Argus Corporation Limited Announces That It Will Delay Filing Its March 31, 2004 Interim Financial Statements.Business Editors TORONTO--(BUSINESS WIRE)--May 14, 2004 Argus Corporation Argus Corporation, based in Toronto, Ontario, is an investment and holding company founded in 1945 by its President E. P. Taylor with minority partners Colonel W. Eric Phillips and Wallace McCutcheon and other investors. Limited ("Argus") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :AR.PR.A) (TSX:AR.PR.D) (TSX:AR.PR.B) today announced that it will be delayed in filing its quarterly financial statements for the fiscal quarter ended March 31, 2004 and its related Management's Discussion & Analysis by May 15, 2004, being the required filing date under applicable Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. securities laws. The delay results from a change in accounting requirements. Commencing with the fiscal quarter ended March 31, 2004, the financial statements of Argus are required to be filed on the basis of consolidation with those of Hollinger Hollinger may refer to:
Argus intends to file its audited financial statements for the year ended December December: see month. 31, 2003 and related Management's Discussion & Analysis by May 19, 2004, being the required filing date. Those statements are being prepared on a market value basis consistent with those previously filed and the accounting policy in place for that period. The inability of Argus to file its quarterly financial statements when required relates to material changes in the relationship between Hollinger Inc. and Hollinger International Inc. Both Hollinger Inc. and Hollinger International Inc. have announced that they will be delayed in filing both their annual financial statements for the year ended December 31, 2003 and their interim statements for the first fiscal quarter ended March 31, 2004. Without Hollinger Inc. preparing and filing its financial statements, Argus is, in turn, unable to prepare consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge . Argus is reviewing these matters with the Ontario Securities Commission The Ontario Securities Commission (OSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario. The OSC is an Ontario Crown corporation which reports to the Ontario legislature through the Minister of Finance. . Argus is requesting consideration that it be permitted to continue to file its financial statements on a market valuation basis, in which case it would be able to soon file its statements for the first fiscal quarter of 2004, or that such statements may be filed as alternative information. Should permission to file on a market valuation basis not be granted, Argus does not know when it will be in a position to file its quarterly financial statements as it would be reliant on Hollinger Inc. completing its statements for the comparable period. In connection with these matters, Argus has applied to the Ontario Securities Commission for a management cease-trade order on terms that will permit continued trading in its Class A and Class B Preference Shares by persons who are not management or insiders of Argus. Those shares are listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . |
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