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Sparta Updates Status of Further Extension of Annual Financial Filings Following MCTO

·3 min read

Not for distribution to U.S. Newswire Services or for dissemination in the United States of America. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws

TORONTO, ON / ACCESSWIRE / March 18, 2022 / Sparta Group (TSXV:SAY) (the "Corporation", the "Company", "Sparta Group", "Sparta Capital", "SAY.V" or "Sparta") is announcing that further to its March 4th, 2022, news Release ("Acceptance of Extension"), the Company is nearing completion of its annual audited financial statements for the year ended September 30th, 2021.

While the Company anticipated reaching a new deadline of March 1, 2022, unexpected staffing issues within the new accounting audit services firm employed by Sparta meant a short extension was required and granted. The extension runs until April 1st, 2022.

"We very much appreciated being granted this further extension, and for the sake of all companies, we sincerely hope work-related issues associated with COVID-19, including staffing, will soon be a thing of the past," said John O'Bireck

In a prior "Default Announcement", Sparta indicated it had applied for an MCTO from the Alberta Securities Commission (ASC) because the Company was unable to file its annual financial statements for the year ended September 30, 2021, including the management's discussion and analysis and certifications to meet the January 28, 2022, deadline. The default occurred due to senior management working on audit preparation paperwork contracting COVID-19. The ASC accepted the application for the extension on January 28th, 2022.

The MCTO restricts all trading in securities of the Company by the Chief Executive Officer and Chief Financial Officer of the Company until the management cease trade order is no longer in effect; however, regular trading continues as normal. The MCTO will be in effect until the Annual Filings are filed.

Until the Annual Filings are filed, the Company intends to continue to follow the provisions of the Alternative Information Guidelines set out in National Policy 12-203 - Management Cease Trade Orders.

Management confirms that, other than what was disclosed in prior press releases, there have been no material business developments since the filing of the Company's latest interim financial report.

While the auditing service is finishing up their work on Sparta's annual audited financial statements for the year ended September 30th, 2021, the Company did release their unaudited consolidated interim financial statements and supporting Management Discussion & Analysis ("MDA") for the three months ended December 31, 2021, and 2020 by the required March 1, 2022, filing deadline.

About Sparta

Sparta Group (a.k.a. Sparta Capital Ltd.) is a technology-based company that owns or holds a controlling interest in a network of independent businesses that supply energy saving technologies designed to reduce energy inefficiencies, achieve reduced emissions, and increase operating efficiencies in various industries. In response to the COVID-19 crisis, Sparta has also expanded its scope to help facilitate supply of necessary materials while assisting talented inventors who are looking to introduce innovative technical solutions that will bring greater normalcy to the post COVID-19 world. Sparta's network of independent businesses provides a wide range of specialized energy capturing, converting, optimizing, and related services to the commercial sector. Sparta provides capital, technical and engineering expertise, legal support, financial and accounting knowledge, strategic planning, and other shared services to its independent businesses.

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.sedar.com.

For more information contact:

John O'Bireck, President & CTO
Email: jobireck@spartagroup.ca
Telephone: (905) 751-8004

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



View source version on accesswire.com:
https://www.accesswire.com/693793/Sparta-Updates-Status-of-Further-Extension-of-Annual-Financial-Filings-Following-MCTO