Green Environmental Technologies Inc.: Update on Cease Trade Order and Audit.TORONTO -- Green Environmental Technologies Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:GEI GEI - A German software engineering company. )("GEI"-Tier 2-TSXV; "Green Environmental" or the "Company") wishes to clarify and update its shareholders with regard to the Company's current "Cease Trade Order" as issued by 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. . On November 8, 2005, the Company was issued with a temporary cease trade order by the Ontario Securities Commission. The order was issued as a result of the Company not filing comparative statements for the year ended, September 30,2004, and now September 30,2005, that were not accompanied by an auditor's report, prepared by a public accounting firm, that had entered into participation agreement with the Canadian Public Accountability Board (CPAB CPAB Canadian Public Accountability Board CPAB Community Police Advisory Board (LAPD) CPAB Computer Programmer Aptitude Battery CPAB California Pear Advisory Board CPAB Corrosion Prevention Advisory Board ), as required under National Instrument 52-108. On November 18, 2005, the order was extended by the Ontario Securities Commission, as a result of the Company being unlikely to have a new audit completed in the immediate future by a CPAB member. As a result of these orders, all trading in the securities of Green Environmental Technologies Inc. have ceased. The Company, is currently working with a CPAB participating member, Baratz Judelman to complete the audit for the fiscal years ended September 30, 2004 and 2005. The Company anticipates that once these financial statements have been filed, accompanied with the auditor's report, that the Company will then be in a position to make an application to the Ontario Securities Commission, to have the Cease Trade Order lifted. This disclosure is for information purposes only and will be posted on SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review along with a material change report for the Company. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has neither approved nor disapproved of t he contents of this press release. Green Environmental Technologies Inc. (TSX VENTURE:GEI) |
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