concerning Forward-Looking Statements
Certain statements made in this press release that are not
historical facts are forward-looking statements and are subject to
important risks, uncertainties and assumptions, both general and
specific, which give rise to the possibility that actual results or
events could differ materially from our expectations expressed in
or implied by such forward-looking statements. As a result, we
cannot guarantee that any forward-looking statement will
materialize and readers are cautioned not to place undue reliance
on these forward looking statements. The Company cautions that
there are no assurances that the strategic process will result in a
transaction or, if a transaction is undertaken, the terms or timing
of such a transaction. Trading in the securities of the Company
should be considered highly speculative. For more exhaustive
information on risks and uncertainties, the reader should refer to
the risk factors described in the management's discussion and
analysis of SENSIO for the period ended August 31, 2015. The
forward-looking statements contained in this press release
represent our expectations as of the date hereof. We disclaim any
intention and assume no obligation to update or revise any
forward-looking statements. Forward-looking statements are
presented for the purpose of providing information about
management's current expectations and plans and allowing investors
and others to obtain a better understanding of our anticipated
operating environment. Readers are cautioned that such information
may not be appropriate for other purposes.
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.
SENSIO® is a registered trademark of SENSIO Technologies
Inc.
SOURCE SENSIO Technologies Inc.