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 Order
Further to its news releases dated
March 18, 2014
, April 1
2014, the Company has received a management cease trade order ("MCTO") from the Autorité des Marchés Financiers ("AMF") the Company`s principal regulator on
2014 in accordance with National Policy 12-203
Respecting Cease Trade Orders for Continuous Disclosure Defaults
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 securities
The Company is pleased to announce that on
, 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.