Aludra Inc - News Release
Aludra explains filing statement default
Aludra Inc YAD
Shares issued 17,862,996 Sep 19 2001 close $.250
Thursday Jan 31 2002 News Release
Mr. Aldo Baiocchi reports
DEFAULT ANNOUNCEMENT OF ALUDRA INC. ("ALUDRA") PURSUANT TO ON ...
Aludra has not filed its quarterly financial statements for the period started Aug. 1, 2001, and ended Nov. 30, 2001. Aludra was required to file these financials by Jan. 29, 2002. Aludra anticipates that it will be in a position to file its interim financial statements for the quarter ended Nov. 30, 2001, by Feb. 28, 2002.
The reasons for Aludra's failure to file its financial statements for the quarter ended Nov. 30, 2001, are as follows:
Aludra is experiencing a change of management and board control that is expected to be completed within 14 days. The new management will require additional time to conduct a thorough review before presenting financial statements to shareholders and the Ontario Securities Commission.
Material transactions, including the conversion of $750,000 of debt into equity, have occurred postperiod that will require inclusion but are currently subject to pending regulatory approval by the Canadian Venture Exchange.
In light of the above Aludra requires additional time to prepare and finalize its interim financial statements and will remedy the default prior to the date identified above.
Aludra acknowledges that the two-month date following default is March 30, 2002, and that OSC may impose an issuer cease trade order if the default is not remedied by that time.
Aludra will take steps to satisfy the provisions of the alternate information guidelines under the policy for so long as it remains in default of the financial statement filing requirement.
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