Tranzeo Wireless Technologies Inc. Announces Filing Delay of Audited Financial Statements

Marketwired

PITT MEADOWS, BRITISH COLUMBIA--(Marketwire -03/30/12)- Tranzeo Wireless Technologies Inc. (TSX-V: TZT.V - News) ("Tranzeo" or the "Company") today announced that its audited financial statements, management discussion and analysis and annual information form for the financial year ended December 31, 2011 and related CEO and CFO certifications (the "Required Documents") will not be filed on the prescribed date required under Canadian securities regulations. As a TSXV listed entity, the Company would otherwise have 120 days following year end to file, however, the Company was a TSX listed entity at December 31, 2011 and is required to file according to the rules applicable to issuers listed on that exchange. The filing delay is necessary in order to conduct additional testing procedures required by the auditors, Dale, Matheson, Carr-Hilton, Labonte LLP, on the Company's fixed assets as a result of the new impairment testing requirements under International Financial Reporting Standards. Management has been working to provide the support for the valuation of the fixed assets and to provide reports to the auditors in order to enable the auditors to finalize their testing procedures. Currently, Tranzeo expects that such review will be completed by April 12, 2012, and that the Required Documents will be filed at that time.

About Tranzeo

Tranzeo Wireless Technologies Inc. (TSX-V: TZT.V - News) leads the wireless broadband industry as a premier manufacturer of high-performance wireless network equipment that allows communities and businesses to communicate without boundaries. Tranzeo's full spectrum of point-to-point and point-to-multipoint radios, WiMAX equipment, and mesh network solutions are designed for wireless internet service providers, governments, campuses, military, carriers, enterprise customers, and systems integrators around the globe. Headquartered in British Columbia, Canada, Tranzeo also has an office in San Diego, California. Visit www.tranzeo.com or phone 1.866.872.6936 for more information.

Forward Looking Information

This news release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Tranzeo to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this press release include, but are not limited to, the Company's expectation with respect to applying to the applicable securities regulatory authorities for a management cease trade order, the expected time for filing of the Company's Required Documents and the imposition of a cease trade order by applicable securities regulatory authorities. Forward-looking statements may also include, without limitation, any statement relating to future events, conditions or circumstances.

The forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results or events to differ materially from current expectations including, but not limited to, the risks detailed from time to time in Tranzeo's filings with Canadian provincial securities regulators. Also, with respect to the statements regarding the expected filing of the Required Documents, such statements are subject to the risk that the remediation steps may take longer than expected.

Tranzeo cautions you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and Tranzeo does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change.

Tranzeo and the Tranzeo logo are registered trademarks of Tranzeo Wireless Technologies Inc.

Contact:

Tranzeo Wireless Technologies Inc.
Matt Johansen
IR
(604) 460-6002
mjohansen@tranzeo.com
www.tranzeo.com

Rates

View Comments (0)