Sparta Provides Update on Delay in Filing Annual Financial Statements
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TORONTO, April 7, 2025 (Newswire.com) - Sparta Group (TSXV:SAY) (the "Corporation", the "Company", "Sparta Group", "Sparta Capital", "SAY.V" or "Sparta") has announced that it is getting closer to filing its annual financial statements. This is an update to its February 26, 2025, news release that indicated the Company is under a Failure to File Cease Trade Order (the "FFCTO"), issued by the Alberta Securities Commission ("ASC"). The FFCTO is in place because the Company was unable to file its annual financial statements for the year ended September 30, 2024, including the related management's discussion and analysis ("MD&A") and certifications from the CEO and CFO (the "Annual Filings) in time to meet the January 29, 2025, filing deadline.
Sparta management report that the delay in filing the Annual Filings is related to an overload of primary work for both Sparta and its auditors.
The FFCTO restricts all trading in securities of the Company and is in effect until the principal regulator receives notice that all filings the Company was required to make have been filed. The Company expects to file the Annual Filings this month (April, 2025).
Until the Annual Filings are filed, the Company intends to satisfy the provisions of the Alternative Information Guidelines set out in National Policy 12-203 - Cease Trade Orders.
Sparta management have indicated that in the meantime, it is business as usual. In fact, the Environment division (ERS) has completed the first phase of testing of the NeoSort nanotechnology system and has already begun the second phase of testing with partners in Sweden. At the same time, the e-waste recycling facility in Toronto has been securing more customers as word spreads about the benefits of the Company's carbon credit program.
About Sparta
Sparta Group (a.k.a. Sparta Capital Ltd.) is a technology-based company focused on integrating emerging technologies. It operates with a decentralized business model, with each active business functioning as a separate subsidiary. This structure provides brand recognition, insight, high-level strategic guidance, and financial monitoring. Sparta Group is divided into three operational business segments, each accountable for its day-to-day operations and performance. Those segments are, Environment, Energy, and Innovation.
Sparta is a publicly traded company listed on the TSX Venture Exchange Inc. under the symbol "SAY" (TSX.V: SAY). Additional information is available at www.spartagroup.ca or on SEDAR+ at www.sedarplus.ca
For more information contact:
Tony Peticca, President
Email: tony@spartagroup.ca
Telephone: 416-648-6506
This above may contain "forward-looking information" within the meaning of applicable securities laws. When used in this address, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although the Corporation believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, readers are cautioned to not place undue reliance on forward-looking information because the Corporation can give no assurance that they will prove to be correct. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date of publication of this information and the Corporation undertakes no obligation to update such forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Furthermore, the Corporation undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Corporation. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
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.
SOURCE: Sparta Group
Source: Sparta Group