Mart Resources fka MMT (MMT)

[cartonet]

Mart Resources receives MCTO for 2010 filing delays

2011-05-03 23:32 ET - News Release

Mr. Wade Cherwayko reports

MART RESOURCES INC., ANNOUNCES ASC MANAGEMENT CEASE TRADE ORDER

Further to its press release of May 2, 2011, as a result of a delay in the filing of its 2010 annual financial statements, management's discussion and analysis and chief executive officer and chief financial officer certificates, the Alberta Securities Commission, in accordance with its guidelines, has issued a management cease trade order that prohibits, effective immediately, all trading of the securities of Mart Resources Inc. by Wade G. Cherwayko, chairman and chief executive officer, and Angela Clark, chief financial officer. The management cease trade order will remain in place until two full business days following receipt by the ASC of the 2010 annual financial statements. The company is working to complete its 2010 annual financial statements at the earliest possible date and expects to file the 2010 annual financial statements by May 31, 2011.

Until Mart completes the filing of the 2010 annual financial statements, the company will comply with the alternative information guidelines set out in National Policy 12-203 -- cease trade orders for continuous disclosure defaults for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require Mart to issue biweekly default status reports by way of a news release so long as the 2010 annual financial statements have not been filed.

We seek Safe Harbor.