MONTREAL, April 30, 2014 /CNW Telbec/ - Hybrid Paytech World (the "Company" or "Hybrid") (CSE: HPT) (OTC: FPOTF) a leader on Mobile Credit and PIN Debit payment solutions, announces the following:
Status Report on Management Cease Trade OrderFurther to its news releases dated March 18, 2014, April 1 st and April 15 2014, the Company has received a management cease trade order ("MCTO") from the Autorité des Marchés Financiers ("AMF") the Company`s principal regulator on March 21 2014 in accordance with National Policy 12-203 Respecting Cease Trade Orders for Continuous Disclosure Defaults (NP "12-203").
The Company applied for the MCTO once it was determined that it would be unable to refile and restate the annual audited consolidated financial statements of the Company for the fiscal year ended December 31, 2012 and the condensed interim consolidated financial statements for the three- and nine-month periods ended September 30, 2013, as well as the related management discussion and analysis (MD&A) (the "Outstanding Materials") which the Company had previously undertook to restate and refile.
The MCTO imposes trading restrictions on securities of the Company, whether direct or indirect by certain members of management of the Company as well as insiders and remains in effect until the Outstanding Materials are filed. All other parties are permitted to trade freely in the Company's securitiesThe Company is pleased to announce that on April 21 st, 2014, it has filed the Outstanding Materials. The AMF is now reviewing the Outstanding Materials including all documents submitted to consider the revocation of the MCTO. The Company intends to comply with the provisions of the alternative information guidelines set out in NP 12-203 ("AIG") for as long as the MCTO is in force, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a news release.