TORONTO, ONTARIO--(Marketwired - Oct. 22, 2013) - China Wind Power International Corp. (TSX VENTURE:CNW) ("China Wind Power" or the "Company") announces that the TSX Venture Exchange (the "TSXV") has notified the Company of the TSXV's intention to delist the Company's shares at the close of market on January 16, 2014 (the "Delisting Date"). The TSXV has notified the Company that it may avoid the delisting of its shares if, prior to the Delisting Date, the Company has (a) filed all outstanding financial statements on SEDAR and with the applicable securities commissions; and (b) obtained a revocation of all outstanding cease trade orders issued against the Company.
As previously announced, the Company was issued a temporary order (the "Cease Trade Order") by the Ontario Securities Commission due to a delay in filing the Company's annual financial statements for the financial year ended March 31, 2012, management discussion and analysis relating to the annual financial statements, interim financial statements for the three months ended June 30, 2012, management discussion and analysis relating to the interim financial statements and related certifications beyond the prescribed dates. The TSXV suspended trading in the Company's securities on October 3, 2012 as a result of the Cease Trade Order.
Similar cease trade orders were issued to the Company by the British Columbia Securities Commission on October 4, 2012 and by the Alberta Securities Commission on January 18, 2013.
The Company is working diligently with its auditors to resolve the above cease trade orders and file all outstanding financial statements as soon as possible. However, it is not certain that the financial statements for the periods ended March 31, 2013, June 30, 2013 and September 30, 2013 will be filed by the Delisting Deadline and, accordingly, the Company has applied to the TSXV for a two month extension of the Delisting Deadline in order to allow more time for the filing of those statements. As of the date hereof, the TSXV has not decided whether or not to grant the Company's request for an extension.
About China Wind Power International Corp.
China Wind Power International Corp. is an Ontario company that is uniquely positioned to capitalize on the growing demand for wind power in China. The Company indirectly holds the exclusive rights for wind energy development in Du Mon County, Heilongjiang Province, which has a demonstrated potential installed capacity of 1,150 MW of wind energy developable over an area of 612 square km. While 1,150 MW represents the Company's long-term potential for wind power in the area, its current plans are for building out approximately 800 MW over five development phases. The Company's common shares are listed on the TSX Venture Exchange under the symbol "CNW".
Caution Regarding Forward-Looking Statements
Certain statements that are not historical facts made in this press release may be forward-looking statements subject to risks and uncertainties. Statements containing words such as "will", "could", "expect", "may", "anticipate", "believe", "intend", "estimate", "plan" and other similar expressions are forward-looking statements that represent management's beliefs at the time the statements are made and are based on certain factors and assumptions including the ability of the Company to complete the filing of its annual and interim financial statements and respective management's discussion and analysis on a timely basis and the ability of the Company to obtain an extension of the Delisting Date from the TSXV. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events to differ materially from those projected in forward-looking statements. Important factors that could cause actual results to differ materially from the Company's expectations including uncertainties involving the completion of the Company's filing of its annual and interim financial statements and respective management's discussion and analysis and other risks and uncertainties as more fully described in the Company's in the information circular dated November 2, 2011, its Management's Discussion and Analysis for the 2011 fiscal year and the three and nine months ended December 31, 2011 and in the Company's other filings with securities regulatory authorities, which are available under the Company's profile at www.sedar.com. Readers are cautioned that the foregoing lists of risks, uncertainties, assumptions and other actors are not exhaustive; therefore, readers should not place undue reliance on the forward-looking statements contained herein. Except as required by applicable securities laws, the Company undertakes no obligation to update any forward looking statement to reflect events or circumstances after the date on which such statement is made.
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.
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Chief Financial Officer
China Wind Power International Corp.