Blog Post
Avcorp Announces Delay in Filing Annual Financial Statements
- By Avcorp Industries
- •
- 30 Mar, 2016
March 30, 2016
DELTA, British Columbia: Avcorp Industries Inc. (TSX: AVP) (“Avcorp” or the “Company”) wishes to announce that its annual financial statements for the year ended December 31, 2015, including the related management discussion and analysis, and CEO and CFO certifications (collectively, the “Annual Financial Filings”) will not be filed by the required filing date of March 30, 2016.
Effective December 18, 2015, the Company completed the acquisition (the “Acquisition”) of the US-based composite aerostructures division of Hitco Carbon Composites Inc. (“Hitco”). At the closing of the Acquisition, the Company’s subsidiary, Avcorp Composite Fabrication Inc., purchased the assets of the division of Hitco which produces composite structural parts for commercial and military aerostructures (the “Business”).
The Company recently filed a business acquisition report (the “BAR”) on March 1, 2016 in connection with the Acquisition, and the BAR contained carve-out financial statements for the interim period ended September 30, 2015 and audited financial statements for the year ended December 31, 2014 for the Business. Prior to the filing of the BAR, audited financial statements of the Business had not previously been prepared.
As the Annual Financial Filings will be the first consolidated audited financial statements of the Company which include financial results of the Business, the Company requires additional time to complete certain audit and fair market value procedures in order to include the financial results of the Business in its consolidated Annual Financial Filings.
The Company is working on the audit procedures required to complete the 2015 Annual Financial Filings and expects to be able to file the Annual Financial Filings within the next three weeks. The Company will provide updates as further information relating to the Annual Financial Filings becomes available.
The Company has applied to the applicable securities regulatory authorities and received a management cease trade order related to the Company’s securities to be imposed against the Chief Executive Officer of the Company and the Vice President, Finance of the Company to trade securities of the Company. The management cease trade order will be in effect until the Annual Financial Filings are filed, and requires that the Annual Financial Filings be filed on or before May 30, 2016.
Until the Annual Financial Filings are filed, the Company intends to provide information in accordance with National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults.
DELTA, British Columbia: Avcorp Industries Inc. (TSX: AVP) (“Avcorp” or the “Company”) wishes to announce that its annual financial statements for the year ended December 31, 2015, including the related management discussion and analysis, and CEO and CFO certifications (collectively, the “Annual Financial Filings”) will not be filed by the required filing date of March 30, 2016.
Effective December 18, 2015, the Company completed the acquisition (the “Acquisition”) of the US-based composite aerostructures division of Hitco Carbon Composites Inc. (“Hitco”). At the closing of the Acquisition, the Company’s subsidiary, Avcorp Composite Fabrication Inc., purchased the assets of the division of Hitco which produces composite structural parts for commercial and military aerostructures (the “Business”).
The Company recently filed a business acquisition report (the “BAR”) on March 1, 2016 in connection with the Acquisition, and the BAR contained carve-out financial statements for the interim period ended September 30, 2015 and audited financial statements for the year ended December 31, 2014 for the Business. Prior to the filing of the BAR, audited financial statements of the Business had not previously been prepared.
As the Annual Financial Filings will be the first consolidated audited financial statements of the Company which include financial results of the Business, the Company requires additional time to complete certain audit and fair market value procedures in order to include the financial results of the Business in its consolidated Annual Financial Filings.
The Company is working on the audit procedures required to complete the 2015 Annual Financial Filings and expects to be able to file the Annual Financial Filings within the next three weeks. The Company will provide updates as further information relating to the Annual Financial Filings becomes available.
The Company has applied to the applicable securities regulatory authorities and received a management cease trade order related to the Company’s securities to be imposed against the Chief Executive Officer of the Company and the Vice President, Finance of the Company to trade securities of the Company. The management cease trade order will be in effect until the Annual Financial Filings are filed, and requires that the Annual Financial Filings be filed on or before May 30, 2016.
Until the Annual Financial Filings are filed, the Company intends to provide information in accordance with National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults.
Avcorp Industries Inc. (TSX: AVP) (the “Company”, “Avcorp” or the “Avcorp Group”) today announced its financial results for the three and nine month periods ended September 30, 2016. All amounts are in Canadian currency unless otherwise stated.
Avcorp Industries Inc. (TSX: AVP) (the “Company”, “Avcorp” or the “Avcorp Group”) is pleased to announce that it has been awarded a long-term production contract with the Aerospace Company of Fuji Heavy Industries Ltd.
(“FHI”), a tier-one supplier to major original equipment manufacturers (“OEM”) of
commercial and defence aircraft around the world.
Move designed to optimize work flows and generate significant annual cost savings
Avcorp Industries Inc. (TSX: AVP) (the “Company”, “Avcorp” or the “Avcorp Group”) announced today that it has closed a $5 Million USD unsecured loan facility.
Avcorp Industries Inc. (TSX: AVP) (the “Company”, “Avcorp” or the “Avcorp Group”) today announced that it has been awarded multiple production contracts from Boeing.
Avcorp Industries Inc. (TSX: AVP) (the “Company”, “Avcorp” or the “Avcorp Group”) today announced its second quarter financial results for the quarter ended June 30, 2016.
Avcorp Industries and the University of British Columbia have agreed to explore the establishment of a Learning Factory for Advanced Composites at UBC’s Okanagan campus.
Avcorp Composite Fabrication Inc. (ACF), located in Gardena, California (Avcorp Industries Inc. most recent acquisition) is pleased to announce that it has reached a Collective Bargaining Agreement with the Glass Molders and Plastics Union (GMP) Local 19 for a six (6) year labor contract.
Avcorp Industries Inc. (TSX: AVP) (the “Company”, “Avcorp” or the “Avcorp Group”) is pleased to announce it has been awarded a contract extension with Lockheed Martin. The agreement extends into 2020 the current composite fabrication work scope, at Avcorp’s Gardena California facility, for F-35 wing skin panels, nacelle panels and body access panels.
Avcorp Industries Inc. (TSX: AVP) (the “Company”, “Avcorp” or the “Avcorp
Group”) today announced that at its annual meeting of shareholders held on May 19, 2016
(the “Meeting”), all directors nominated as listed in the management proxy circular dated
April 21, 2016 were elected.