ESI Corporate Update
Victoria, British Columbia August 5, 2009 – E.S.I. Environmental Sensors Inc. (ESI), TSX-V: ESV ("ESI" or the "Company") announces that it has applied for and received a Management Cease Trade Order ("MCTO") due to the default in meeting the filing deadline for its audited annual financial statements, management discussion and analysis and executive certificates for the year ended March 31, 2009 (the "required filings"). The application was made in advance of the filing deadline, however, the MCTO was granted as of August 4th, 2009. Trading in the common shares of ESI will continue as per normal, other than for the executive management of the Company named in the MCTO.
This default has resulted from the unexpected illness and departure of an employee integral to the accounting functions and audit preparation work for the Issuer. The Issuer has developed a remediation plan and is moving forward to completion of the required filings. The Issuer will release further announcements as required to keep the market informed of the ongoing status of the required filings and the expected date of completion. The Issuer anticipates completing the required filings by August 31, 2009.
About ESI
ESI is a leading manufacturer of patented and proprietary solutions for managing the world's fresh water supply. Major market sectors include: Agriculture, Golf and Turf, Scientific Research, Civil Engineering and Crude Oil. ESI solutions have been successfully introduced into more than 40 countries to enable customers to optimize their operations by monitoring the presence and movement of water, managing irrigation systems, and monitoring the integrity of landfill covers. Most recently, the Flo·Point™ instrument has been introduced to the Oil industry to measure the volumetric presence of water pumped during crude oil extraction. This provides operators with the information needed to manage, refine and optimize production. ESI differentiates itself by translating the best technology and science available into practical, easy to use solutions. Irrigation managers, Reservoir Engineers, and Scientists have adopted ESI's products for their accuracy, ease of use, repeatability, and ability to operate in challenging environments. ESI is publicly traded on the TSX Venture Exchange under the symbol "ESV". Further information about ESI may be obtained through the Company's website at www.esisensors.com.
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ESI ENVIRONMENTAL SENSORS INC. |
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THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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