/NOT FOR DISSEMINATION IN THE
UNITED STATES
OR OVER
UNITED STATES
WIRE SERVICES/
CALGARY
,
Feb. 1
/CNW/ - EarthFirst
Canada
Inc. ("EarthFirst" or the "Company") provides its 32nd bi-weekly Default Status Report under National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults, pursuant to which EarthFirst announced that its: (a) financial statements and management's discussion and analysis for the third quarter ended
September 30, 2008
would not be filed by
November 14, 2008
; (b) its annual audited financial statements, management's discussion and analysis, annual information form and related CEO and CFO certifications for the year ended
December 31, 2008
would not be filed by
March 31, 2009
; (c) its financial statements and management's discussion and analysis for the first quarter ended
March 31, 2009
would not be filed by
May 15, 2009
; (d) its financial statement and management's discussion and analysis for the second quarter ended
June 30, 2009
would not be filed by
August 15, 2009
; and (e) its financial statement and management's discussion and analysis for the third quarter ended
September 30, 2009
would not be filed by
November 15, 2009
(collectively the "Required Filings").
EarthFirst received from the Court of Queen's Bench of Alberta, Judicial Centre of
Calgary
(the "Court") an extension until
April 15, 2010
of the initial Order granted on
November 4, 2008
pursuant to which EarthFirst was granted creditor protection under the CCAA. The extension was supported by Ernst & Young Inc., the Court-appointed Monitor of EarthFirst's CCAA process.
Maxim Power Corp. ("Maxim") has scheduled a meeting of it shareholders on
March 2, 2010
to consider the previously announced amalgamation with EarthFirst. Subject to the receipt of the required Maxim shareholder and Court approvals, EarthFirst expects the amalgamation to occur prior to the end of the first quarter, 2010.
EarthFirst reports that since announcing the original Notice of Default on
November 10, 2008
there have not been any material changes to the information contained therein; nor any failure by EarthFirst to fulfill its intentions as stated therein. Further, there have been no additional material changes respecting EarthFirst and its affairs which have not been previously disclosed. EarthFirst intends to file its next Default Status Report on
Monday, February 15, 2010
.
Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities legislation including the timing and continuance of CCAA protection. Such forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of EarthFirst to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.
Specifically, some of the material risks include the uncertainty involved in the Court proceedings and the implementation of a Plan under the CCAA.
The forward-looking information contained in this news release represents the expectations of EarthFirst as at
February 1, 2010
, and, accordingly, is subject to change after such date. However, EarthFirst expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
For further information: Brian Trypka, Chief Restructuring Officer, EarthFirst Canada Inc., Tel: (403) 513-0780, Toll Free: 1-877-513-0777, E-mail: [email protected]; Derren Newell, VP, Finance and Chief Financial Officer, EarthFirst Canada Inc., Tel: (403) 513-0766, Toll Free: 1-877-513-0777, E-mail: [email protected]
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